Visa Interactive, a wholly owned subsidiary of Visa International, offers turnkey remote-banking and bill-payment solutions which its member financial institutions can brand, price and deliver to their customers.
For more information contact:
Robert Schettino, Intuit Inc. (415) 596-2700
Matt Cone, Microsoft (503) 226-8230
Matt Lewis, CheckFree (770) 734-3404
Quotes from industry leaders supporting Open Financial Exchange
"Visa continues to support and participate in efforts which result in open industry standards that benefit our member financial institutions."
Chris Schellhorn, president and chief operating officer of Visa Interactive.
"Fidelity commends Microsoft, Intuit and CheckFree for this kind of customer-friendly industry cooperation. Fidelity can bring online financial services to market for a broader range of our customers more quickly when we can write to one data interchange format instead of many. This streamlines our work and helps us better serve our customers."
Bruce Ferland, senior vice president, Fidelity Retail Electronic Commerce Group
"Schwab is actively pursuing opportunities utilizing these standards. In terms of development, maintenance, and resources, a single, consolidated specification removes an expensive burden from the financial institutions. It is a significant milestone in the evolution of the online environment."
Debbie Naganuma, director of Electronic Brokerage Product Development, Charles Schwab and Co., Inc.
"We're pleased that First Union, as well as other financial institutions, will be able to save significant development expense and focus on implementing a single standard. Open Financial Exchange will speed the rollout of remote delivery in the U.S. and provide customers with a choice of two top tier Personal Finance Manager software packages."
Edgar Brown, First Union senior vice president.
"Bank One strongly supports efforts which move the industry closer to a common standard. This initiative represents another major step in the realization that eliminating costly duplication allows us to concentrate on more important issues -- fulfilling the individual needs of our customers."
Bruce Luecke, general manager of Bank One Interactive Delivery Services
Bank fuer Arbeit und Wirtschaft:
"This new specification brings a great advantage for both our customers and financial institutions, by allowing the support for multiple products. We therefore welcome this announcement."
Dipl. Ing. Hans Guenter Schanznig, CIO, director BAWAG, Bank fuer Arbeit und Wirtschaft, Austria.
"We are delighted by the convergence of these two specifications. This technology will allow Chase to offer consistent on-line financial services while giving our customers a choice of personal financial management software."
Michael Papantoniou, vice president, Chase Manhattan Bank.
"This is great news for consumers. It gives them access to the provider of their choice, while eliminating the extra costs inherent in multiple proprietary interfaces. Citibank has long advocated open interfaces, and we believe this is a major step forward for the industry."
Jerry Rao, division executive, Citibank Development Division.
"NationsBank applauds the cooperation shown by all of the parties in moving to a common set of standards to exchange financial information over the Internet. Open standards will give consumers the widest choice at the lowest cost. Low cost and customer value is the reason banks formed Integrion."
Jim Dixon, president of NationsBanc Services Company
"The move to Open Financial Exchange by three of the largest service and systems providers to the financial services industry is a giant leap towards bringing customers the online service and information they want. Standardization of technology will allow us to quickly offer more services to a broader group of customers at a much lower development cost. This will accelerate the expansion of Internet banking."
Dudley Nigg, executive vice president, Alternative Distribution Group, Wells Fargo Bank.
Royal Bank of Scotland:
"We have previously input to the OFC specification and are delighted with this decision to amalgamate competing specifications. This can only lead to benefits for consumers and financial institutions alike and give further momentum to the development of electronic banking and finance."
Bill Bourgourd, head of Electronic Communications for Royal Bank of Scotland's Retail Bank.
Bank of Montreal
"Open Financial Exchange will be great for our clients. It means we can deliver more value and unique services to our clients instead of focusing on accommodating multiple and complicated technical specifications."
David Revell, vice-president, mbanx and Electronic Financial Services, Bank of Montreal.