Bank Technology News Morgan Stanley Inks E-Checks Deal With Fleet Spin-Off.(Company Business and Marketing)

From: Bank Technology News | Date: November 1, 2000| Author: | Copyright information

Morgan Stanley Dean Witter has become the first customer of Clareon Corp., a technology firm born out of a decade-long experiment with electronic checks.

The New York brokerage firm announced in mid-September that it had agreed to use a payment network being formed by Clareon, of Portland, ME, based on technology developed by the Financial Services Technology Consortium, a bank-sponsored research group. FleetBoston Financial Corp., which sponsored the consortium's test of electronic checks with the Treasury Department and the Federal Reserve, spun off Clareon six months ago ...

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