REDMOND, Wash., March 27, 1997 — Today, at the Microsoft Internet Banking and Brokerage Conference, Microsoft Corp. announced the elimination of all user fees charged to financial institutions that offer customers online banking and bill payment services through Microsoft® Money, the award-winning personal finance management (PFM) software product. Effective immediately, the elimination of fees is applicable to all current and future institutions that offer online services through Microsoft Money to their customers.
By eliminating the fees charged to institutions for connecting to Money, Microsoft believes more financial institutions will adopt online banking, the result being increased banking options and potentially reduced costs for consumers. This decision will help support the current trend among financial institutions to offer online services free to their customers. “The move to waive fees shows our continuing commitment to offer convenient, cost-effective online banking solutions to financial institutions and consumers,” said Lewis Levin, vice president, desktop finance division at Microsoft. “We see this as a significant advancement for the industry and its customers,” Levin said.
“We view this move by Microsoft as a win-win situation for both our customers and ourselves,” said Dudley Nigg, executive vice president of Wells Fargo Bank. “Microsoft’s decision to eliminate fees will enhance our efforts to support Microsoft Money and Open Financial Exchange as an option to customers interested in connecting via the Internet to Wells Fargo.”
More than 80 banks and financial institutions currently offer home banking services to Money users through a variety of connectivity options. These options include direct connections through the Internet or private dial-up and through private networks with home banking processors. Beginning this fall, Microsoft also plans to have Microsoft Money support the new Open Financial Exchange specification.
“First Tech is proud to offer our members online banking with Money 97, and Microsoft’s elimination of fees makes it even easier for us to provide members with the best possible online banking solution,” said Tom Sargent, president and CEO, First Technology Federal Credit Union.
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