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INTUIT SIGNS AGREEMENT WITH FINANCIAL NETWORK CONSORTIUM

Financial software vendor Intuit Inc, now determined to work with the banking industry rather than compete with it, has signed a joint development agreement with the IBM-led Integrion Financial Network electronic banking consortium (CI No 2,995), whose members now encompass over 75% of retail bank accounts in the US. Some 10 million users of Intuit’s Quicken package will gain access to Integrions electronic banking service. Meca Software LLC, in which Integrion member Citibank has a stake (CI No 3,200), has a similar deal. Integrion says that Microsoft Corp is also working with the group to integrate its Money package into the network, but Microsoft has also set up a competing venture through its First Data Corp agreement (CI No 3,191).

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CBR Staff Writer

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