Integrion and Microsoft to Connect Interactive Financial Services Platform And Money 99
PHILADELPHIA and REDMOND, Wash., April 16, 1998 — Integrion Financial Network and Microsoft Corp. today announced plans to jointly develop a connection between consumers using Microsoft® Money personal financial management software and Integrion’s Interactive Financial Services (IFS) platform.
For the planned fall release of Money 99, the companies will develop server technology that translates Open Financial Exchange (OFX) messages into GOLD Standard messages. The solution is scheduled to be available at the end of this year for Integrion banks that offer Money 99 to their consumers. Going forward, both organizations plan to conform their products to the new converged industry message standard announced last week by the Banking Industry Technology Secretariat (BITS).
This initiative expands the existing relationship between Integrion and Microsoft. Integrion currently supports Money 98 and prior versions of the software on the Visa Interactive banking platform, which Integrion acquired in August 1997.
According to William M. Fenimore Jr., CEO and managing director of Integrion, the teaming of the two organizations is a logical step as a new industry standard is rolled out to the public.
“The promise of GOLD and OFX convergence is a reality,”
“As we work toward fulfilling that promise, Integrion is committed to ensuring interoperability between our platform and the personal financial software our bank customers are offering in the market. We are pleased to be collaborating with an innovator like Microsoft to connect a suite of value-added personal finance and electronic banking products for the financial institution industry in the most effective manner available.”
“We are pleased to work with Integrion to support its Interactive Financial Services Platform in Microsoft Money,”
said Lewis Levin, vice president of the desktop finance division at Microsoft.
“With this joint effort, Integrion banks will be better able to take advantage of Microsoft Money’s growing popularity in the personal finance software category.”
The joint solution allows financial institutions to realize the benefits associated with the consumer demand for Money and the strength and scalability of the Integrion platform.
Microsoft Money 98 supports OFX banking, bill payment and brokerage transactions. Money 98 offers online access to over 175 banks, brokerages and card providers, enabling its millions of users to connect to more institutions than any other personal finance management software. Microsoft’s relationship with Integrion rounds out a broad array of online banking, bill payment and brokerage features offered through Money 98. Consumers using Microsoft Money 98 can easily manage fundamental financial tasks, such as paying bills electronically, managing accounts, banking and investing online, tracking expenses and creating budgets.
Developed by IBM Corp. to be used by the Integrion banks, the IFS platform is a real-time middleware solution that connects multiple electronic access devices with financial institution legacy systems. Through IFS, Integrion financial institutions are able to leverage a shared investment and achieve economies of scale that are difficult to duplicate on a proprietary basis. The Integrion owners represent more than 75 percent of the households in the United States and Canada.
Financial institutions have reacted positively to today’s announcement.
“We are pleased to see that Microsoft and Integrion will provide an interoperable solution during the rollout period of a converged industrywide standard,”
said Patrick J. Swanick, vice chairman at KeyBank N.A.
“As an Integrion owner bank and an organization that supports Microsoft Money, we are excited because this convergence will provide financial institutions with the flexibility to meet customer needs regardless of the transaction platform they utilize.”
“As an Integrion owner and customer, we fully support the interoperability of the Integrion and Microsoft product offerings as the new industry standard emerges,”
said James M. Grant, senior vice president of First Chicago NBD Corp.
“Not only will this relationship benefit the banking industry, but it will certainly benefit our customers who use Money today and in the future.”
Owned by 17 banks, IBM and Visa U.S.A., Integrion Financial Network provides interactive banking and electronic-commerce services to financial institutions. Through the Interactive Financial Services platform, Integrion offers financial institutions a network through which electronic transactions flow from multiple consumer access points to a bank’s host system or processor. Technology partnerships with IBM and CheckFree Corp. allow for the delivery of flexible, high-utility applications to financial institutions for the benefit of end customers. Integrion’s operating philosophy allows banks to determine the manner and format in which home banking and electronic-commerce services are offered, ensuring consistency with the bank’s full range of services, effective branding by the bank and maximum customer benefit. For more information, visit the Integrion Web site at (http://www.integrion.net/) .
Founded in 1975, Microsoft (Nasdaq
) is the worldwide leader in software for personal computers. The company offers a wide range of products and services for business and personal use, each designed with the mission of making it easier and more enjoyable for people to take advantage of the full power of personal computing every day.
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