AOL/Intuit Offer Bill Paying
Banks received a huge competitor for the business when America Online Inc., the world's largest Internet portal, and Intuit, Inc., the makers of some of the most used financial software, announced a partnership to provide electronic bill paying services.
AOL will offer its customers complete bill management and payment, including payment to billers that offer only paper bills. In those cases, the bills will be sent to Intuit, where they will be scanned for electronic presentation. The AOL/Intuit service will offer all billers, including utilities, credit card companies, merchants and other billers, a way to present customers electronic bills at whatever level of detail they want, complete with the billers' brand and logo identities. Customers will pay their bills and review old bills from one location - AOL's personal finance site.
Intuit will provide the bill tracking and payment service to AOL, which can certainly provide the potential customers - the company has 19 million members and owns CompuServe, which has another 2 million customers. The new service will roll out in early 2000.
Copyright © 2000 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 10, No. 1, 1/00
First published on 01/01/2000