Good way to start the day!
Here is some good news to start off the day. The
sun is breaking through the clouds we've had of late.
It'll be a good day in the
neighborhood!
Wednesday October 4, 8:06 am Eastern Time
Press
Release
SOURCE: X.com Corporation
Intuit and X.com Sign
Five-Year Agreement to Deliver Internet-Based Payment
Capability
MOUNTAIN VIEW, Calif. and PALO ALTO, Calif., Oct. 4
/PRNewswire/ -- E-finance leader Intuit Inc. (Nasdaq: INTU -
news) and X.com Corporation (www.x.com), the largest
provider of Web-based payment services, today announced a
five- year agreement which makes X.com the exclusive
provider of Internet-based payment services for selected
U.S. Intuit products. Under the agreement, customers
using selected Intuit small business and personal
finance products will be able to use X.com's leading
Internet-based payment service PayPal. In addition, Intuit's
products will be the exclusive small business and personal
financial management products on the X.com Web
site.
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.''