Microsoft, Intuit Propose Uniform Standard

Microsoft Corp. and Intuit Inc. proposed a uniform technical standard they said will make it easier to bank over the Internet. The proposal was also announced with CheckFree Corp., which has been competing to be the behind-the-scenes processor of Internet transactions. The proposed standard, called Open Financial Exchange, is a step toward allowing customers to use any available financial management software at the financial institution of their choice when banking online. The specifications are still being refined, and will be included in software to be released in September, the companies said. Redmond, Wash.-based Microsoft and Menlo Park, Calif.-based Intuit have been competing to persuade banks to use their respective personal-finance software.