Intuit and X.com expect to inaugurate Internet-based payment capabilities in Intuit products within the next several months. X.com services will augment Intuit's existing online banking and related bill payment functionality and services, which are not affected by this agreement. Additional terms of the agreement and details of how X.com Internet-based payment services will be used in Intuit's products are not being disclosed.

"Teaming with Intuit will allow X.com to provide its Internet payment solution to potentially millions of new customers - people who have already come to rely on Intuit for the best financial features and services available," said Reid Hoffman, X.com's senior vice president for business development. "Given Intuit's success in helping people and businesses apply the power of modern technology to everyday financial activities, we look forward to broad adoption of our Internet-based payment service for both Internet-based and non-Internet-based transactions."

X.com's Internet-based payment service uses the speed and efficiency of the Internet to enable instant and secure transmissions for online payments - person-to-person, consumer-to-business, and business-to-business.

"As a pioneer in Internet-based payments, X.com shares Intuit's vision of using the Internet to revolutionize how people and small businesses manage their financial lives," said Raymond Stern, Intuit's senior vice president of corporate strategy and marketing. "Combining the efforts of these two industry leaders offers exciting opportunities to deliver on this vision - making online financial transactions easier, faster and more ubiquitous."