Intuit Certifies InteliData System for OFX DirectConnect; InteliData Gateways now certified at Fifteen Major Banks
RESTON, Va.--(BUSINESS WIRE)--June 21, 2001--Intuit (NASDAQ:INTU) and InteliData (NASDAQ:INTD), today announced that InteliData's OFX Gateway system will be completing certification this week for Quicken DirectConnect and Quicken WebConnect, the first such dual certification to be awarded to an electronic banking software vendor.
InteliData's OFX solutions have been well received in the marketplace as Intuit has in recent months certified fifteen major financial institutions and processors using InteliData OFX Gateway Servers.
InteliData OFX Gateway Servers have been installed in financial institutions such as Bank of America, Citigroup, First Union, National City and third party processors such as Princeton eCom and Fiserv. Founded in 1983, Intuit has annual revenues of more than $1 billion and reaches 22 million customers.
This recent certification represents the first time Intuit has certified an OFX solution for both WebConnect as well as DirectConnect at the same financial institution.
While WebConnect allows customers to download transactions into Intuit's Quicken directly from a financial institution's web site, the more advanced DirectConnect service utilizes the true interactivity of the OFX communication channel. Bank clients can pay bills, transfer funds and view accounts right from the Quicken or QuickBooks application, creating an improved banking experience for the end user.
InteliData clients can now offer their customers the choice and flexibility to perform transactions from the bank's web site, downloading those transactions into Quicken for categorization and reporting, or they can perform those same transactions directly from the Quicken desktop application.
Commenting on the certification, Al Dominick, InteliData's CEO, said, "InteliData's OFX Gateway has become the industry standard for connectivity to Personal Finance management software such as Intuit's Quicken and for connectivity to wireless devices, Voice Recognition Units (VRUs) and Web TV. Our OFX servers are used not only by banks such as National City, First Hawaiian/Bank of the West and BB&T who have complete InteliData electronic banking software systems, but also by banks who have built their own systems such as First Union and Bank of America."
The InteliData OFX server is delivered in either UNIX or NT versions, is "industrial strength," and in a recent contract for a payment processor was installed and operational in less than six weeks time.
About InteliData
InteliData provides Internet banking and Electronic Bill Payment and Presentment (EBPP) technology and services to banks, credit unions, and financial institution processors.
InteliData's EBPP products offer banks and other financial institutions an end-to-end solution for creating e-bills for billers, distributing e-bills and e-payments through multiple delivery channels, delivering e-bills to consumers, and enabling payment of bills through multiple payment processors utilizing OFX and IFX messaging standards.
InteliData's Internet banking products provide large financial institutions throughout the U.S. with proven scalability, flexibility and security in supplying real-time, Internet based banking services to their customers. For more information about InteliData, visit the company's Web site at intelidata.com.
About Intuit Inc.
Intuit Inc. (NASDAQ:INTU) is the leading provider of financial software and Web-based services for consumers, small businesses and accounting professionals. Its flagship products and services, including Quicken(R), QuickBooks(R), Quicken TurboTax(R) and Quicken Loans(R) simplify personal finance, small business management and payroll processing, tax preparation and filing and online home loans.
Founded in 1983, Intuit has annual revenues of more than $1 billion and reaches 22 million customers with over 5,000 employees in 13 states and four countries. More information can be found at www.intuit.com.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:
This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to risks associated with the Company's recent acquisition of Home Account, the impact of competitive products, pricing pressure, product demand and market acceptance risks, pace of consumer acceptance of home banking and reliance on the Company's bank clients to increase usage of Internet banking by their customers, the ability of financial institution customers to implement applications in the anticipated time frames or with the anticipated features, functionality or benefits, reliance on key strategic alliances and newly emerging technologies, the availability of cash for long-term growth, product obsolescence, fluctuations in operating results, ability to continue funding operating losses, delays in development of highly complex products and other risks detailed from time to time in InteliData filings with the Securities and Exchange Commission.
These risks could cause the Company's actual results for 2001 and beyond to differ materially from those expressed in any forward looking statements made by, or on behalf of, InteliData. InteliData is not under any obligation (and expressly disclaims an obligation to) update or alter its forward-looking statements, whether as a result of new information or otherwise.
CONTACT:
InteliData
Deirdre Skolfield, 703/259-3000
Info@InteliData.com
KEYWORD: VIRGINIA
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