REDMOND, Wash., and CALABASAS, Calif., June 25, 2003 — Microsoft Corp. and Digital Insight Corp. today announced a co-marketing agreement to streamline the adoption of Open Financial Exchange (OFX) to connect with personal financial management (PFM) software. Under the terms of the agreement, Microsoft will work with Digital Insight to promote the adoption of OFX for the direct exchange of financial information between financial institutions’ AXIS® online banking sites and Microsoft®
Money personal financial management software.
Also, Digital Insight has made PFM connectivity via OFX available to its 1,622 financial institution clients, enabling their more than 32 million potential Internet banking users to directly download account information into Microsoft Money. OFX facilitates the seamless exchange of transactional data on a home computer or personal digital assistant via the Internet or a PFM.
“Digital Insight is seeing an increasing demand for connectivity,”
said Michal Geller, senior product manager for Digital Insight.
“We therefore wanted to work with our connectivity partners to streamline the process. Microsoft Money is a popular solution for our clients, and this agreement will allow end users two-way interaction with their financial institutions.”
Microsoft and Digital Insight have aligned to encourage the adoption of OFX, broadening the already mounting support for the specification as an industry standard.
“Through the advancement of OFX, Microsoft extends its commitment to simplifying the exchange of data between financial institutions and consumers,”
said Greg Martin, financial products connectivity evangelist at Microsoft.
“With this agreement, Microsoft and Digital Insight enable potentially thousands of financial institutions to seamlessly and conveniently connect with their customers via Microsoft Money.”
OFX Continues to Gain Momentum
Since the first version of OFX became available for download from OFX Consortium founders CheckFree Corp., Intuit Inc. and Microsoft in early 1997, the specification has grown to support a wide range of financial activities, including these:
Consumer and small-business banking
Investment download and tracking, including stocks, bonds, mutual funds and tax information such as W2 and 1099 forms
More than 1,400 financial institutions and solution providers have implemented OFX; 500 of those companies are supporting two-way OFX, enabling them to exchange accurate, up-to-date financial information with customers when and where they need it. With recent milestones, including the expansion of the OFX Consortium with banking, brokerage and solution provider committees and chairs in October 2001, the specification continues to advance, helping financial services companies in all areas of the industry attract and retain customers in today’s competitive marketplace.
About Digital Insight
Digital Insight Corp. is a leading eFinance enabler for visionary financial institutions. Through its comprehensive portfolio of outsourced, Internet-based financial products and services built upon the Company’s unique architecture, Digital Insight enables banks and credit unions to become the trusted transaction hub for their retail and commercial customers. Digital Insight provides retail and commercial Internet banking, electronic bill payment and presentment, eCommerce portal technology, wireless channel delivery, advanced targeted marketing, website development and maintenance, as well as online and call center lending services. Each Digital Insight product and service reinforces the brands of its client financial institutions.
Founded in 1975, Microsoft (Nasdaq
) is the worldwide leader in software, services and Internet technologies for personal and business computing. The company offers a wide range of products and services designed to empower people through great software — any time, any place and on any device.
Safe Harbor Statement under the Private Litigation Reform Act of 1995
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations of new clients, end users and the success of the corporate marketing agreement. Such statements are based on management’s current expectations. Because of various risks and uncertainties, such as security breaches, failure to respond to rapid changes in the market for Internet banking, and competition from third parties, actual strategies and results in future periods may differ materially from those currently expected. Additional discussion of factors affecting these forward-looking statements is contained in Digital Insight’s most recent filings with the Securities and Exchange Commission.
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