Digital Insight Buying Bill Aggregator 1View
CALABASAS, Calif. - Digital Insight Corp, a banking software company, is buying 1View Network Corp., a San Francisco-based account aggregator.With the acquisition, Digital Insight will be able to offer its 739 financial institution customers the ability to provide consumers with a portal site where they can view and manage their bills from a variety of accounts. Using Open Financial Exchange (OFX), 1View's software allows end-users to manage financial relationships with multiple institutions including credit card companies, telephone and utility providers, banks, and frequent traveler programs.
"1View Network's proprietary aggregation technology, OFX expertise, and strong track record with large financial institutions further strengthen Digital Insight's position as a leading provider of Internet-based financial services," said John Dorman, chairman, chief executive officer, and president of Digital Insight.
The acquisition is expected to close in the second quarter. 1View shareholders, option-holders, and debt holders would receive a total of 1.1 million shares of Digital Insight stock and cash of $5 million.
E-Billing Revenue: $1B Forecast for '04
FRAMINGHAM, Mass. - The Internet bill presentment and payment market will take off in the next five years, International Data Corp. predicts.The market will jump from $32 million last year to $1 billion in 2004, the research firm said.
Consumers will pay more bills online as the technology becomes more sophisticated and more businesses implement it, the company said. "This is a market that is still in its infancy, but it has the potential to blossom into a staggering opportunity," said Albert Pang, research manager for the company's e-commerce software program.