new twist to the aol intu deal:
(COMTEX) B: (CKFR)(AOL) CheckFree To Provide Routing, Tracking and In
B: (CKFR)(AOL) CheckFree To Provide Routing, Tracking and Infrastructure to
Support Intuit's New Electronic Billing and Payment Service Offering
MOUNTAIN VIEW, Calif., Nov 23, 1999 (BUSINESS WIRE) --
CheckFree
Holdings Corporation (Nasdaq:CKFR) and Intuit (Nasdaq:INTU) today
announced that CheckFree will be providing infrastructure for Intuit's
recently announced electronic billing and payment services, including
those offered across several America Online, Inc. brands.
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 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. 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
for the year ended June 30, 1998, filed September 25, 1998, and report
filed on Form 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: Ketchum1/4Thomas for Intuit
Mary Giani, 650/596-2700
mary@thomaspr.com
or
CheckFree
Terrie O'Hanlon, 678/375-1452
tohanlon@checkfree.com
*T
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:AOL), 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 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, even more valuable to consumers as
it adds everyday household money management to the already robust
financial planning 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, 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 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, in addition to Quicken.com, where Intuit's electronic bill
presentment and payment service debuted last week."
Intuit is offering bill presentment and payment 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, AOL Instant Messenger and Digital City, Inc.; the
Netscape Netcenter and AOL.COM portals; the Netscape Navigator 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, 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
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
-0-
CONTACT: Intuit
Jeff Larsen, 650/944-5106
Jeff_Larsen@intuit.com
or
Ketchum1/4Thomas for Intuit
Mary Giani, 650/596-2700
mary@thomaspr.com
or
America Online
Dulles David Theis, 703/265-1491
WEB PAGE: businesswire.com
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INDUSTRY CODE: INTERNET
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