SECURITIES AND EXCHANGE COMMISSION


                             WASHINGTON, D.C. 20549
                            ________________________



                                    FORM 10-Q



                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
       __________________________________________________________________



For the Quarter ended: March 31, 2001           Commission File Number 000-21685



                       INTELIDATA TECHNOLOGIES CORPORATION
             (Exact name of registrant as specified in its charter)

    DELAWARE                                                          54-1820617
 (State of incorporation)                (I.R.S. Employer Identification Number)

             11600 Sunrise Valley Drive, Suite 100, Reston, VA 20191
                    (Address of Principal Executive Offices)
                                 (703) 259-3000
                         (Registrant's telephone number)





Indicate by check mark whether the registrant (1) has filed all reports required
to be filed  by  Section  13 or 15 (d) of the  Securities  Exchange  Act of 1934
during the preceding 12 months (or for such shorter  period that the  registrant
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days. Yes X No

The number of shares of the registrant's  Common Stock  outstanding on March 31,
2001 was 45,622,153.

<PAGE>


                       INTELIDATA TECHNOLOGIES CORPORATION

                          QUARTERLY REPORT ON FORM 10-Q

                                TABLE OF CONTENTS


                                                                            Page
                                                                            ----
PART I - FINANCIAL INFORMATION

  Item 1.  Unaudited Condensed Consolidated Financial Statements

          Condensed Consolidated Balance Sheets
          March 31, 2001 and December 31, 2000 ................................3

          Condensed Consolidated Statements of Operations
          Three Months Ended March 31, 2001 and 2000 ..........................4

          Condensed Consolidated Statement of Changes in Stockholders' Equity
          Three Months Ended March 31, 2001 ...................................5

          Condensed Consolidated Statements of Cash Flows
          Three Months Ended March 31, 2001 and 2000 ..........................6

          Notes to Condensed Consolidated Financial Statements ................7

         Item 2. Management's Discussion and Analysis of Financial
                 Condition and Results of Operations .........................12

         Item 3. Quantitative and Qualitative Disclosures About Market Risk...17


PART II - OTHER INFORMATION

  Item 6.  Exhibits and Reports on Form 8-K ..................................17


SIGNATURE         ............................................................18



<PAGE>
PART I:       FINANCIAL INFORMATION
-----------------------------------
ITEM 1.       FINANCIAL STATEMENTS
----------------------------------

                       INTELIDATA TECHNOLOGIES CORPORATION
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                      MARCH 31, 2001 AND DECEMBER 31, 2000
                  (in thousands, except share data; unaudited)

                                                           2001            2000
ASSETS
  CURRENT ASSETS
   Cash and cash equivalents                       $     18,105    $     27,255
   Restricted cash                                          ---             440
   Investments                                            4,917          10,217
   Accounts receivable, net of allowance for
     doubtful accounts                                    4,306           1,486
   Other receivables                                      1,244              83
   Prepaid expenses and other current assets                750             320
                                                            ---             ---
         Total current assets                            29,322          39,801

  NONCURRENT ASSETS
     Property and equipment, net                          4,908           3,282
     Goodwill, net                                       37,430             ---
     Other assets                                           195             195
                                                            ---             ---

TOTAL ASSETS                                      $      71,855     $    43,278
                                                  =============     ===========

LIABILITIES AND STOCKHOLDERS' EQUITY
  CURRENT LIABILITIES
     Accounts payable                             $      4,808    $      4,288
     Accrued expenses and other liabilities              3,755           3,651
     Deferred revenues                                   3,720           1,014
     Short-term capital lease obligations                   19             ---
     Other liabilities                                   1,812             ---
     Net liabilities of discontinued operations            714             755
                                                           ---             ---
TOTAL CURRENT LIABILITIES                               14,828           9,708
                                                        ------           -----

