The Integrion Financial Network - an electronic banking consortium of 16 major banks and International Business Machines Corp. - said it is open for business.
Each of Integrion's owners has agreed to commit up to $4 million for an equal share of the limited-liability company. Integrion is designed to make it more efficient for banks to offer home banking services under their own brand names.
Announced in September and approved by regulators last month, Integrion expects a first-quarter launch of home banking programs developed by Banc One Corp. and NationsBank Corp.
"We are now focused on rapidly building transaction volume across the network, as owner and customer banks connect to Integrion in 1997," said William M. Fenimore Jr., the consortium's managing director.
In addition to Banc One and NationsBank, the participants in the consortium are: ABN Amro North America, BankAmerica Corp., Barnett Banks Inc., Comerica Inc., First Bank System Inc., First Chicago NBD Corp., Fleet Financial Group, KeyCorp, Mellon Bank Corp., Michigan National Corp., Norwest Corp., PNC Bank Corp., Royal Bank of Canada, and Washington Mutual Inc.
Not all major banks are high on the consortium, though. First Union Corp. considered joining, but decided to stay aligned with Visa Interactive because the electronic banking unit of Visa U.S.A. could help the bank develop products and services more quickly, according to senior vice president Edgar D. Brown.