ATLANTA - Chase Manhattan Bank and Derivion announced Wednesday that they will work together to make electronic bill payment and presentment available to Chase's 300,000 small-business customers.
Derivion will help the small businesses set up interfaces to their accounting software packages and will design bills, and otherwise aid their transition from paper to electronic billing. The companies will be charged a fee for each bill they present.
Chase said it will help businesses that use the service join Spectrum, the electronic billing venture it founded with First Union and Wells Fargo.
Derivion secured $40 million in its third round of funding this year. The backers included Chase.com, which oversees the bank's Internet initiatives.