Magazine article American Banker

Past Is Prologue for IBM Exec's Role at Integrion

Magazine article American Banker

Past Is Prologue for IBM Exec's Role at Integrion

Article excerpt

The past is repeating itself for George A. Budd.

Four years ago he left his technology post at C&S/Sovran Corp. to join International Business Machines Corp.'s abortive effort to create a check processing and electronic payments utility.

Now he is joining IBM's latest foray into a similar area. Mr. Budd has been named director of administration and operations for Integrion Financial Network, a home banking consortium made up of IBM and 16 major banks.

He sees himself as wiser for having seen the electronic banking consortium concept "when it didn't work."

Integrion's "larger ownership base and the equitable pricing structure are all very solid requirements for success," he said.

Mr. Budd will direct Integrion's internal computer operations. His responsibilities include developing a common network technology for bank and merchant participants.

He also will supervise Integrion's role in home banking pilot programs set to begin in 1997 and will plan the subsequent rollout of services to banks.

In addition, he will be Integrion's main liaison with IBM as the company develops the Interactive Financial Services application that will provide nonbanking financial services throughout the network.

Integrion's bank owners are: ABN Amro Holding, Banc One Corp., BankAmerica Corp., Barnett Banks Inc., Comerica Inc., First Bank System Inc., First Chicago NDB Corp., Fleet Financial Group, KeyCorp, Mellon Bank Corp., Michigan National Corp., NationsBank Corp. …

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