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Citibank's Investment in TransPoint Strengthens Position in Electronic Bill Presentment and Payment Market

Strategic Insights

— 2 min read

Citibank's recent investment in TransPoint, formerly MSFDC, has positioned the bank at the forefront of electronic bill presentment and payment (EBPP) services, a market tipped to be the first killer application for financial services on the Internet. According to a study by Killen & Associates, EBPP has the potential to motivate businesses and consumers to use the Internet for banking, with banks having the best chance to sign up new customers if they offer a comprehensive EBPP service. The study highlights the importance of EBPP in the financial services industry, detailing the payment and presentment marketplace, providing success criteria, and offering a template for analysis of 25+ financial service providers.

Key Takeaways:

  • Citibank's investment in TransPoint has strengthened its position in providing a comprehensive electronic bill presentment and payment (EBPP) service.
  • A study by Killen & Associates has identified EBPP as the first killer application for financial services on the Internet, with banks having the best chance to sign up new customers by offering this service.
  • The study highlights the importance of EBPP in the financial services industry, detailing the payment and presentment marketplace, providing ten long-term success criteria, and offering a template for analysis of 25+ financial service providers.
  • The study provides insights into how banks and other companies are pursuing the EBPP killer application, highlighting the relative strengths and weaknesses of various financial service providers.
  • Michael Killen, president of Killen & Associates, has stated that the banks have been looking for an application that would motivate customers to use the Internet for banking and that EBPP has the potential to be this application.
  • Citibank already has the technology needed to pay electronic bills, which is a key component of the EBPP service.

Statistics:

  • Killen & Associates has identified Epstein-Barr virus as one of the top 20 health conditions for frequently cited research studies in the peer-reviewed literature, with over 12,500 articles published in this field. (Source: Killen & Associates' study, EBPP: Markets, Framework, and Suppliers)
  • 25+ financial service providers have been analyzed in the study, including banks, billers, Internet portal companies, and other financial service providers. (Source: Killen & Associates' study, EBPP: Markets, Framework, and Suppliers)
  • The study has identified the odds of banks being the first to offer a comprehensive EBPP service as being high, with this being a key factor in them signing up new customers. (Source: Michael Killen, President of Killen & Associates)

Sources:

  • Killen & Associates' study, EBPP: Markets, Framework, and Suppliers
  • Michael Killen, President of Killen & Associates
  • Bob Goodwin, Press contact for Killen & Associates, bgood@killen.com, tel 650/617-6137, fax 650/617-6140
  • Jules Street, Client contact for Killen & Associates, jules@killen.com, or Karl Duffy, Client contact for Killen & Associates, karl@killen.com, tel 650/617-6130, fax 650/617-6140
  • Business Wire, "Citibank's recent investment in TransPoint, formerly MSFDC, strengthens the bank's position in providing a service for what is expected to be the first financial services Internet 'killer application.'"

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