Financial Institutions Embrace Microsoft Money

LAS VEGAS, May 5, 1999 — Microsoft Corp. today announced its plans to ally with two of the nation’s 10 largest banks and one of the nation’s five largest credit card issuers to offer Active Statement downloads. These new implementations, announced at Microsoft’s FinNet Banking and Brokerage conference, will enable customers of Bank One Corp.; First USA, the credit card subsidiary of Bank One; and Fleet Financial Group to more quickly and efficiently download statement data into Microsoft® Money.

“We are pleased to be working with Bank One, its credit card subsidiary First USA and Fleet to improve the Web site experience of our mutual customers using Active Statements,”
said Richard Bray, general manager of the Desktop Finance Division at Microsoft.
“Money users continue to be an important segment of the Web banking population, and this technology can play an important role in strengthening the relationship these consumers have with their financial institutions.”

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.

“As one of the nation’s leading providers of online banking services, it is important to us at Bank One that we continually make it easier for customers to do business with us,”
said Bruce Luecke, president of Interactive Delivery Services at Bank One.
“Microsoft Active Statements helps us do that.”

Highlights reflecting increased adoption by financial institutions of Microsoft Money 99 include these:

  • Money 99 provides access to 580 banks, brokerages, card issuers, credit unions and thrifts, reaching more than 70 percent of demand deposit accounts in the nation.

  • More than 60 percent of North American financial institutions currently offer Active Statement technology.

  • Money 99 offers connectivity from within the product to more financial institutions than any other personal finance management software.

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.

Microsoft is either a registered trademark or trademark of Microsoft Corp. in the United States and/or other countries.

Other product and company names herein may be trademarks of their respective owners.

For a complete list of financial institutions to which Money 99 provides access:

For more information on Active Statements:

Note to editors: If you are interested in viewing additional information on Microsoft, please visit the Microsoft Web page at on Microsoft’s corporate information pages.

Related Posts