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FleetBoston in $100-Mil Push to Pull Ahead in Internet Capabilities

BOSTON-More Internet rollouts are expected--via build or buy--according to one insider as lender bridges gap between old and new economic models.

By John Salustri | Updated on October 12, 2000

BOSTON-Think of it as bridging the chasm between the old and the new economies. That’s how the people at FleetBoston perceive the bank’s ongoing push into an increasing number of Internet markets. Carrying an estimated price tag of $100 million, the strategy has been dubbed e-Catalyst.

The biggest splashes came when the lender took the wraps off of its Bid.com and Celeris services. The first, according to one company insider, is geared to bring commercial finance projects online. The second, a product of the Fleet Mortgage division, is designed to “help financial advisors originate mortgages and to supply other financial services as appropriate.” The Celeris operation is based in Columbia, SC.

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