Intuit Services Corp., Microsoft Renew Agreement; ISC to Continue Linking Institutions with Microsoft Money Product

Business Wire, July 30, 1996

DOWNERS GROVE, Ill.--(BUSINESS WIRE)--July 30, 1996-- Intuit Inc.'s electronic processing subsidiary said today it has renewed an agreement to continue processing online banking and bill payment transactions for Microsoft Corp.'s Money personal finance software under an expanded multi-year contract.

"This relationship has been very productive for both Intuit Services Corp., and Microsoft and this expanded contract reflects the confidence both organizations have in our relationship," said Tom Daniel, Intuit Services Corp. president and chief operating officer. "This new agreement guarantees consumers a choice of front ends through which they can access a large and growing number of leading financial institutions. At the same time, it provides financial institutions with a single, efficient connection through which they can access their largest pool of personal finance software users."

Intuit Services Corp. currently processes transactions for 40 financial institutions which offer online banking and bill payment to customers via the Intuit's Quicken and Microsoft's Money personal finance products. The new agreement with Microsoft renews the relationship that predates Intuit's purchase of ISC, then known as National Payment Clearinghouse, in 1994.

Intuit Services Corp. also will process transactions for financial institutions supporting BankNOW via America Online, and a product Intuit is now developing to allow customers to connect to participating financial institutions via the Internet. ISC has projected that it will have 300,000 to 400,000 consumers using its services by the end of this month, which marks its first fiscal year. Intuit Inc., based in Mountain View, Calif., is the world's leading creator of personal and business finance software and services. Its leading software titles include Quicken, TurboTax and QuickBooks. Through alliances with major financial institutions, insurance companies and mutual funds, ISC and other Intuit subsidiaries offer PC consumers a growing family of online financial services over private networks and Intuit's World Wide Web site, Quicken Financial Network (http://www.qfn.com). -0-

Editors: Intuit, the Intuit logo, QuickBooks, Quicken and TurboTax are registered tradements of Intuit Inc. All other trademarks are property of their respective owners.

CONTACT: Dan Rudolph of Intuit, 415-944-3580

Bob McCarson of CLS Associates, 202-289-5900