Company Press Release: Cendant Internet Group
March 27, 2000
NEW YORK, NY -- Cendant Internet Group, a unit of Cendant Corporation (NYSE: CD), Friday announced that, together
with the Company's FISI-Madison Financial subsidiary, it has formed a strategic marketing alliance with FundsXpress,
Inc., a leading provider of Internet banking and other online financial services. Subject to customary conditions,
the Company will also take an equity stake in FundsXpress. Terms were not disclosed.
The Company also announced that John W. Chidsey, CEO of Cendant's Direct Marketing Division, will join the FundsXpress
board of directors.
The alliance with FundsXpress will enable FISI-Madison to offer banks and credit unions web-based solutions, supported
by marketing strategies and campaigns, that will enable the financial institutions to offer consumers secure Internet
banking and other Internet-based financial and e-commerce products and services. A core strategy of the alliance
will be to market an Internet banking portal, which will include a wide range of Web offerings, including brokerage,
lending, insurance, informational content and e-commerce sites.
``Our alliance offers a dynamic solution to financial institutions, allowing them to deliver custom-branded interactive
content under a consolidated portal offering,'' said Samuel L. Katz, CEO of Cendant Internet Group. ``Teaming up
with FundsXpress demonstrates FISI-Madison's commitment to serve its clients in attracting and retaining customers
through a new and exciting Internet-based offering. The services and products offered through this alliance will
allow financial institutions to very cost-effectively improve their service and strengthen customer loyalty. In
addition to Cendant's widely recognized brands and diverse online content such as move.com, instamortgage.com and
NetMarket Group's netmarket.com, FISI-Madison brings its sales force and marketing expertise, while FundsXpress
provides the technological expertise.''
For consumers, this strategy will offer a fully integrated personal finance portal, which in addition to customary
Internet banking and bill payment functionality, will provide other financial services as well as national and
local content, including weather, news and personal stock feeds, along with insurance, credit reporting, shopping,
travel, auto, tax preparation and real estate services.
``Studies show that when it comes to Internet purchases, consumers feel safe conducting business at their bank
or credit union Web sites and are more inclined to make financial and non-financial purchases,'' said FundsXpress
Chairman and CEO, John A. Burns. ``In addition to Internet banking, brokerage, insurance, and lending, our portal
will offer recognized consumer products, and each sale will generate a recurring revenue stream to the financial
institution as well as strengthen its presence on the Internet and build customer loyalty.''
About FundsXpress
FundsXpress, Inc. provides secure, reliable and convenient Internet banking through a service bureau solution to
banks and credit unions across the country. With endorsements from leading state and national associations, FundsXpress
is the nation's premier provider of Internet banking services for financial institutions. For more information,
please visit the company at http://www.fundsxpress.com.
About FISI-Madison Financial
Based in Nashville, Tenn., FISI-Madison provides approximately 5,000 banks and credit unions across the nation
with retail marketing, small business, electronic commerce, and insurance strategies that strengthen customer relationships
and increase loyalty, profitability and customer satisfaction. For over 25 years, banks have used FISI-Madison's
Relationship Banking Strategies to profitably acquire, retain and enhance customer relationships.
About Cendant Internet Group
Cendant Internet Group is aggressively pursuing Internet, broadband and wireless related convergence opportunities
for Cendant with the objective of leveraging its businesses in the areas of travel, real estate and direct marketing,
as well as its proven core competencies in the areas of franchising, outsourcing, cross-selling and preferred alliance
programs. Cendant Internet Group will achieve this goal by incubating or developing new initiatives and/or by working
with leading Internet businesses through marketing alliances, strategic investments and M&A activity.
About Cendant Corporation
Cendant Corporation is a global provider of real estate, travel and direct marketing related consumer and business
services. The Company's core competencies include building franchise systems, providing outsourcing solutions and
direct marketing. As a franchisor, Cendant is among the world's leading franchisers of real estate brokerage offices,
hotels, rental car agencies, and tax preparation services. The Company's real estate-related operations also includes
Move.com, Cendant's residential real estate services portal on the Internet. As a provider of outsourcing solutions,
Cendant is a major provider of mortgage services to consumers, the global leader in employee relocation, and the
world's largest vacation exchange service. In direct marketing, Cendant provides access to insurance, travel, shopping,
auto, and other services primarily to customers of its affinity partners. Other business units include NCP, the
UK's largest private car park operator, and WizCom, an information technology services provider. Headquartered
in New York, NY, the Company has approximately 30,000 employees and operates in over 100 countries.
More information about Cendant, its companies, brands and current SEC filings may be obtained by visiting the Company's
Web site at http://www.Cendant.com or by calling 877-4INFO-CD (877-446-3623).
Statements about future results made in this release may constitute forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and
the current economic environment. The Company cautions that these statements are not guarantees of future performance.
They involve a number of risks and uncertainties that are difficult to predict including the outcome of litigation.
Actual results could differ materially from those expressed or implied in the forward-looking statements. Important
assumptions and other important factors that could cause actual results to differ materially from those in the
forward-looking statements are specified in the Company's Form 10-K for the year ended December 31, 1999, including
completion of the settlement of the class action litigation.
SOURCE: Cendant Internet Group