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
     Preferred stock, $0.001 par value;
       authorized 5,000,000 shares; no shares
       issued and outstanding                              ---             ---
     Common stock, $0.001 par value;
       authorized 60,000,000 shares; issued
       46,328,497 shares in 2001 and 39,320,609
       shares in 2000; outstanding 45,622,153
       shares in 2001 and 38,629,897 shares in 2000          46              39
     Additional paid-in capital                         294,445         261,552
     Treasury stock, at cost: 706,344 shares in 2001
       and 690,712 shares in 2000                        (2,163)         (2,123)
     Deferred compensation                               (1,843)         (1,375)
     Accumulated other comprehensive (loss) income         (239)            494
     Accumulated deficit                               (233,219)       (225,017)
                                                       --------        --------
TOTAL STOCKHOLDERS'EQUITY                                57,027          33,570
                                                         ------          ------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY         $     71,855    $     43,278
                                                   ============    ============



     See accompanying notes to condensed consolidated financial statements.
<PAGE>
                       INTELIDATA TECHNOLOGIES CORPORATION
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                   THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                (in thousands, except per share data; unaudited)


                                                       2001            2000
                                                     ---------       --------
Revenues
  Software                                           $     169        $   436
  Consulting and services                                2,982          1,094
  Royalties and other                                      ---            254
                                                     ---------        --------
      Total revenues                                     3,151          1,784
                                                     ---------        --------
Cost of revenues
  Software                                                   5            ---
  Consulting and services                                1,897            574
                                                     ----------       --------
  Total cost of revenues                                 1,902            574
                                                     ----------       --------

      Gross profit                                       1,249          1,210
                                                     ----------       --------

Operating expenses
  General and administrative                             2,668          1,401
  Selling and marketing                                  2,303          1,324
  Research and development                               3,773          2,177
  Amortization of goodwill                               1,229            ---
                                                     ----------       --------
      Total operating expenses                           9,973           4,902
                                                     ----------       --------

Operating loss                                          (8,724)         (3,692)

Realized gain on sales of investments, net               1,130          42,604
Unrealized loss on Sybase warrants                        (923)            ---
Other income (expense), net                                315             152
                                                     ----------       --------

Income (loss) before income taxes                       (8,202)         39,064
Provision for income taxes                                 ---             790
                                                     ----------       --------
Income (loss) from continuing operations                (8,202)         38,274
Income from discontinued operations of
  Caller ID leasing                                        ---             417
                                                     ----------       --------

Net income (loss)                                    $  (8,202)       $ 38,691
                                                     ==========       ========

Basic earnings per common share
  Income (loss) from continuing operations           $   (0.18)       $   1.00
  Income from discontinued operations                     0.00            0.01
                                                     ----------       --------
  Net income (loss)                                  $   (0.18)       $   1.01
                                                     ==========       ========

Diluted earnings per common share
   Income (loss) from continuing operations          $   (0.18)       $   0.93
   Income from discontinued operations                    0.00            0.01
                                                     ----------       --------
   Net income (loss)                                 $   (0.18)       $   0.94
                                                     ==========       ========

Basic weighted-average common shares outstanding        44,580          38,147
Diluted weighted-average common shares outstanding      44,580          40,955


     See accompanying notes to condensed consolidated financial statements.

<PAGE>
                       INTELIDATA TECHNOLOGIES CORPORATION
       CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
                        THREE MONTHS ENDED MARCH 31, 2001
                            (in thousands; unaudited)

<TABLE>


                                                                                     Accumulated
                                                      Additional                       Other
                                        Common stock                      Deferred     Compre-     Accumu-    Compre-
                                  -------------------  Paid-in  Treasury   Compen-     hensive      lated     hensive
                                   Shares    Amount   Capital    Stock     sation    Income(Loss)  Deficit   Income (Loss)    Total
                                  ---------  -------- ---------- -------- ---------- ----------  ---------- -------------- ---------
<S>                               <C>        <C>      <C>        <C>      <C>        <C>         <C>        <C>            <C>

