CheckFree To Provide Routing, Tracking and Infrastructure to Support Intuit's New Electronic Billing and Payment Service Offering.MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Nov. 23, 1999-- CheckFree Holdings Corporation (Nasdaq:CKFR CKFR Checkfree Corporation (stock abbreviation, AMEX) ) and Intuit in·tu·it tr.v. in·tu·it·ed, in·tu·it·ing, in·tu·its Usage Problem To know intuitively. [Back-formation from intuition. (Nasdaq:INTU INTU Intuit, Inc. (stock abbreviation, AMEX) ) today announced that CheckFree will be providing infrastructure for Intuit's recently announced electronic billing Electronic billing is the electronic delivery and presentation of financial statements, bills, invoices, and related information sent by a company to its customers. Electronic billing is also referred to as the following:
CheckFree will provide the routing, tracking and payment engine to support Intuit's offering for CheckFree's billers. Checkfree will also provide the payment engine for the "Pay Everyone" functionality that Intuit's new service will offer to consumers. About CheckFree CheckFree Corporation (www.checkfree.com), the operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. of CheckFree Holdings Corp., is the leading provider of financial electronic commerce services, software and related products. CheckFree designs, develops and markets services that enable three million consumers to receive and pay bills over the Internet or electronically. Founded as an electronic payments processor in 1981, CheckFree launched the first fully integrated electronic billing and payment solution, CheckFree E-Bill, in March of 1997. The Company has announced that as of Sept. 30, 1999, it had multi-year contracts with 77 of the nation's top billers to provide online billing and payment through its network of partnerships with consumer service providers (CSPs), including banks, brokerage firms, portals and interactive content sites on the Internet, and personal financial management (PFM) software. CheckFree's full range of services and products are focused on enabling customers to make electronic payments and collections, automate paper-based recurring financial transactions and conduct secure Internet transactions. About Intuit Intuit Inc. (Nasdaq:INTU), a financial software and Web-based services company, develops and markets Quicken, the leading personal finance software; TurboTax, the best-selling tax preparation software; and QuickBooks, the most popular small business accounting software. Intuit's Quicken.com Web site (www.quicken.com) is a leading financial Web site, offering a comprehensive set of financial news, information and tools, including insurance, mortgage, investment and tax preparation services Tax preparation services Firm that prepare tax returns for a fee. . Intuit's products and services enable individuals, small businesses and financial professionals to better manage their financial lives and businesses. This press release contains statements that are not purely historical, and as such are forward-looking statements under the Federal Securities laws. These include statements regarding management's intentions, plans, beliefs, expectations or projections of the future. Forward-looking statements involve various risks inherent in the Company's business, and other risks and uncertainties detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. These include Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended June 30, 1998, filed September 25, 1998, and report filed on Form 10-Q Form 10-Q See 10-Q. for the quarter ended September 30, 1999, filed November 15, 1999. One or more of these factors have affected, and could in the future affect, the Company's business and financial results in future periods, and could cause actual results to differ materially from plans and projections. There can be no assurance that the forward-looking statements made in this press release will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to management, and the Company assumes no obligation to update any forward-looking statements. Contact: Ketchum\Thomas for Intuit Mary Giani, 650/596-2700 mary@thomaspr.com or CheckFree Terrie O'Hanlon, 678/375-1452 tohanlon@checkfree.com -0-
AOL And Intuit to Create Major Online Bill
Payment Service to Handle All Household Bills
Powered by View and Pay Bills By Quicken, New Bill Management
Service Will Provide Simple Way to Receive, View, Track, and Pay
Both Electronic and "Hard Copy" Bills Online Service Will Be
Offered Across Multiple AOL Brands
America Online, Inc. (NYSE NYSE See: New York Stock Exchange :AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. ), the world's leading interactive service, and Intuit Inc. (Nasdaq:INTU), the leader in electronic finance, today announced plans to offer a truly comprehensive online service for managing household bills. Powered by View and Pay Bills by Quicken, the companies will begin rollout across multiple AOL brands in early 2000. Under the five-year agreement, Intuit will be the exclusive integrated provider of this bill tracking and payment service to AOL and AOL.COM. The new service will give consumers the ability to view, track, and pay all of their bills, whether they are issued electronically or in "hard copy" paper bills. This two-track approach distinguishes this AOL/Intuit service from existing services, which allow payment either of only electronic bills or only scanned paper bills, or require consumers to enter payment amounts themselves. With this new service, consumers can view their bills and easily provide the necessary information to have funds transferred from their existing bank account, and then hit a button to have payments made. Recent research has indicated a strong consumer demand for this feature. