Barclays Bank puts money on Internet banking

Barclays Bank said today it will produce the first UK Internet banking service to link into a financial software package. The service will use Microsoft's Money 97 as its front-end.

Microsoft Money 97 (£30 including VAT) is available from next month and will allow banking over the Internet but only with Barclays so far. Users will be able to pay bills, transfer money between accounts and set up standing orders, and Visa International will provide a secure credit service.

A spokesman for Visa International said it has been working intensively with Barclays on security. He added that the system will be the first outside the US to use 64-bit key public encryption for financial transactions. The service will go online from next spring.

Barclays can be contacted by telephone on 0800-000097.