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VISA AND INTUIT JOIN FORCES TO PROVIDE ADVANCED AUTOMATION OF FINANCES

 -- The two industry leaders announce strategic partnership --
 SAN FRANCISCO, April 27 /PRNewswire/ -- Visa International and Intuit Inc. (NASDAQ-NMS: INTU) today announced a partnership agreement to deliver financial information services to homes and businesses, through Visa member financial institutions. The partnership enables Visa member banks to offer their customers electronic access to their Visa card and financial data using Intuit's award-winning Quicken or QuickBooks(TM) from the computer platform of their choice.
 This access will let customers, for example, get spending reports and graphs at any time without data entry on the customer's part; get anytime access to their Visa credit, debit and business card account records; and save time by automatically updating and reconciling their accounts. More importantly, Intuit and Visa are building an open systems structure capable of communicating the full range of banking information -- including checking account data -- between institutions and their customers, using a wide range of computing and communications devices.
 "Visa is as large as all its competitors combined. They provide the banking industry links needed to completely automate financial management," said Scott D. Cook, president of Intuit. "Our agreement makes it possible for us to electronically link homes and businesses into the world's largest consumer payment system -- Visa -- via both desktop and hand-held computers. Intuit is the only company which provides financial software for all major personal computing platforms now, and work underway means we'll support devices such as Personal Digital Assistants (i.e., `PDAs'), as soon as they are introduced. In partnership with Visa and the financial institutions it represents, we can revolutionize the way business professionals and consumers manage their finances," he added.
 Intuit pioneered the concept of electronic delivery of credit card data with the introduction of the IntelliCharge(TM) feature in Quicken in 1992. IntelliCharge works with the Quicken Visa card to transfer customers' monthly card statement data into Quicken electronically, providing complete spending records without any customer effort. The software also provides customized spending reports, graphs, and budgets, categorized to the customer's preference, whenever desired -- a big improvement over fixed reports only once each year.
 "With 10 years' success in electronic financial automation, we know what customers want," said Cook. "We and Visa are delivering the open standard that gives them the capabilities and the choice they demand." Intuit lead the definition of the open "TXF" standard that enables personal financial software to communicate data to tax preparation software.
 According to Charles T. Russell, chief executive officer of Visa International, the agreement with Intuit will be implemented first in the United States, with international locations to follow. Russell said, "This announcement clearly illustrates how Visa continually enhances its products and systems to maximize the value of Visa for our members." Worldwide, Visa has more than 18,000 member financial institutions.
 "Today's announcement marks an important opportunity for Visa members. Our partnership with Intuit provides Visa members with new opportunities to add value to the Visa products they offer their customers," said H. Robert Heller, president of Visa U.S.A. "As the number-one provider of personal and small business financial software, Intuit is the obvious partner to provide easy-to-use and comprehensive applications."
 Heller continued, "Visa's early focus will be on solutions for the business professional. Then, Visa and our members will 'roll out' the automated service to the more than 100 million households in the U.S.," he said. Visa has issued more than 150 million credit cards and 27 million debit cards in the U.S., achieving the leadership role in both segments of the market. "Our efforts support and complement other financial initiatives underway by some of our members," he added.
 Both companies are the clear market leaders in their respective fields.
 Intuit, founded in 1983, is the leading developer and marketer of software and services that automate financial tasks done by individuals and small businesses. Intuit's software products include: Quicken, the top-selling personal finance software package with more than four million users worldwide; QuickPay(TM), software that automatically calculates payroll withholdings; and QuickBooks, the easy-to-use alternative to accounting software. Intuit holds 75 percent of the personal finance market and outships their nearest competitor nine-to- one.
 Visa International is the world's leading consumer payment system, with more than 304 million cards issued and 10 million acceptance locations worldwide, and more than 130,000 ATMs available to consumers in 60 countries around the world.
 NOTES: Quicken is the registered trademark of Intuit. IntelliCharge, QuickBooks and QuickPay are trademarks of Intuit. Other brands or products are trademarks or registered trademarks of their respective holders and should be treated as such.
 -0- 4/27/93
 /NOTE TO EDITOR: A diagram of how the system works is available by phoning, 415-570-3788, or faxing 415-570-3856./
 /CONTACT: Jennifer Jones of Intuit, 415-329-3072, or Roseann Clavelli of Visa U.S.A., 415-570-3439, or Julie McHenry of Wilson McHenry Co., 415-592-7600, for Visa U.S.A/
 (INTU)


CO: Visa International, Intuit Inc. ST: California IN: FIN SU: JVN

LD -- SF005 -- 1116 04/27/93 08:02 EDT
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Date:Apr 27, 1993
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