Tecnopago Negotiates Expansion Alliance

Wednesday, October 11, 2000

Chilean bill paying site Tecnopago (www.tecnopago.cl)is negotiating with foreign investors to establish a strategic alliancethat would allow the site to expand its services into other Latin Americancountries, El Mercurio (Chile) reported. The article did not reveal theidentity of the potential investors.

The portal evolved from EFTBanca (www.eftbanca.cl), which over the lastfive years has provided electronic transfers between diverse banking entitiesin the Chilean system. EFTBanca has a subsidiary in Buenos Aires, whichcould facilitate Tecnopago's installation in Argentina.

At the request of Chilean financial institutions, Tecnopago is implementinga new system to enable companies to invoice and pay salaries and suppliers/providersvia online direct deposits.

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