Wells Fargo Partners With VerticalOne to Provide Integrated Access to Financial Information
SAN FRANCISCO — August 30, 2000
Wells Fargo & Co. (NYSE: WFC), a leading provider of online financial services, and VerticalOne, a wholly owned subsidiary of S1 Corporation (Nasdaq: SONE) and the pioneer of personal account aggregation and transaction services, today announced an agreement that will bring Wells Fargo's more than two million online banking customers instant access to their account information, without the hassle of logging onto multiple Web sites. The new service will be available to consumers in the fourth quarter.
The new service will enable Wells Fargo to provide its online customers with a private and secure single point of access to all their investments, credit card and bank accounts, as well as travel and hotel reward programs and e-mail communications. Single sign-on will eliminate the time-consuming effort currently required to log onto multiple sites and remember numerous passwords.
"Our Web-savvy customers with multiple online accounts are tired of having to log on to a myriad of sites to manage all of their financial and personal information," said Catherine Graeber, senior vice president, Consumer Internet Services at Wells Fargo. "Wells Fargo recognizes the potential to provide the convenience of consolidating a customer's financial information, without sacrificing security or privacy. VerticalOne, the industry pioneer, will provide us with the advanced technology to deliver this solution. This is the next stage in giving customers control over all their financial data with a single click of the mouse."
Piper Jaffray analysts predict the number of consumers who use aggregated financial services will rise from approximately 800,000 in 2000 to nearly 4 million by 2002. Capitalizing on the growing trend of consumers seeking all their financial information in one place, Wells Fargo will provide added convenience to its customers all within a highly secure and private environment.
"Wells Fargo pioneered Internet banking while VerticalOne pioneered account aggregation, so it makes sense that our two companies would team up to bring this valuable new service to Wells Fargo customers to help them simplify their online lives," said Gregg Freishtat, CEO of VerticalOne. "Account aggregation is such a powerful application on the Internet and we are excited to see how quickly it has taken off and how more and more financial institutions are embracing it."
As the first major financial services company in the U.S. to launch Internet banking services in 1995, Wells Fargo blazed the trail for interactive tools and features for customers. Gomez Advisors and Nielsen/Net Ratings recently ranked Wells Fargo the top Internet bank in terms of market share of active online banking customers and total monthly website visitor count.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a $234 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance services through 5,300 stores, its Internet site and other distribution channels across North America as well as internationally.
VerticalOne created the account aggregation space in October 1998 with the vision of offering consumers a greater level of convenience when accessing their personal account information online through a multitude of devices including PCs, Internet appliances and wireless devices. VerticalOne built the information infrastructure that empowers Internet destination sites to offer their online customers a single point-of-access to a wide variety of personal content and account information. With 20 sites deployed, VerticalOne continues to lead the industry in most live sites and greatest consumer adoption with over $2.4 billion in accounts being tracked through the VerticalOne service. VerticalOne's Privacy Statement is certified by both TRUSTesm and BBBOnLine®, and the company is certified by Internet Security Systems (ISS) and VeriSignTM. VerticalOne is a wholly owned subsidiary of S1 Corporation (Nasdaq: SONE). More information about VerticalOne can be obtained from the World Wide Web at www.verticalone.com.
About S1 Corporation
S1 (Nasdaq: SONE) is today's leading global provider of innovative Internet-based financial services solutions. S1 offers a broad range of applications that empower financial organizations to increase revenue, strengthen customer relationships and gain competitive advantage by meeting the evolving needs of their customers across various lines of business, market segments and delivery channels.
Through its professional services organization, S1's applications can be implemented in-house or outsourced to the S1 Data Center. Additional information about S1 is available at http://www.s1.com .
In addition, nothing in the press release should be viewed as an update or comment on earlier forward looking statements provided by VerticalOne Corporation, S1 Corporation or any of its affiliates. As noted above, because actual results, performance or developments may differ materially from forward-looking statements, neither VerticalOne nor S1 Corporation will update such statements over the course of future periods.