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Digital Insight and Metavante Extend Relationship, Make Online Banking a Powerful Center of Financial Activity
CALABASAS, Calif., and MILWAUKEE – May. 12, 2009 – Digital Insight, the financial institutions division of Intuit Inc. (Nasdaq: INTU), and Metavante (NYSE: MV), a leading provider of banking and payments technology, have teamed to help financial institutions deliver a powerful, centralized and easy-to-use online banking and payment experience.
Under terms of three newly signed agreements, the companies will extend and expand existing cross-sales relationships and provide clients a variety of new online capabilities designed to help consumers and businesses better manage their finances in a strained economy.
Financial Management Capabilities to Meet End User Needs
The first agreement will enable Metavante's online banking clients to further solidify primary banking relationships by offering the award-winning financial management capabilities of Digital Insight's FinanceWorksTM as an optional component within Metavante's eBanking solutions.
Powered by Quicken®, FinanceWorks helps banks address peoples' most pressing financial management needs at the online destination customers trust most — their financial institution's Web site. FinanceWorks gives users greater visibility and control over their spending by accessing account information from more than 5,000 financial institutions and credit card sites. With this aggregated information, users get an easy-to-understand view of cash flow, including future transactions, so they can forecast how future deposits and bills will affect their balances. Users can also manage all their bills in one place— regardless of how they pay them— categorize personal and business expenses, and receive a variety of alerts about their financial status via e-mail.
FinanceWorks, available since fall 2008, is now the leading online personal financial management solution offered through financial institutions. More than 160 financial institutions currently offer or are in the process of launching the solution.
Enhancing the Power and Ease of Bill Payment
The second agreement renews a long-term marketing arrangement between the companies to promote increased adoption and usage of Metavante's online bill presentment and payment products among Digital Insight's clients. As part of this agreement, the companies recently completed a comprehensive effort to improve the bill presentment and payment user experience delivered through the financial institutions they both serve.
The newly enhanced solution features an intuitive, single-view landing page that includes a variety of billing, payee and quick-pay information that's easy for consumers to review and then act on. By simplifying core bill pay functionality, and significantly reducing page clicks per task, Metavante has transformed the bill pay landing page into a central payment hub for users. Additional improvements also lead first-time bill payers through the process step by step, making them more likely to use the product in the future. As a result, active use of online bill presentment and payment has increased, creating stronger ties between financial institutions and their customers.
Third-party Reseller Agreement
Building on past success, the third agreement extends a June 2005 arrangement that makes Digital Insight's consumer Internet Banking and Business Banking solutions the exclusive third-party products resold to financial institutions that use Bankway™ software ? Metavante's licensed core processing solution.
For more than a decade, Digital Insight's on-demand products and services have helped financial institutions reduce their operating costs while improving their ability to compete by outsourcing. With dedicated marketing support and acquisition campaigns driven by Digital Insight, financial institutions have seen adoption and active use of online solutions increase by as much as 86 percent. Digital Insight has also worked with companies like Metavante to help financial institutions bring innovative capabilities to market more easily and cost-effectively than if the financial institutions had worked alone.
"Our agreements with Metavante are the latest examples of a highly successful, long-standing relationship that has been delivering great results since 1999," said Sasan Goodarzi, senior vice president of Intuit Inc. and president of Digital Insight. "This opens a rich distribution channel for Digital Insight and Metavante and further helps financial institutions provide the online capabilities their customers want and need in today's economy."
"A challenging economy heightens the need for financial institutions to transform online banking and bill pay services into strategic growth engines. For the past ten years, Metavante and Digital Insight have aligned well to keep our mutual clients at the forefront of consumer adoption of online banking and payment services," said Frank D'Angelo, group president, Metavante Payment Solutions. "Digital Insight and Metavante share a commitment to customer-driven product development that puts people in control of their finances and transforms a financial institution's online banking channel into a powerful center of financial management and payment activity."
Metavante Technologies, Inc. (NYSE:MV) is the parent company of Metavante Corporation. Metavante Corporation delivers banking and payments technologies to approximately 8,000 financial services firms and businesses worldwide. Metavante products and services drive account processing for deposit, loan and trust systems, image-based and conventional check processing, electronic funds transfer, consumer healthcare payments, electronic presentment and payment, outsourcing, and payment network solutions including the NYCE Network, a leading ATM/PIN debit network. Metavante (www.metavante.com) is headquartered in Milwaukee.
Metavante and NYCE are registered trademarks of Metavante Corporation, which is the principal subsidiary of Metavante Technologies, Inc.
About Intuit Inc.
Intuit Inc. (Nasdaq: INTU) is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Our flagship products and services, including QuickBooks®, Quicken® and TurboTax® , simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional accountants. Our financial institutions division, anchored by Digital Insight, provides on-demand banking services to help banks and credit unions serve businesses and consumers with innovative solutions.
Founded in 1983, Intuit had annual revenue of $3.1 billion in its fiscal year 2008. We have approximately 8,000 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.
About Digital Insight
Digital Insight is the leading outsourced provider of online banking services to mid-market banks and credit unions in the United States. The company's extensive portfolio of on-demand applications includes consumer and business Internet banking, online lending, electronic bill payment and presentment, Web site development and hosting, marketing programs designed to help increase online banking end user growth, and more.
Intuit, the Intuit logo, Digital Insight and FinanceWorks, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of their respective owners and should be treated as such.