STRATEGIC PARTNERS
January 27, 2002
NEW YORK -- Bpass, Inc. has introduced BankPass, a new technology that provides access to real-time balance information for ATM-enabled accounts, allowing financial services providers to securely deliver balance information across multiple platforms.
According to Bpass, BankPass will allow a consumer to register any ATM-enabled card and PIN through a variety of commonly-used access devices, including ATMs, and receive balance information for any deposit or credit account accessible over partnering ATM networks.
It does not require cardholders to install specialized hardware or software and enables a financial institution to immediately provide access to account balances, whether or not the institution currently offers online or wireless banking services. Using standard message protocols such as XML and WAP, balance information can be delivered to the end user through a variety of delivery channels and devices.
Bpass says it plans to partner with financial services enablers, financial institutions and online destinations. It has secured arrangements with Citishare Corporation, a Citigroup subsidiary, to test BankPass. The pilot is the first step in integrating BankPass with the global shared ATM networks and will validate BankPass' capabilities, the company says.
"The pilot is an important milestone," said Bpass co-founder and CEO Jimmy Hallac. "It marks a major advancement towards using ATM cards on the Internet and clears the way for future consumer-friendly extensions for this infrastructure."
"The information that is available over the shared ATM networks is incredibly valuable yet not currently leveraged," said Octavio Marenzi, a senior analyst with Celent Communications. "By linking to this network, financial services providers and enablers will improve their reach and ability to meet increasing consumer demand for online account balance information."
