Microsoft Unveils Technology to Help With Banking Via Internet

Microsoft Corp. on Monday announced plans to help consumers bank using the Internet with technology that will be the company’s newest weapon in its battle with Intuit Inc. for market share.

Microsoft executives, meeting with about 200 bankers and software developers at the company’s headquarters in suburban Redmond, unveiled specifications that will allow direct connections over the Internet between users of the company’s Money personal finance software and their financial institutions.

Matt Cone, a business development manager for Microsoft Money, said he expects announcements this week from the first banks that will offer such direct Internet services.

Cone said the Internet option, known as Open Financial Connectivity, will give Microsoft an advantage over Intuit. Intuit dominates the market for personal finance software with Quicken, used by more than 7 million people.

Since merger plans between Microsoft and Intuit foundered on antitrust concerns, Microsoft has been charging ahead.