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the just-released 1999 AOL/Roper Starch Cyberstudy, more than half (55%) of online consumers would be interested in paying bills online. Jupiter Research forecasts that the number of households will grow to 18 million by 2003, ten times as many as use such services today. This agreement will make AOL's Personal Finance Channel, already the No. 1 financial site in cyberspace Coined by William Gibson in his 1984 novel "Neuromancer," it is a futuristic computer network that people use by plugging their minds into it! The term now refers to the Internet or to the online or digital world in general. See Internet and virtual reality. Contrast with meatspace. , even more valuable to consumers as it adds everyday household money management to the already robust financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against and investment services that the channel provides. Under the agreement, AOL and Intuit will provide utilities, credit card companies, and other billers with a way to present bills to their customers, complete with their brand and logo identity, at whatever level of detail they desire, using state-of-the-art encryption technology. Consumers can also direct billers who do not provide electronic billing to send paper bills to an Intuit address where they will be scanned into electronic format. A monthly fee, to be determined, will be charged for use of this feature. Bob Pittman, AOL's President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , said: "This is another great step toward helping our members personalize the AOL service to meet their individual needs. "Everyone has to pay bills, and this new offering will simplify the process by allowing members to receive and pay their bills from one location, and view their billing history to track expenses. With its extensive experience in electronic finance and strong customer focus, Intuit is a great ally for us in this new service." Bill Campbell, Chairman and Acting CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Intuit, said: "As the leader in electronic finance, Intuit is committed to harnessing the power of the Internet to revolutionize people's financial lives. Our electronic bill tracking and payment technology helps to take the hassle out of personal finance. "Teaming with America Online gives us the chance to bring this opportunity to tens of millions of their members and visitors to their portal site Noun 1. portal site - a site that the owner positions as an entrance to other sites on the internet; "a portal typically has search engines and free email and chat rooms etc. , in addition to Quicken.com, where Intuit's electronic bill presentment and payment See EBPP. service debuted last week." Intuit is offering bill presentment and payment See EBPP. services pursuant to a license agreement between Intuit Inc. and a joint venture company in which Intuit is a participant. This new service builds on the broad strategic content and commerce alliance between AOL and Intuit. Intuit has been the primary source of original programming for the Personal Finance Web Channel on AOL.COM since 1998. Financial terms of the agreement were not disclosed. About America Online, Inc. Founded in 1985, America Online, Inc., based in Dulles, Va., is the world leader in interactive services, Web brands, Internet technologies, and e-commerce services. America Online, Inc. operates two worldwide Internet services: America Online, with more than 19 million members, and CompuServe, with approximately 2 million members; several leading Internet brands including ICQ ("I Seek You") A conferencing program for the Internet from Mirabilis, Tel Aviv, Israel (www.icq.com). It provides interactive chat, e-mail and file transfer and can alert you when someone on your predefined list has also come online. , AOL Instant Messenger See AIM. and Digital City, Inc.; the Netscape Netcenter and AOL.COM portals; the Netscape Navigator An earlier Web browser for Windows, Macintosh and X Windows from Netscape that provided secure transmission over the Internet. Soon after its introduction in 1994, Navigator, or just "Netscape," as it was commonly called, quickly became the leading browser on the Web. and Communicator browsers; AOL MovieFone, the nation's No. 1 movie listing guide and ticketing service; and Spinner Networks and NullSoft, Inc., leaders in Internet music. Through its strategic partnerships with Sun Microsystems Sun Microsystems, Inc. (NASDAQ: JAVA[3]) is an American vendor of computers, computer components, computer software, and information-technology services, founded on 24 February 1982. , the Company develops and offers easy-to-deploy, end-to-end e-commerce and enterprise solutions for companies operating in the Net Economy. About Intuit E-finance leader Intuit Inc. (Nasdaq:INTU), a financial software and Web-based services company, develops and markets Quicken, the leading personal finance software; TurboTax, the best-selling tax preparation software; and QuickBooks, the most popular small business accounting software. Intuit's Quicken.com Web site (www.quicken.com) is a leading financial Web site, offering a comprehensive set of financial news, information and tools, including insurance, mortgage, investment and tax preparation services. Intuit's products and services enable individuals, small businesses and financial professionals to better manage their financial lives and businesses. Contact: America Online, Dulles David Theis, 703/265-1491 or Intuit Jeff Larsen, 650/944-5106, Jeff_Larsen@intuit.com or Ketchum Thomas/Mary Giani, 650/596-2700 |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion