LAS VEGAS, Dec. 2, 1998 — At the BAI Retail Delivery Conference, Microsoft Corp. today announced the availability of Active Statement downloads from Citibank’s Direct Access online banking service for customers using Microsoft Money 99, enabling them to quickly and easily update their financial records. Money 99 provides access to over 530 banks, brokerages, card providers, credit unions and thrifts, making it the most connected personal finance software on the market today, reaching over 70 percent of direct debit accounts (DDAs) in the United States.
Recognizing the growing importance of Web-based delivery channels, Microsoft developed Active Statement downloads to take advantage of financial institutions’ substantial investments in their Web sites. “We are constantly pursuing ways to provide Citibank’s customers with a simple and user-friendly way to download all of their statement information from our Direct Access site,” said Ed Horowitz, corporate executive vice president of Citibank. “Microsoft Money 99 has provided yet another online channel for us to make Internet banking even more accessible to our customers.”
Active Statement technology enables the Web banking customer, with a click of the mouse, to download a bank or credit card statement directly from a participating bank’s Web site into Money 99, reconcile the statement, and even categorize the transactions for budgeting and financial planning purposes.
“Microsoft Money 99 and Active Statement technology clearly complement a bank’s efforts in driving traffic to their Web site,” said Lewis Levin, vice president of the desktop finance division at Microsoft. “More banks support Money 99 because it truly embraces their Web site banking offerings.”
Active Statement technology uses the widely supported Open Financial Exchange (OFX) file format to remove the challenges associated with traditional bank statement downloads that are based on the Quicken Import Format (QIF). QIF downloads require multiple steps, do not support reconciling and balancing with existing transactions, and will enter duplicate personal finance manager transactions if downloaded more than once. According to ongoing Microsoft research, more than 60 percent of the financial institutions in the United States and Canada that offer Web site transactional services feature Active Statement technology.
Money 99 currently connects to over 530 financial institutions in the United States and Canada, many of which choose Active Statements as an easy-to-implement solution when connecting to their customers over the Web. Whether offering direct connections or access to a bank’s Web sites, Money 99 makes it easy for a financial institution to connect to its customers online. For a complete list of financial institutions Money 99 provides access to, please visit http://www.microsoft.com/money/online/allfi.htm .
For more information on Active Statements, a demonstration of the technology, and technical development guidelines, please visit http://www.microsoft.com/ofc/whatsnew/hili.htm .
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