NU Online News Service, May 6, 1:24 p.m. – Financial Fusion Inc., Concord, Mass., a unit of Sybase Inc., has agreed to work with Intuit Inc., Mountain View, Calif., to give financial services companies, such as mutual fund companies and possibly variable annuity companies, the ability to feed tax and financial data directly into customers financial recordkeeping software.
Financial services companies that used the Financial Fusion service would be able to deliver data in a form compatible with Intuit’s Quicken, Quicken TurboTax and QuickBooks software.
The program will be similar to TurboTax Connect program, which gives customers a simple tool for bringing Form 1099 dividends, capital gains and interest data directly into their TurboTax income tax returns.
Financial Fusion will implement the data delivery system using Intuit’s Open Financial Exchange 2.0 financial data standards protocol. OFE 2.0 uses XML, a set of rules for developing systems that can easily convert information from one database format to another.