As part of a wide-ranging partnership agreement, Bottomline is to acquire the commercial banking business of Intuit's financial services division. The two firms have also partnered to use their core expertise and combined market strength across all areas in an attempt to try and deliver more innovative products and services to financial institutions across all channels and sectors.
The partnership agreement with Intuit, a firm traditionally focused on providing payroll and tax processing solutions to small to medium-sized enterprises (SMEs) when it was known as Digital Insight, will give Bottomline access to credit union and small bank customers who utilise the firm’s white label solutions, and is said to be complementary. The growing portfolio of online and mobile money management solutions, available to consumers and corporations from Intuit, will also help Bottomline who can reciprocate by providing access to its stronghold in the transaction banking and cash management arena.
Access will be given to respective developers at the firms to Bottomline's services-oriented architecture (SOA) and Intuit's open platform architecture in an attempt to cement the partnership.
Commenting on the deal, Rob Eberle, president and chief executive of Bottomline, added that the deal, “will accelerate the transition of our commercial banking solution set to the cloud. This will allow us to better serve not only the large banks we currently focus on, but also to offer an extremely attractive proposition for the many medium-sized and smaller financial institutions which make up the majority of the banking market today."
By Neil Ainger