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Two Bill-Payment Companies Will Merge

August 23, 2000|Associated Press

Electronic bill-payment companies Paytrust Inc. and PayMyBills.com agreed to merge, saying the consolidation will help them build their customer base through accounts with large banks and brokerages. Paytrust, of Princeton, N.J., will make an all-stock purchase of Pasadena-based PayMyBills.com and organize the new company under the Paytrust name. Terms of the deal were not disclosed. Co-founder John Tedesco will become chief strategy officer of the newly formed company, while fellow co-founder Jeff Grass will continue his role in business development. PayMyBills.com President Jayne Miller Studennmund will run the West Coast operations. Electronic bill payment has become more competitive in recent months, with major technology companies teaming with big banks to create ways for customers to receive and pay bills online. Analysts estimate as many as 4 million households currently use an electronic bill-paying service.

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