Seattle, WA – November 28, 2000 – Capital Stream, Inc., www.capitalstream.com , a hosted e-commerce provider of services and applications for the commercial finance industry, announced today a strategic alliance with iPlace Inc, a leading provider of personal information infrastructure on the Internet. Through iPlace's XtremeCredit™ application, www.xtremecredit.com, CapitalStream will connect its e-commerce network, to create a real-time consumer credit bureau link for CapitalStream.com business subscribers.
Currently, financing companies must maintain multiple, separate interfaces to individual consumer credit bureaus for making credit report requests, adding to administrative costs and time. With iPlace's new technology, they will be able to use a single access point to quickly and efficiently obtain consumer credit information from bureaus such as Experian, Equifax and Trans Union as an integrated part of their credit processing workflow. CapitalStream has offered this service since November 6, 2000.
CapitalStream.com is a hosted e-finance platform combined with a web-based toolset that enables finance companies, manufacturers, B2B e-commerce companies and finance brokers to integrate financing at the point-of-sale, reach a wider range of financing partners, and automate credit management and workflow.
iPlace is at the forefront of providing XML-based electronic consumer credit bureau reports with its XtremeCredit™ application, which enables the requested credit information to be read electronically one field at a time in real time instead of being physically reviewed by financing company employees. This will not only decrease the number of human errors that currently happen in the process, but also save hours of reviewing time a day. iPlace's XML standard is a component of the company's infoStructure Technology™ that allows businesses to seamlessly capture and deliver vital consumer information over the Internet.
"With this service in place, all our subscribers have to do is specify which credit information they wish to obtain from which consumer credit bureau and CapitalStream.com will manage the process for them," said Stephen Campbell, president and CEO of CapitalStream. "By integrating this offering into the workflow, this partnership will enable financing companies to spend more time focusing on other, more mission-critical matters."
"CapitalStream chose to integrate our XtremeCredit™ solution to facilitate transactions in the most efficient environment that the web has to offer," said Stuart Siegel, president and CEO of iPlace, Inc. "This alliance will take our personal information infrastructure offering beyond individual consumer credit management to larger business financing."
iPlace, Inc. is a leading provider of personally-relevant information about credit, home, neighborhood and other personal assets. The company's services, data and technologies provide compelling information solutions, relationship building tools and transaction facilitation for more than 100,000 online and offline businesses. Strategic relationships include Yahoo!, Microsoft, Intuit, Freddie Mac, Wells Fargo, Equifax, NextCard, E-Loan, Cendant, CBS Marketwatch, MemberWorks -- (Nasdaq: MBRS) which holds a significant equity stake -- among many others. Through its family of Web products (QSpace.com, ConsumerInfo.com, HomeRadar.com, eNeighborhoods.com and FreeCreditReport.com), iPlace receives approximately five million unique visitors per month. With its newly launched iPlace.com, the company introduced its proprietary infoStructure Technology™, enabling businesses to capture and deliver vital customer information while strengthening customer relationships via individually targeted communications.
Seattle-based CapitalStream is a leading provider of hosted e-commerce solutions – including customer program management tools, workflow automation, and an online transaction network – for the global commercial finance market. The company's e-commerce solution, CapitalStream.com, provides the infrastructure that enables private label and customer managed online capabilities for finance companies, manufacturers and B2B e-commerce companies to capture, grow and service customers. CapitalStream has been an established industry leader for over five years, and has helped several hundred financial organizations increase their competitiveness, customer service and profitability. For more information, just visit their web site at www.capitalstream.com.
For additional information, contact:
Lisa Geschke
Parker LePla
206-625-1541
lisag@parkerlepla.com
Leslie Morgan
CapitalStream
206-548-1712
lesliem@capitalstream.com
Laurie Edwards
iPlace Inc.
800.975.9742 x3190
ledwards@iplace.com
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