Two more Internet financial services software companies have filed registration statements with the Securities and Exchange Commission for initial public offerings.

IntraLinks Inc., which seeks to have its Internet system replace the fax and Federal Express as a means of sending long, confidential documents, is building on the relationships it has with 98 financial services firms. E-Funds Corp. is reinventing itself as the electronic version of its paper-intensive parent, Deluxe Corp. of St. Paul.

IntraLinks' customers - which include Chase Manhattan Corp., Bank of America, Ernst & Young, J.P. Morgan, and PNC Bank - use the three-year-old New York company's software to post information about loan syndications and other complex capital markets transactions. The software enables them to share information and collaborate in a secure environment as deals take shape.

"Our biggest selling point is the number of customers who already use our services; we are dealing with many of the same players over and over again," said James Dougherty, president and chief operating officer of IntraLinks.

For a monthly subscription fee, IntraLinks subscribers get access to the service and can invite participants in their deals to collaborate at a neutral and secure site with a Web address.

The company's public offering is being backed by J.P. Morgan & Co., Banc of America Securities LLC, and William Blair & Co.

E-Funds spun off as a subsidiary of Deluxe in early February and has made good on its promise to file for an IPO within eight weeks. It applied April 5 for its IPO, which would be underwritten by Lehman Brothers; Bear, Stearns & Co. Inc., FAC/Equities; and John G. Kinnard & Co.

E-Funds, which has a debit card service bureau, "is a backbone payment system, and they are trying to give the electronic component a sexier spin," said Gregory E. Gieber, an analyst at Brown Brothers Harriman & Co.

Mr. Gieber said other companies in payment-related processing are undervalued. He cited Equifax Inc., which traded Friday at $27.1875, and First Data Corp., which was at $47.25.

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