Corrections or additions?
Published in U.S. 1 Newspaper on January 26, 2000. All rights
reserved.
Life in the Fast Lane
Just who owns the information on your bank statement?
The new online bill presenting company, Secure Commerce Services
(SCS),
says consumers own it. But one very large bank — First Union —
has filed a lawsuit in federal district court in North Carolina to
reclaim this territory.
Secure Commerce Services, based at 29 Emmons Drive, scans a client’s
bills and puts them online at Paytrust.com. The CEO of SCS, Edward
G. McLaughlin (Wharton, Class of 1987), explained this service at
the U.S. 1 Technology Showcase last year (U.S. 1, August 25, 1999).
For one monthly fee, clients can see their bills, pay them with a
click of a mouse, and store the bills on a web page. An optional
“Smart
Balance” option, launched in November, provides online customers
with an estimate of the balance in their bank accounts.
First Union accuses SCS of threatening the security of customer data
on the bank’s online banking site, for falsely implying an
affiliation,
and for infringing on service marks and copyrights. It says SCS is
“free-riding” and in the lawsuit claims such activity
“significantly
diminishes, if not destroys, the commercial incentive for banks and
other financial institutions to expend the tremendous resources and
labor necessary to collect, organize, and make available for display
up-to-the-minute customer financial account information on bank
websites.”
SCS has noted that First Union is not attacking its core business,
only the Smart Balance option, that the suit is without merit, and
that it intends to vigorously defend its Smart Balance service. SCS
claims it has a secure site, with VeriSign technology, and that it
does not store customers’ PIN numbers on its site.
Banks that are antagonistic to bill aggregators like
SCS dismiss them as “screen scrapers,” as quoted in the
American
Banker Online. But most banks are anxious to stake their own claim
in this valuable area of virtual real estate in order to preserve
their contact with customers and give them a chance to sell additional
services. The Gartner Group suggests that revenue from electronic
bill payment will rise from $250 million in 1999 to $1.7 billion in
2002.
Though only 60 percent of large banks offer online bill payment now,
the Gartner consultants believe that most banks will offer this option
within two years. First Union has joined a group of banks in a joint
service, called Spectrum, to do this. On the day it filed the lawsuit,
December 30, First Union announced it had come up with access,
security,
and privacy requirements for the aggregators.
SCS was valued last year at about $90 million with about $37 million
in investment capital. With $30 million in cash from a group that
included Softbank Corp., American Express Co., and General Electric’s
G.E. Capital, it leapt ahead of such competitors as Cyberbills Inc.
and PayMyBills.com when it quadrupled its capital. The real diamond
in the deal, though, was an agreement by American Express to market
the Paytrust service to its 29 million members (U.S. 1, December 8,
1999).
Nevertheless, SCS would need much deeper pockets to outspend First
Union in the court system. First Union is the sixth largest bank
holding
company in the United States and has an estimated 16 million
customers,
of whom about 1.2 million use online banking services.
“We are not scraping bank sites to find out what the banks’
checking
interest rates are,” says McLaughlin of Secure Commerce Services,
quoted in the Online Reporter. “We are just providing a
value-added
service. It’s a convenience for customers.”
Nevertheless, McLaughlin is reported to be trying to negotiate an
agreement.
