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1999 Press Releases
nFront and Intuit to Offer
Online Tax Preparation
and Filing
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Contact:
Kelly Harviel
nFront, Inc.
770.209.4460, ext. 265
kharviel@banking.com
Ernie Buday
Ketchum Crescent for nFront
404.287.2000, ext. 186
ebuday@crescomm.com
nFront and Intuit to Offer Bank-Branded Web Sites for Online Tax Preparation and Filing
-Internet banking customers of nFront-affiliated banks will be able to prepare and file federal and state tax returns online
ATLANTA, November 24, 1999 - nFrontTM, Inc. (NASDAQ: NFNT, www.nFront.com), a leading outsource provider of Internet banking services, today announced a strategic alliance with Intuit, Inc. (NASDAQ: INTU) to provide bank-branded Web sites for online tax preparation and filing.
Beginning January 15, 2000, banks using nFront's Internet banking services can offer customers the ability to prepare and file federal and state personal income tax forms online. Under terms of the agreement, nFront will make the new service available on participating banks' Web sites from January through April 15 in each of the next three years.
nFront provides its 210 bank customers the enabling technology and marketing support for comprehensive Internet banking services. Intuit's Quicken® TurboTax® for the WebSM simplifies tax preparation and filing with tax tips and easy-to-use features.
To use the new electronic tax preparation and filing service, bank customers will link from the financial institution's Internet banking site to a site co-branded by the bank and Intuit. Banks will receive royalties from the nominal fees charged to tax filers for this service.
For customers who qualify, participating banks will also be able to provide free tax preparation and filing. Under the Quicken Tax Freedom program, Intuit offers Web-based tax preparation and filing at no cost to households with annual income of $20,000 or less, or to anyone filing using form 1040EZ.
"We're pushing the envelope of what comprises Internet banking," said Tripp Rackley, nFront chairman and CEO. "As this relationship with Intuit demonstrates, Internet banking is just a starting point for banks that have the vision to become financial destinations for their customers on the Internet. Intuit's tax preparation service represents a bold example of the compelling array of services that nFront banks can offer their Internet-active customers."
"Banks are perfectly positioned to participate in the burgeoning market for do-it-yourself electronic tax services. By partnering with nFront, Intuit provides banks a risk-free way to add a profitable new service that will appeal to many customers," said Enrico Roderick, vice president of Intuit's desktop personal finance. "In a very real sense, the Internet is the common bond that puts Intuit, nFront and banks in the same business: We each aim to give consumers and businesses the power to take full control of their financial lives, with less work."
From its inception, nFront has become a leading provider of Internet banking services by forming alliances with key players, such as Intuit, in the financial services industry. nFront currently offers 48 direct interfaces into core processing systems. In addition, nFront has exclusive partnerships with 15 companies that provide core processing services and eight companies that provide other services to financial institutions.
For example, nFront's business partnerships include BISYS®, a leader in bank core processing systems, and MindSpring®, a leading Internet service provider. These strategic partners, combined with the exclusive endorsement of the American Bankers Association (ABA), give nFront a strong, dynamic distribution channel in the small- to mid-size bank market.
About nFront
Atlanta-based nFront, Inc. (NASDAQ: NFNT, www.nFront.com) is a leading Internet banking services company that enables small to mid-size financial institutions to process financial transactions with their customers via bank-branded Web sites. nFront's comprehensive outsourced service is a secure, reliable and scalable way to deliver Internet banking, a key means of attracting and retaining profitable customers. Exclusively endorsed by the American Bankers Association (ABA) and winner of Microsoft's Best Internet Banking Solution Award, nFront provides fully transactional Internet banking development and implementation, Web site design, maintenance and hosting, customer service training and support, and marketing consulting services.