Balance at January 1, 2001           39,321  $    39  $ 261,552  $(2,123) $  (1,375)  $    494   $(225,017)                $ 33,570
Issuance of common stock:
   Acquisition of Home Account        6,900        7     31,950        -          -          -           -                   31,957
   Exercise of stock options             44        -        110        -          -          -           -                      110
Issuance of restricted stock             83        -        344        -       (344)         -           -                        -
Cancellation of restricted stock        (19)       -       (140)       -        140          -           -                        -
Home Account Incentive Plan               -        -        629        -       (629)         -           -                        -
Purchase of treasury stock                -        -          -      (40)         -          -           -                      (40)
Compensation expense                      -        -          -        -        365          -           -                      365
Realized gain on sales of
  investments                             -        -          -        -          -       (180)          -                     (180)
Unrealized loss on investments,
   net of taxes                           -        -          -        -          -       (553)          -    $  (553)         (553)
Net loss                                  -        -          -        -          -          -      (8,202)    (8,202)       (8,202)
Comprehensive loss                                                                                            --------
                                  ---------- -------- ---------- -------- ---------- ---------- -----------   $(8,755)     ---------
                                                                                                              ========
Balance at March 31, 2001            46,329   $   46  $ 294,445  $(2,163) $  (1,843) $    (239) $ (233,219)                $ 57,027
                                  ========== ======== ========== ======== ========== ========== ===========                =========

</TABLE>

      See accompanying notes to condensed consolidated financial statements

<PAGE>

                       INTELIDATA TECHNOLOGIES CORPORATION
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                   THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                            (in thousands; unaudited)

<TABLE>

                                                                               2001                    2000
                                                                             --------                --------
<S>                                                                          <C>                     <C>

Cash flows from operating activities
Net (loss) income                                                            $  (8,202)              $ 38,691
Adjustments to reconcile net income to net cash used in
    operating activities:
   Realized gain on sales of investments, net                                   (1,130)               (42,604)
   Unrealized loss on Sybase warrants                                              923                     --
   Amortization of goodwill                                                      1,229                     --
   Depreciation and amortization                                                   341                     59
   Deferred compensation expense                                                   365                     76
   Deferred income taxes                                                            --                    790
    Changes in certain assets and liabilities:
       Accounts receivable                                                      (2,021)                  (453)
       Other receivables                                                        (1,161)                    --
       Prepaid expenses and other current assets                                  (212)                  (279)
       Accounts payable                                                         (1,185)                  (184)
       Accrued expenses                                                         (2,521)                   183
       Deferred revenues                                                         1,427                   (616)
                                                                             ----------              ---------
                 Net cash used in operating activities                         (12,147)                (4,337)
                                                                             ----------              ---------
Cash (used in) provided by operating activities of
  discontinued operations                                                          (41)                   880
                                                                             ----------              ---------
Cash flows from investing activities
       Proceeds from the sales of investments                                    4,883                  5,427
       Release of cash escrow                                                      311                     --
       Purchases of property and equipment                                        (224)                  (406)
       Payment of acquisition costs                                             (1,749)                    --
       Cash paid for Home Account common stock                                    (253)                    --
                                                                             ----------              ---------
              Net cash provided by investing activities                          2,969                  5,021
                                                                             ----------              ---------
Cash flows from financing activities
       Proceeds from issuance of common stock                                      110                    635
       Purchase of treasury stock                                                  (40)                    --
                                                                             ----------              ---------
              Net cash provided by financing activities                             70                    635
                                                                             ----------              ---------
              (Decrease) increase in cash and cash equivalents                  (9,150)                 2,199

Cash and cash equivalents, beginning of period                                  27,255                  8,496
                                                                             ----------              ---------
Cash and cash equivalents, end of period                                     $  18,105               $ 10,695