Secure Commerce Services, 29 Emmons Drive, SuiteB-30, Princeton 08540. Ed McLaughlin, president and CEO. 609-720-1818;fax, 609-720-1819. Home page: https://www.paytrust.com.Top Of PageName ChangesInternet Publishing Group Inc. (VertiNews.com),108 West Franklin Avenue, Straube Center Suite I-20, Pennington088534.William L. Dunn, chairman. 609-730-9268; fax, 609-730-8652. Homepage: https://www.ipgdirect.com.VertiNews.com Inc., a company founded by five former Dow Jonesexecutives(U.S. 1, July 7, 1999), has changed its name to reflect currentbusinessactivities. So far it has launched Internet-based subscription ontwo niche markets, real-time coverage of Asian markets (foreigninvestorswho are buying assets and distressed loans from Asian banks andcorporationsin four countries) and the commercial real estate industry, (includingpublicly traded real estate companies and securities as well as majorindustrial, office, retail, and multi-housing properties in NorthAmerica). Subscribers to each site can take advantage of both apowerfulsearch engine and customized E-mail news alerts.”Renaming the company to Internet Publishing Group underscoresour determination to establish the dominant Internet site for breakingnews, research, and information, while offering associated E-commerceand collaborative services for business professionals,” says CraigO. Allsopp, president and CEO.Advanced Realty Network, 55 Princeton-HightstownRoad, Suite 203, Princeton Junction 08550. Tom Mulligan, broker.609-275-7003;fax, 609-275-6878.The residential and commercial real estate firm Realty Executiveschanged its name to Advanced Realty Network.GN Nettest, 139 Wall Street, Princeton 08540.FrancisSladen, vice president. 609-924-7676; fax, 609-683-4357.PK Technologies, the company that makes instruments for the analysisof fiber optics, was bought by the Danish company GN Nettest. Nowthe engineering office at 129 Wall Street and production office inBeaverton, Oregon, will carry the new name. Most clients are in Asia,with the exception of Lucent and Corning.Paul Stephens Engineering Consultants, 379Princeton-WindsorOffice Park, Building 1, Cranbury 08512. Paul Stephens, partner.609-426-8995;fax, 609-426-8919.The forensic engineering firm Smith, Stephens, Reed & Phillips Inc.is now Paul Stephens Engineering Consultants, named after the partnerin charge. Ownership of the company has not changed, however. Thisis the New Jersey office of a Hatfield, Pennsylvania, company thatserves as a witness to architects and engineers in product liabilitysuits.Replication Medical Inc. (Biomimetics), 5 CrescentAvenue, Princeton Business Park, Suite B-1, Box 739, Rocky Hill08553-0739.David Anderson, president. 609-921-2854; fax, 609-683-8768.Formerly known as Biomimetics Inc., this company has changed its nameand replaced Randolph Cooke as president. It is working on orthopedicapplications of hydrogel technology, particularly to replace thenucleiin spinal disks, but also to prevent the formation of scar tissue,says Vladimir Stoy, president and CEO of the sister company, S.K.Y.Polymers Inc.Top Of PageStart-UpseMedGuides.com, 15 Roszel Road, Princeton 08543.Daniel Goldenson, president. 609-799-2500; fax, 609-799-2501. Homepage: https://www.emedguides.com.Daniel R. Goldenson, who had been operating a commercial real estatefirm at 14 Washington Road, has moved to Roszel Road and launchedan start-up called eMedGuides.com, which publishes print and onlinedirectories of websites geared to physicians. Goldenson has hireda team of editors with medical backgrounds to scour the Internet formedical information according to specialties — general surgery,cardiology, and veterinary medicine, for example.Goldenson, who started his career publishing commercial real estatedirectories and later developed the seven buildings at WashingtonPark, is currently employing a dozen people in this operation. Hedeclined to be interviewed at length about the new company at thistime.Top Of PageExpansionsAmper, Politziner & Mattia CPAs, 731 AlexanderRoad, Princeton 08540. Gerard Abbattista CPA, officer-in-charge.609-924-1010;fax, 609-924-8969.The Edison-based accounting firm has moved from Princeton ProfessionalPark at 601 Ewing Street to the 3,600 square feet in the new Nexusbuilding, Princeton Plaza, at 731 Alexander Road. The Buschman Grouprepresented the landlord. Designed by Kevin Blackney & Associates,the building has an upscale oval lobby and walk-out bay windows. Thefirm has 180 employees distributed in offices in Edison, Flemington,and Manasquan.Weblications LLC , 5 Vaughan Drive, Wing A, Suite103, Princeton, 08540. Robert Weber, president. 609-799-3022; fax,609-799-1196. Home page: https://www.weblications.com.Robert Weber’s web hosting firm has moved from 8 Margaret Court, Suite101, in Princeton Junction, to 5 Vaughn Drive, Wing A, Suite 103,picking up roughly 1,600 square feet. They are currently upgradingand expanding their data center, where they run multiple T-1 lines.With the expansion, says Weber, the company could be “one of thefastest at web hosting in the state.”Top Of PageLeaving TownJuvenile Diabetes Foundation-Mid Jersey, 2865 Route1, South, North Brunswick 08902-4309. Joan Salerno, executivedirector.732-422-9590; fax, 732-422-9596. Home page:https://www.jolfcure.org.After almost five years on Route 1 South, the mid-Jersey chapter ofthe foundation is moving to 28 Kennedy Boulevard, Suite 180, EastBrunswick 08816. The new telephone is 732-296-7191.NHM Financial Institutions Inc., Princeton-WindsorOffice Park, Building 3, Box 301, Princeton Junction 08550-0301.ArthurFullan, president. 