CheckFree to Purchase Corillian in Bid to Expand Offerings to Banks CheckFree\/Corillian deal is just one more example of consolidation in bank tech space, say experts. Atlanta-based e-commerce services provider CheckFree last week announced plans to acquire online banking solutions company Corillian (Portland, Ore.) in a deal worth about $245 million dollars. The acquisition will bring together Corillian’s online banking platform and complementary suite of financial applications, and CheckFree’s electronic billing and payment, and online transaction services. According to Steve Olsen, CheckFree’s COO, the union will help the company reach further into the online channel as it attempts to expand its client relationships and help those banks it serves do the same.<\/p>\n","protected":false},"excerpt":{"rendered":"
“Online banking is becoming increasingly integral to banks’ relationships with their customers, and the Internet is increasingly the point of interaction where services are delivered,” says Olsen.<\/p>\n
Maggie Scarborough, a research manager with Financial Insight’s (Framingham, Mass.) corporate banking practice, “channel optimization” are the buzzwords of this acquisition. “CheckFree bought the channel for the delivery of its payments to consumers and small businesses; including consumer and business bill presentment and payment. The idea is that plugging directly into the channels gives CheckFree the opportunity to sell more services to Corillian’s expanding customer base, including fraud services, bill payment, and business bill payment and invoice presentment.”<\/p>\n
This move is also to Corillian’s advantage as well as the company can further expand its potential for sales of online banking, small business banking, cash management, warehousing and fraud sales to CheckFree’s financial institution clients. The deal sounds reminiscent of another such announcement made earlier this year when financial management products provider Intuit announced its plans to buy online banking company Digital Insight. Art Gillis, IT consultant to banks and technology vendors, is not so sure about the extent to which CheckFree’s and Corillian’s bank customers will be affected by the combination. Whatever the outcome of this marriage, the merger shows the increasing importance being placed on the small business segment by the financial services industry, according to Financial Insight’s Scarborough.<\/p>\n
http:\/\/www.banktech.com\/news\/showArticle.jhtml;jsessionid=J415R1IAHUNLYQSNDLOSKH0CJUNN2JVN?articleID=197007442<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-370","post","type-post","status-publish","format-standard","hentry","category-financial"],"_links":{"self":[{"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/370","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php\/wp-json\/wp\/v2\/comments?post=370"}],"version-history":[{"count":1,"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/370\/revisions"}],"predecessor-version":[{"id":2857,"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/370\/revisions\/2857"}],"wp:attachment":[{"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php\/wp-json\/wp\/v2\/media?parent=370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php\/wp-json\/wp\/v2\/categories?post=370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php\/wp-json\/wp\/v2\/tags?post=370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}