RealTime IT News

The Color of E-Money

Bank One Corp. this week launched eMoneyMail, creating what it called "the country's most flexible and secure way for individual consumers to send and receive money."

"eMoneyMail (with 128-bit encryption security), meets the needs of anyone, anywhere in the United States who needs to send or receive up to $500 in cash at one time," said Dean K. Lehman, senior vice president -- New Product and Service Development, Bank One Retail Group.

Senders and receivers of money follow three simple steps: 1) the sender goes to www.emoneymail.com and chooses one of three possible methods of sending money: Visa credit card, Visa debit card or checking account; 2) the sender specifies an e-mail address for the receiver and the amount that will be sent; and 3) the receiver opens an e-mail message that money has been sent, clicks on an attachment with a link to www.emoneymail.com, and indicates a preferred method of receipt: Visa credit card, Visa debit card, checking account, or (coming soon) a paper check sent by surface mail.

The sender pays a $1 fee per transaction. There is a $1 charge for recipients only if a paper check is requested. Funds sent using a Visa credit card or debit card are available for use by receivers immediately. It is anticipated that funds sent from a checking account will clear within three to four business days, Bank One said.

"Checking accounts, credit cards and debit cards are essential financial tools. E-mail is becoming an essential communications tool. Now, eMoneyMail combines a fast-growing trend with one of the world's oldest financial needs -- sending money," said Lehman.

Bank One said it anticipates an increasing number of uses for eMoneyMail, including sending money to college students, recognizing birthdays and graduations, and eliminating the need for checkbooks, envelopes and stamps to send money.

The bank also will be offering the service in partnership with other companies as an efficient way to send money to customers - refunds and rebates being just two examples.

To develop eMoneyMail, Bank One partnered with Digineer, a developer of Web-enabled applications, and communications company and Web site host GTE Internetworking.