Some more news from our friend, Tripp Rackley, over at nFront...
biz.yahoo.com
nFront and Intuit Collaborate to Link Internet Banking Users with Intuit's Quicken and QuickBooks Software
OFX Open Standards Establish the Framework for Internet Banking End-Users to Download Their Bank Transaction Data Into Intuit's Software
ATLANTA--(BUSINESS WIRE)--Dec. 3, 1999-- nFront(TM), Inc. (NASDAQ: NFNT - news, www.nfront.com - news), a leading outsource provider of Internet banking services for small- to mid-size financial institutions, today announced a strategic alliance with Intuit, Inc. (NASDAQ: INTU - news) to electronically connect Internet banking customers with Intuit' s Quicken© and QuickBooks© software through OFX (Open Financial Exchange), a set of standards used to facilitate e-commerce.
nFront's 210 bank customers use nFront's enabling technology and marketing support to deliver comprehensive Internet banking services to consumers and businesses. Intuit's Quicken is the leading personal financial software, and QuickBooks is the most popular small business accounting software.
OFX will allow end-users of nFront's Internet banking systems, nHome(TM) and nBusiness(TM), to download their bank transaction data from bank sites into Quicken and QuickBooks. Users will also be able to enter transactions, such as transfers and bill payments, in Intuit's software and then connect to the Internet to execute the transactions through nFront's bank-branded solution.
Under terms of the agreement, nFront will develop an Intuit-certified OFX server to enable data exchange with Intuit software. Participating banks may choose to brand Intuit's software with their own logos and colors. Banks also have the opportunity to generate revenue from selling Intuit software products.
``Internet bankers aren't operating in a void -- to succeed, they must offer the choices their customers are demanding,' said Tripp Rackley, nFront chairman and CEO. ``nFront's relationship with Intuit gives end-users a choice in how they enter transaction data. Moreover, it gives nFront's participating banks the opportunity to leverage their brand with the world-renowned Intuit brand.'
``By connecting Intuit software with nFront's Internet banking solutions, this deal opens doors with hundreds of financial institutions,' said Enrico Roderick, vice president of Intuit's desktop personal finance group. ``The real winners, of course, are the businesses and consumers who handle their banking with an nFront financial institution and their finances with Quicken and QuickBooks.'
OFX is a unified specification for the electronic exchange of financial data between financial institutions, businesses and consumers via the Internet. It is designed to support a wide range of financial activities including consumer and small business banking; consumer and small business bill payment; investments, including stocks, bonds, and mutual funds.
Last week, nFront and Intuit announced plans to enable nFront Internet banks to offer their customers online tax preparation and filing services through Intuit's Quicken© TurboTax© for the Web(SM).
From its inception, nFront has become a leading provider of Internet banking services by forming alliances with key players, such as Intuit, in the financial services industry. nFront currently offers 48 direct interfaces into core processing systems. In addition, nFront has exclusive partnerships with 15 companies that provide core processing services and eight companies that provide other services to financial institutions.
For example, nFront's business partnerships include BISYS©, a leader in bank core processing systems, and MindSpring©, a leading Internet service provider. These strategic partners, combined with the exclusive endorsement of the American Bankers Association© (ABA), give nFront a strong, dynamic distribution channel in the small- to mid-size bank market.
About Intuit Inc.
Intuit Inc. (NASDAQ: INTU - news, www.intuit.com - news) is the leader in e-finance, including financial software and Web-based services. Intuit 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.
About nFront
Atlanta-based nFront, Inc. (NASDAQ: NFNT - news, www.nfront.com - news) is a leading Internet banking services company that enables small- to mid-size financial institutions to process financial transactions with their customers via bank-branded Web sites. nFront's comprehensive outsourced service is a secure, reliable and scalable way to deliver Internet banking, a key means of attracting and retaining profitable customers. Exclusively endorsed by the American Bankers Association (ABA) and winner of Microsoft's Best Internet Banking Solution Award, nFront provides fully transactional Internet banking development and implementation, Web site design, maintenance and hosting, customer service training and support, and marketing consulting services.
This press release contains statements which may constitute ``forward-looking statements' within the meaning of the Securities Act of 1933 and the Securities Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of nFront, Inc. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that the actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include fluctuation in operating results, the ability to compete successfully and the ability to effectively manage our rapid growth. Additional factors are set forth in the Risk Factors section of our Registration Statement on Form S-1 and Form 10-K. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Note to Editors: Quicken, QuickBooks and TurboTax are registered trademarks of Intuit, Inc. |
