Intuit Inc., announced that it is working on a system to allow consumers to operate personal finance software on their television sets.

Based in Menlo Park, Calif, Intuit is best known for its personal computer-based financial software, called Quicken, that has sold more than 5 million copies since its introduction in 1984.

To develop this new system, Intuit is working in partnership with the EON Corporation, in Reston, Virginia. EON was previously known as TV Answer, Inc.

Interactive TV

Using wireless transmission technology, EON is pioneering an interactive television service that turns televisions into two-way communications devices.

Paul Sturiale, a spokesperson for EON, said interactive television will have its debut sometime in the early part of 1994, and that a more specific roll-out schedule will be determined by the Federal Communications Commission sometime next month.

At that time, the FCC will begin issuing regional licenses for wireless interactive video and data Services.

The arrangement between Intuit and EON represents an agreement to develop products and services to be used within the context on interactive television.

Specific Uses Outlined

According to Sheryl Ross, a spokesperson for Intuit, the two companies anticipate that consumers will soon be able to use the television to reconcile and update accounts, check transactions, and review the financial performance of selected accounts.

These activities would take place within the context of a Quicken-like program tailored for use on the television.

Although no banks are involved in the development efforts, Ms. Ross said that Intuit is receptive to the idea of creating alliances with banks."

Other Relations Established

Intuit has already established a relationship with Meridian Bancorp, the $12 billion holding company in Redding, Pennsylvania for home banking services via interactive TV.

Using EON's system, Meridian Bancorp customers will be able to use their televisions to check their accounts, transfer funds, and pay bills. The service is expected to be introduced sometime in 1994.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.