(May 30 – 10:50 ET) – J.P. Morgan is joining Bank of Montreal and American Management Systems in Competix.com, their joint venture, to bring automated, web-based lending to small and mid-sized financial institutions.

The service allows smaller financial institutions to use the Internet to market and process personal and small business loans. J.P. Morgan is investing $15 million in the new venture, which is majority owned by BMO and AMS.

Trans Union LLC, a credit information, risk and portfolio management service firm, will market the service through its sales force alongside Competix.com’s own sales force. “Trans Union’s credit information system adds significant value and differentiation to the Competix.com product, and its strong sales force will provide the momentum to more rapidly expand Competix.com’s customer base,” said BMO chairman and CEO Tony Comper. “J.P. Morgan’s substantial investment provides important financial strength that will allow Competix.com to make full use of its new strategic advantages.”
-IE Staff