Alliance Capital Management is teaming up with a unit of First Data Corp., a leading provider of bank technology services, to offer an on-line cash management service.
Dubbed E Secure Banker, the service is aimed at customers of banks with $150 million to $20 billion of assets. It would include bill presentment and payment, withdrawals and deposits, and the ability to sweep into an Alliance money market fund, the Global Central Asset Account.
A launch date has yet to be announced for the service, which would also be marketed to regional broker-dealers, said Ronald M. Whitehill, president of Alliance Capital Cash Management Services, a unit of Alliance Capital.
One of the companies being courted is Greenpoint Savings Bank, New York, he said. The smaller banks targeted for the service often lack the ability to offer this service themselves, he said.
New York-based Alliance, which manages $248 billion of assets, hopes to eventually link the service to its mutual funds, he said.
First Data Direct, a Los Angeles unit of the Hackensack, N.J.-based firm, would provide the Internet technology.