</TABLE>

     See accompanying notes to condensed consolidated financial statements.
<PAGE>
                       INTELIDATA TECHNOLOGIES CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                   THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (Unaudited)


(1)  Basis of Presentation

          The condensed  consolidated  balance sheet of InteliData  Technologies
     Corporation  ("InteliData"  or the "Company") as of March 31, 2001, and the
     related  condensed  consolidated  statements  of  operations,   changes  in
     stockholders'  equity,  and cash flows for the three  month  periods  ended
     March 31, 2001 and 2000 presented in this Form 10-Q are  unaudited.  In the
     opinion of management, all adjustments necessary for a fair presentation of
     such financial statements have been included. Such adjustments consist only
     of normal recurring items.  Interim results are not necessarily  indicative
     of results for a full year.  Certain amounts in the prior periods have been
     reclassified to conform to the current period presentation.

          The  condensed   consolidated   financial  statements  and  notes  are
     presented as required by Form 10-Q, and do not contain certain  information
     included in the Company's  annual audited  financial  statements and notes.
     These financial  statements  should be read in conjunction  with the annual
     audited financial statements of the Company and the notes thereto, together
     with  management's  discussion  and  analysis of  financial  condition  and
     results of operations, contained in the Form 10-K for the fiscal year ended
     December 31, 2000.

(2)  Adoption of New Accounting Pronouncement

          Prior to January 1, 2001,  the Company  considered  its  investment in
     warrants  to  purchase  common  stock  of  Sybase,  Inc.  ("Sybase")  to be
     available-for-sale   under  the   provisions   of  Statement  of  Financial
     Accounting  Standards No. 115,  Accounting for Certain  Investments in Debt
     and Equity  Securities.  Effective  January 1, 2001,  the  Company  adopted
     Statement  of  Financial  Accounting  Standards  No.  133,  Accounting  for
     Derivative   Instruments  and  Hedging   Activities  ("SFAS  133"),   which
     establishes  accounting and reporting standards for derivative  instruments
     and for hedging  activities by requiring that all derivatives be recognized
     in the balance sheet and measured at fair value.

          SFAS 133 requires that all derivative financial  instruments,  such as
     forward currency exchange contracts,  interest rate swaps and the Company's
     warrants  to  purchase   Sybase  stock,  be  recognized  in  the  financial
     statements  and measured at fair value  regardless of the purpose or intent
     for  holding  them.  Changes  in the  fair  value of  derivative  financial
     instruments are either  recognized  periodically in income or shareholders'
     equity (as a component of comprehensive  income),  depending on whether the
     derivative is being used to hedge changes in fair value or cash flows.  The
     Company's
<PAGE>
     adoption of this  pronouncement,  effective January 1, 2001, did not result
     in an adjustment for the cumulative effect of an accounting change, because
     the  carrying  value  reflected  fair value under the  previous  accounting
     guidance.  In accordance with SFAS 133, the Company  recorded an unrealized
     loss  investment of $923,000 for the three months ended March 31, 2001. Pro
     forma income for the three months ended March 31, 2000 was  $39,012,000 due
     to an unrealized  gain on investment  of $321,000.  Pro forma  earnings per
     share were $1.02 and $0.95 on a basic and diluted basis, respectively

(3)  Acquisition of Home Account

          On January 11, 2001, the Company acquired Home Account Holdings,  Inc.
     ("Home Account") and its operating subsidiary,  Home Account Network, Inc.,
     pursuant  to an  agreement  and  plan  of  merger  whereby  a  wholly-owned
     subsidiary  of the  Company  merged with and into Home  Account,  with Home
     Account surviving the merger as the Company's wholly-owned subsidiary. Home
     Account is an  application  services  and  software  provider to  financial
     institutions  for the delivery of financial  products and services over the
     Internet.  Home Account provides a suite of UNIX-based  Electronic  banking
     and Electronic Bill Presentment and Payment (EBPP) products and services in
     an Application Services Provider (ASP) environment.

