The system was briefly described at Intuit's Investors Day this week with CEO Brad Smith made a few comments about the payment system, including the fact that the network was developed from an initiative that crossed all areas of the company, including banking and healthcare. However, the details that were released came primarily from a video shown to attendees.

Payment would be made from the customer's bank account directly to the business owner’s bank account through ACH payment, which means the small business needs to be approved to receive ACH payments. There will also be an initial setup with QuickBooks before the automated recording of payments is enabled. Most transactions under $5,000 are funded the next day.

Smith did not provide an introduction date and one of the few details he provided was that the cost would be 50 cents per transaction. A firm launch date was not provided, but it would likely come before QuickBooks 2012 is launched and the new versisons typically launch in the summer.