Online banking will soon no longer be the only means of paying bills over the Internet. At least two mutual fund companies are now building the capabilities to allow investors to pay bills online from their money market fund accounts.

Within the last two weeks, Scudder Kemper Investments of New York as well as Federated Investors of Pittsburgh have disclosed that they have formed partnerships with Home Account of Emeryville, Calif., an independent vendor and distributor of electronic bill payment services, in order to add bill payment services. Home Account has built bill payment capabilities for the online sites of Bank of America as well as First Union, both of Charlotte, N.C.

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