Intuit Selling Cash Management/Business Online Banking Services to Bottomline Technologies (Press Release)


Couldn’t find a link for this, but Intuit’s cash management/business online banking just got sold. This just changed some of what I might be working on this year. Who in your mind has the best business platform for < $100B financial institutions?

Important Announcement from Intuit

Good morning,
Intuit has helped small businesses and consumers save time and money for more than three decades. This is in our DNA and consistent with our strategy to help financial institutions increase their relevance and profitability with these segments.

To increase our investment and focus on delivering for small businesses and consumers, we announced in a news release today our intention to sell our commercial banking business to Bottomline Technologies, a recognized global leader in online cash management solutions with broad and deep understanding of commercial banking.

The transaction will include Business Financial Solutions as well as Business Banking and is expected to close in the coming weeks. Upon closing, your Business Banking and/or Business Financial Solutions relationship will transfer to Bottomline Technologies. You will remain an Intuit Online Banking customer.

There is nothing you need to do right now, and there will be no immediate change in your experience or that of your business and consumer customers. Intuit and Bottomline Technologies are jointly focused on a successful transition for our business customers and, as such, Intuit will continue to provide certain commercial banking support services for an extended period of time. Upon closing, Intuit and Bottomline Technologies plan to engage with all affected customers to discuss their overall strategic plan for business services.

Bottomline will be an important strategic partner for Intuit in the commercial banking space, and together we will be better able to serve the full range of our customers' needs. Critical to our decision to partner together is the alignment of our core values across customers, and the emphasis we both place on customer-driven innovation. We are both committed to our customers' success first, working with and for each other to create sustained business value. Our companies will work together through cross promotions, referrals, and joint sales efforts to deliver innovative solutions for both small business and commercial customers.

More information about Bottomline is included below along with answers to several of the questions we anticipate you may have. Upon closing, Bottomline plans to engage with all its new clients to discuss their overall strategic plan for business services, so we'll be in touch with you soon with more information.

If you have questions not addressed below, please contact your Relationship Manager or Customer Care.

Questions and Answers

What has been announced?

Intuit Financial Services has made a deliberate decision to sell our commercial banking business to Bottomline Technologies in order to concentrate our resources on improving the solutions and services small businesses and consumers receive from their financial institutions.
Who is Bottomline Technologies?

Bottomline provides collaborative payment, invoice and document automation solutions to corporations, financial institutions and banks around the world. The company's solutions are used to streamline, automate and manage processes involving payments, invoicing, global cash management, supply chain finance and transactional documents. Organizations trust these solutions to meet their needs for cost reduction, competitive differentiation and optimization of working capital.
Bottomline has extensive experience in the banking and financial services industry. They provide transaction banking solutions to 15 of the 25 global banks and serve more than 40 financial institutions in the US and throughout the world. Headquartered in Portsmouth, N.H., Bottomline also maintains offices in Europe and Asia-Pacific.

Why Bottomline?

Bottomline will be an important strategic partner for Intuit in the commercial banking space, and together we will be better able to serve the full range of our customers' needs.
Critical to our decision to work together is the alignment of our core values across customers and employees, and the emphasis we both place on customer-driven innovation.
We are both committed to our customers' success first, working with and for each other to create sustained business value.

What does this mean for Intuit Financial Services' Small Business strategy?
With this transaction, we are focusing even more on helping financial institutions differentiate in Small Business by accelerating investment in our open platform architecture and leveraging assets and best practices across Intuit and beyond.

Because small business is in our DNA, we are uniquely positioned to help financial institutions increase their relevance and profitability with this and other emerging business segments.
Why is Intuit Financial Services focusing on Small Business vs. Commercial Banking?
Intuit has helped small businesses and consumers save time and money for more than three decades. This is in our DNA and consistent with our strategy to help financial institutions increase their relevance and profitability with these segments.

We continue to view small business as a significantly underserved market where we can help financial institutions win. With this transaction, we are focusing even more on helping financial institutions differentiate in small business by accelerating investment in our open platform architecture, and leveraging assets and best practices across Intuit and beyond.

When will this transaction be completed?

The transaction is expected to close in the coming weeks.

What happens between now and closing?

It is business as usual for both Intuit and Bottomline, and there will be no immediate change in your experience. Upon closing, Intuit and Bottomline plan to engage with you and discuss the overall strategic plan for business services.

Is Intuit out of the commercial banking business?

No. While Intuit will not develop/ manage commercial banking solutions, we will be offering them to customers through our strategic partnership with Bottomline.

Together, we will bring more innovative business banking offerings to more financial institutions faster through Bottomline's services-oriented architecture and Intuit's open platform architecture.
Intuit and Bottomline will work together through cross promotions, referrals, and joint sales efforts to deliver innovative solutions for both small business and commercial customers.

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