Content provided in partnership with

Business Services Industry

GE Financial Network Adds Online Bill Management Service to Consumer Financial Services Resource Center; Bill Payment and Presentment Services Provided Through Paytrust

Business Wire, June 6, 2000

Business Editors

STAMFORD, CONN.--(BUSINESS WIRE)--June 6, 2000

Responding to a growing electronic bill payment market, which is estimated to increase from three million U.S. households at year-end 1999 to 15 million U.S. households by 2002(a), GE today announced the addition of GE Bill Manager to the existing breadth of financial products and services available through the GE Financial Network (www.gefn.com). GE Bill Manager, an online bill management service, is provided through Paytrust(R), a leading Internet service that allows consumers to receive, review, pay and organize bills online. GEFN is a full-service, Web-based financial services network designed to give consumers a simple, convenient and comprehensive way to help manage their personal financial needs.

Most Popular Articles in Business: Research and Markets : Tesco Plc - SWOT Framework Analysis; Do Us a Flavor - Ben & Jerry's Issues a Call for Euphoric New Flavors; eBay made easy: ready to start an eBay business? These 5 simple steps will ...; Katrina's lawsuit surge: a legal battle to force insurers to pay for flood ...; Wal-Mart's newest distribution center opened last month near the southwest ...; More »

With GE Bill Manager, GEFN customers can review bill information from anywhere via the Internet; receive bill notifications and reminders via email; and issue payments directly from any check writing account. In addition, customers can access their bill history online, download data into personal financial management software, and set up payment rules so that some bills can be paid automatically. Wireless capabilities will be added this summer.

"Online bill payment and presentment combined with our recently announced banking service by CompuBank, provides GEFN customers with a total cash management experience," said Bill Goings, Senior Vice President of E-Business and Leader of GE Financial Network. "Our new service will help to minimize the time our customers spend on bill paying activities, while giving them more information and control over the process. As more people discover how online bill management services can simplify their lives, we believe the use of it will continue to grow exponentially. We are delighted to be working with Paytrust in providing this service."

"GE is among the most admired organizations in the world, and we are proud to be working with it to bring the benefits of online bill delivery and payment to its GEFN customers," said Edward G. McLaughlin, CEO of Paytrust. "GE is an e-Business leader and the Paytrust service supports that position by delivering significant consumer value and e-convenience through the GE Financial Network."

About GE Financial Network

GE Financial Network (GEFN) is an Internet-based financial services resource center. It provides a simple, convenient and user-friendly system that helps consumers manage their personal financial needs in a manner best suited to their individual requirements. GEFN's extensive resources deliver the synergy of innovative education tools, a wide range of products, quality customer service and a knowledgeable team of licensed professionals - together in one network. GEFN serves as a comprehensive financial planning system for consumers at different income levels and stages of life.

About GE's e-Business Initiatives

GE has made it a priority to migrate its traditional "brick and mortar" businesses to new e-business models. In 1999, e-Business became an official GE initiative, joining Six Sigma, Globalization and Services as the key growth strategies for the Company. In its first year, GE's e-business initiative yielded more than $1 billion in online sales. For 2000, the Company's e-Business strategic direction is three-fold: ensure that every GE business has a Customer Web Center offering the highest quality service, sales and support online; migrate internal procurement and supplier resources to the web to take advantage of increased productivity and cost savings; and ongoing development of new technologies and services that will contribute to online sales growth.

GE is a diversified technology, manufacturing and services company with a commitment to achieving worldwide leadership in each of its businesses.

About Paytrust.com

Paytrust is the flagship service of PAYTRU$T, Inc., a privately held company based in Princeton, New Jersey. Founded in October 1998, the company is financially backed by investors including American Express, AT&T Ventures, Citigroup, GE Equity, Goldman Sachs, NextCard, SOFTBANK Venture Capital, Spectrum Equity Investors and Thomas Weisel Partners. More information on the company can be found on its Web site located at http://www.paytrust.com or by calling 1-800-PAYTRUST.

(a) Source: GartnerGroup, Research Note, A. Litan, February 18, 2000.

Business Services Industry

GE Financial Network Adds Online Bill Management Service to Consumer Financial Services Resource Center; Bill Payment and Presentment Services Provided Through Paytrust

Business Wire, June 6, 2000

Find Research Guides for:

Find Featured Titles for: Arts

Most Popular Articles in Business

Most Popular Publications in Business