Intuit And Integrion Team To Connect Integrion Banks And Quicken.
Joint Initiative is a Major Step Toward Single,
Open Standard for Online Banking
Integrion Financial Network and Intuit Inc. today announced a joint development effort that will enable financial institutions to connect consumer and small business users of Intuit's Quicken(R) and other financial software products to Integrion's Interactive Financial Services (IFS) platform.
The financial institution owners of Integrion serve more than 75 percent of the retail banking population in North America. More than 10 million consumers rely on the best selling Quicken personal financial management software program.
The joint development effort creates an opportunity for banks to leverage the economies of scale created by Integrion's real time, middleware electronic commerce platform and the consumer appeal of Quicken and also Intuit's Web-based financial products. Additionally, consumers using Intuit products will benefit from the broad market reach of Integrion banks.
Integrion and Intuit said they will develop together server technology that translates Intuit financial software transactions into Integrion's Gold Standard messages. The solution, which will be available to financial institutions in the first half of 1998, will provide an interim connection to bridge the 1998 versions of Quicken to the IFS platform that is operated by IBM for Integrion.
Both Integrion and Intuit remain committed to converging the Gold Standard and Open Financial Exchange, and will continue participating in industry efforts to achieve this goal.
According to William M. Fenimore, Jr. managing director of Integrion, this step is necessary in the effort to converge the two leading standards for financial connectivity.
"The ultimate goal here is convergence of Gold and Open Financial Exchange," said Fenimore. "Concurrently, there is clearly an immediate need for joint customers of Integrion and Intuit to connect the two offerings so the benefits of both solutions can be realized as soon as possible. This effort will enable banks to move forward with their retail delivery strategies today with confidence that both players are committed to long-term interoperability."
"With this agreement, the 10 million combined customers of Quicken will have access to the online banking services of an expanded universe of financial institutions," said Bill Harris, executive vice president of Intuit. "And the Integrion banks will have the opportunity to serve a large installed base of financially-active and computer-savvy customers - many of today's most promising prospects for financial services."
Intuit Inc., a financial software and Web-based services company, develops and markets Quicken, the leading personal finance software; and TurboTax, the best-selling tax preparation software. Intuit's Quicken.com Web site offers a complete array of financial news, information and tools. Intuit's products and services enable individuals, small businesses and financial professionals to better manage their financial lives and businesses.
About Integrion Financial Network
Integrion Financial Network provides interactive banking and electronic commerce solutions to financial institutions. Through the Interactive Financial Services (IFS) platform, Integrion offers financial institutions a network through which electronic transactions flow from multiple consumer access points to a bank's host system and/or processor. Integrion's operating philosophy allows banks to determine the manner and format in which home banking and electronic commerce services are offered, ensuring consistency with the bank's full range of services, effective branding by the bank and maximum customer benefit.
The owners of Integrion are ABN AMRO North America, Bank One, Bank of America, Barnett Bank, Citibank, Comerica, First Chicago NBD, First Union National Bank Fleet Financial, IBM, Key Corp, Mellon Bank, Michigan National Bank, NationsBank, Norwest, PNC Bank, Royal Bank of Canada, US Bancorp, Visa USA and Washington Mutual Inc. Additional information about Integrion can be found on the Internet at www.integrion.net
Quicken, Quicken.com and QuickBooks are registered trademarks of Intuit Inc. in the United States and other countries.
Bank Perspectives Regarding Today's Announcement by Intuit and Integrion Financial Network
"As an Integrion bank, Bank One welcomes the addition of Intuit products to the IFS platform," said Bruce Luecke, general manager of Interactive Delivery Services for Bank One. "We expect both organizations to continue to be key contributors to the development of electronic commerce going forward. The connectivity between the two will improve market delivery of new products and services to consumers and small businesses by allowing banks to 'plug and play' as functionality increases."
"This is very positive news for the industry and most certainly for our customers," said James M. Grant, senior vice president of First Chicago NBD. "The connectivity between Intuit and Integrion insures that Intuit products will remain an integral component of First Chicago NBD's remote banking strategy."
"Integrion banks continue to be committed to an open platform that accepts multiple financial management software options," said James D. Dixon, president of NationsBank Services, Inc. "Everyone appreciates the hard work that Intuit has put forward that results in more choices and ease of use for financial institutions and their customers."
"As Integrion proceeds to develop relationships with companies such as Intuit, the value proposition of the IFS platform continues to expand," said Thomas S. Kunz, senior vice president and manager of electronic banking for PNC Bank. "The Integrion operating philosophy is one of choice -- for the financial institution and for the consumer. This solution is extremely beneficial to banks that wish to provide their customers with multiple access methods without supporting multiple platforms."
"We're pleased that Intuit and Gold will be in a position to talk to each other. A single standard is certainly desirable, and will be of particular benefit to our several thousand Quicken customers. Key's online customer base is growing rapidly, and this initiative will further support the widespread adoption of online commerce," commented Patrick J. Swanick, vice chairman, KeyBank, N.A.
"This is a major step for the millions of Quicken customers within First Union's footprint, and another confirmation that Integrion is moving aggressively to provide a wide range of choices for its member banks and their customers," said Edgar Brown, senior vice president of First Union's Customer Direct Access Division.
"We are eager to convert to Integrion's Interactive Financial Services platform, and the many innovative opportunities that it will present for our customers."
CONTACT: Integrion Intuit
Grant Evans Jennifer Glass
(215) 351-4210 -or- (415) 944-3569
|Printer friendly Cite/link Email Feedback|
|Date:||Oct 8, 1997|
|Previous Article:||NetPro Ships Config Central 2.0; Schedule Update and Roll Back Features Save Network Managers Time and Anxiety.|
|Next Article:||Lifestream Technologies, Inc. Signs Development and Production Agreement with Boehringer Mannheim.|