FRAMINGHAM (03/02/2000) - Integrion Financial Network, a bank consortium created four years ago by North America's top banks and IBM Corp. to defend online banking against high-tech competition, is folding after continued turmoil in its management ranks.
The responsibility for managing the processing services related to the Interactive Financial Services platform will be shifted to member banks, the consortium announced yesterday.
There's no specific time table set for the dissolution of the network and transfer of responsibility to member banks, a spokesman said. Integrion should be in place through this year and into 2001, the spokesman added.
Integrion was created in 1996 by major banks such as Bank of America Corp. in Charlotte, N.C., and Bank One Corp. in Columbus, Ohio.
Consortium officials said the founding mission of the consortium is now complete. In a statement, officials said there will be some near-term staff reductions at Integrion. The majority of the Integrion team, including its managing director and chief operating officer, will remain in place until early next year.