609-443-7400; fax, 609-443-7404.The Princeton Junction office of this insurance company has closed,but calls are being forwarded to the office in Flanders. The numberthere is 973-252-5141.Signafy, 4 Independence Way, Princeton 08540. JamesPhilbin, director of still images. 609-734-7620; fax, 609-734-0788.Home page: https://www.signafy.com.The firm, which developed commercial applications for digitalwatermarking,has consolidated with its parent company, NEC, while continuingdevelopmentin Japan. NEC is now occupying this office space. All calls are beingdirected to NEC.The Lepus Group, 189 Orchard Road, Princeton 08540.Bob Raffo Jr., partner. 609-279-0363; fax, 609-279-0263. Home page:https://www.lepusgroup.com.The company which helped businesses convert mainframes to serversis no longer at this location and the number has been disconnected.Top Of PageManagement MovesMercer County Chamber of Commerce, 214 West StateStreet, Trenton 08608-1002. Cathy Frank-White, CEO. 609-393-4143;fax, 609-393-1032.A former mayor of Montgomery Township is the new president of thecounty chamber. Cathy Frank-White has also been the administratorof Branchburg Township, the executive director of the New JerseyAssociationof Chiefs of Police, and manager of government relations for the fooddistributor Wakefern Food Corp/Shop Rite. George Pruitt, presidentof Thomas Edison State College, is chairman.Chamber of Commerce of the Princeton Area, 216Rockingham Row, Princeton Forrestal Village, Box 431, Princeton 08542.C. Ellen Hodges, president. 609-520-1776; fax, 609-520-9107. Homepage: https://www.princetonchamber.org.Aubrey Haines, vice president at Trammell Crow, handed over the gavelto the new chairman, Katherine Kish, president of Market Entry Inc.,a company she founded in 1982. Active in women’s business issues,Kish has served as vice president of the National Association of WomenBusiness Owners, and as director of the National Foundation for WomenBusiness Owners.New Jersey Shares, 1415, Hightstown 08520-1415.Larry Savitsky, executive director. 609-443-8118; fax, 609-443-7636.This non-profit agency that helps working families meet their energybills has just elected several leaders of local utility companiesto its 2000 Board. Gary Gamler, of GPU Energy, is now the presidentelect. Ron Reisman of Elizabethtown Gas Co. is the new vice president,and Victor Viscomi of PSE&G is the treasurer. The agency offers reliefgrants to non-welfare households that are experience a financialcrisisthrough no fault of their own. Eligibility is determined through 38social service agencies.Raritan Valley Community College, Route 28 andLamington Road, Box 3300, Somerville 08876-1265. Jerry Ryan,president.908-526-1200; fax, 908-231-8810. Home page:https://www.raritanval.edu.On March 15, Jerry Ryan will begin work as the new president of thetwo-year college, replacing Cary Israel, who left for a position inPlano, Texas, last August. Ryan is now president and CEO of QuincyCollege in Quincy, Massachusetts. A graduate of Hamilton College,he has a doctorate from Nova Southeastern University. He has beenvice president for marketing, planning, and development for Maryland’sHarford Community College, and dean of research and development atBrookdale Community College, among other positions.The Ridge at Back Brook, 211 Wertsville Road, EastAmwell 08551. Joel Moore, developer. 609-466-7702; fax, 609-466-7727.William W. Augustine, retired as a residential real estate developer,has been named membership director for the Princeton area’s newestgolf club, due to break ground this spring.Developer Joel Moore plans for the 300-acre Ridge at Back Brook toopen in 2001. The club will have an 18-hole course designed by TomFazio, three-time winner of Golf Digest’s “best present dayarchitect”category.Top Of PageContracts AwardedSovereign Bank Arena, 640 South Broad Street, Box8068, Trenton 08650-0068. Scott Sloman, general manager. 609-656-3200;fax, 609-656-3201. Home page: https://www.sovereignbankarena.com.Globe Facility Services, the Tampa company with the contract to runthe arena, has been bought by Comcast-Spectacor, which also owns theFirst Union Center, the First Union Spectrum, and the PhiladelphiaFlyers and 76ers. Electric Factory Concerts will continue to bookand promote the shows at the arena, which has 15 full-time employees.Top Of PageDeathsAnn Taylor Davy, on January 15. She was a buyer at Mrs.G’s Appliance Store on Route 1 North.Adam Kendall Spriggs, 35, on January 15. He was attendingDeVry Institute.Simon Larach, 77, on January 20. He was a research fellowat the David Sarnoff Research Corporation and founded DevTech Inc.,a consulting firm.Thomas P. Cortelyou MD, 78, on January 21. He had beenchairman of emergency medical services and the department of generalpractice at the Medical Center of Princeton.Next StoryCorrections or additions?This page is published by PrincetonInfo.com— the web site for U.S. 1 Newspaper in Princeton, New Jersey.