          Pursuant to the merger  agreement,  the Company purchased Home Account
     for  approximately  $320,000 in cash and 6,900,000 shares of Company common
     stock and the merger is accounted for as a purchase. The purchase price was
     the result of an  arm's-length  negotiation  between  the  Company and Home
     Account, based on the Company's evaluation of the fair market value of Home
     Account's business,  including its revenues. The value of the shares issued
     as part of the purchase  consideration  of  approximately  $29,011,000  was
     measured  based on the  average  of the market  price of the issued  common
     stock a few days  before  and after  January  11,  2001 - the date that the
     merger  transaction  was agreed to and announced.  This amount coupled with
     the liability associated with the Home Account Incentive Plan of $2,946,000
     (see below) resulted in an increase in stockholders' equity of $31,957,000.
     The total estimated purchase price of approximately  $31,186,000  consisted
     of the following (in thousands):

         Consideration and acquisition costs:
              Value of shares issued                                  $  29,011
              Home Account expense reimbursement                            250
              Cash consideration                                            320
              Acquisition costs                                           1,605
                                                                      ---------
                                                                      $  31,186
                                                                      =========

          The assets acquired and liabilities assumed were recorded at estimated
     fair values as determined by the Company's  management based on information
     currently available and on current assumptions as to future operations. The
     Company will obtain  valuation  services for independent  appraisals of the
     fair values of the acquired property,  plant and equipment,  and identified
     intangible  assets,  and their remaining  useful lives. The
<PAGE>
     Company is also completing the review and  determination of the fair values
     of the other assets  acquired and  liabilities  assumed.  Accordingly,  the
     allocation  of the  purchase  price is  subject to  revision,  which is not
     expected to be material,  based on the final determination of appraised and
     other fair values. A summary of the assets acquired and liabilities assumed
     in the acquisition follows (in thousands):

         Preliminary allocation of purchase price
           Current assets                                            $    1,047
           Property, plant and equipment                                  1,743
           Liabilities assumed and other                                 (3,864)
           Liabilities associated with Home Account Incentive Plan       (2,946)
           Acquisition integration liabilities                           (3,453)
           Goodwill (7-year, straight-line amortization)                 38,659
                                                                    $    31,186

          As a result of the  acquisition of Home Account,  InteliData  incurred
     acquisition  expenses for costs to exit certain  activities at Home Account
     locations and to involuntarily terminate employees of the acquired company.
     Generally  accepted  accounting  principles  require that these acquisition
     integration  expenses,  which are not  associated  with the  generation  of
     future  revenues  and have no future  economic  benefit,  be  reflected  as
     assumed  liabilities  in the  allocation  of the purchase  price to the net
     assets acquired. The components of the acquisition  integration liabilities
     included in the purchase price allocation are approximately  $1,006,000 for
     lease costs for the Home Account  headquarters  in Emeryville,  California,
     and $2,447,000 related to workforce reduction.

          The workforce  reductions  focused on three key areas: 1) streamlining
     development  efforts, 2) eliminating of redundant  administrative  overhead
     and support  activities,  and 3)  restructuring  and  repositioning  of the
     sales/marketing  and research and  development  organizations  to eliminate
     redundancies in these  activities.  As of March 31, 2001, 72 positions have
     been terminated.


          Certain aspects of the integration  plan will be refined as additional
     studies are completed, including the evaluation of capacity of existing and
     acquired  facilities to accommodate new  manufacturing  and  administrative
     processes  and  the  appropriate  positioning  of the  sales/marketing  and
     research   development   organizations   to  best  serve  customer   needs.
     Adjustments to the estimated acquisition  integration  liabilities based on
     these  refinements,  if any,  will be  included  in the  allocation  of the
     purchase price.

          The following pro forma quarterly financial  information  presents the
     combined results of operations of InteliData  Technologies  Corporation and
     Home Account  Holdings,  Inc. and gives effect to the  acquisition  of Home
     Account as if it  occurred  on January  1,  2000.  The pro forma  condensed
     combined   financial   information   set  forth  below   reflects   certain
     adjustments,   including   among   others,   adjustments   to  reflect  the
     amortization of the goodwill associated with the acquisition.  However, pro
     forma results

<PAGE>
     do not  include  any  anticipated  cost  savings.  The pro forma  condensed
     combined  financial   information  set  forth  below  neither  purports  to
     represent  what  the  consolidated   results  of  operations  or  financial
     condition  of  InteliData  would  actually  have  been if the Home  Account
     acquisition  had in fact  occurred  on such date nor  projects  the  future
     consolidated results of operations or financial condition of InteliData.

                                                 Three Months      Three Months
                                                      Ended             Ended
                                                    March 31,         March 31,
        (in thousands, except per share data)         2001              2000
        -------------------------------------         ----              ----


              Revenue                             $    3,151        $     3,795
              Net (loss) income                      (11,662)            31,825
              Basic net (loss) income per share        (0.26)              0.71
              Diluted net (loss) income per share      (0.26)              0.67

          Pro forma  basic net  income  (loss) per share is  computed  using the
     weighted-average  number of shares of common  stock  outstanding  after the
     issuance of InteliData's  common stock to acquire the outstanding shares of
     Home  Account.  Pro forma  diluted  net income  (loss) per share also gives
     effect to any dilutive options.  Options and warrants are excluded from the
     computation during loss periods, as their effect is anti-dilutive.

(4)      Home Account Incentive Plan

          In 2000,  Home Account  approved the 2000  Incentive Plan to encourage
     the  retention  of certain  officers  of Home  Account  through a change of
     control transaction,  and after such a transaction to the extent, up to one
     year, as desired by the acquirer.  Upon  acquisition  of Home Account by an
     acquirer,  the  2000  Incentive  Plan  provided  for the  granting  to plan
     participants  of an  aggregate  of 15%  of the  net  amount  of the  merger
     consideration  allocable to Home  Account's  preferred  stockholders  after
     payment  of the  debt  preference  and  other  expenses  associated  with a
     transaction. Two-thirds of the 2000 Incentive Plan allocation would vest on
     the  transaction  closing date and represent a  pre-acquisition  expense to
     Home Account. In connection with the merger transaction, the Company agreed
     to  advance  the  participants  funds  to pay  for  their  tax  withholding
     obligations  associated with the two-thirds  portion. As of March 31, 2001,
     this  receivable  balance  was  $1,116,000  and is  included  in the "Other
     receivable"  balance.  The shares allocable to the participants are held in
     an  escrow  account.  Upon the  registration  of the  merger  consideration
     shares,  the Company will be paid the receivable  balance from the proceeds
     of the sale of stock.

          The remaining one-third of the participants  allocation would vest one
     year from the transaction  closing date and will be charged to expense over
     the  vesting  period.   All  forfeited   shares  revert  to  the  preferred
     stockholders  of Home Account.  In connection  with the 2000 Incentive Plan
     allocation,   the  deferred  compensation  for  the  one-third
<PAGE>

     portion is estimated  to be $629,000.  For the three months ended March 31,
     2001, the Company recorded compensation expense of approximately $136,000.

                                   * * * * * *

<PAGE>
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
-------  -------------------------------------------------
         CONDITION AND RESULTS OF OPERATIONS
         -----------------------------------

Three months ended March 31, 2001 and 2000

Revenues

     The Company's  first quarter  revenues were  $3,151,000 in 2001 compared to
$1,784,000  in 2000,  an  increase of  $1,367,000.  The  increase is  attributed
primarily to an increase in software and related professional services revenues,
including the addition of the Home Account  results,  offset by the cessation of
royalties  relating to the Visa  Bill-Pay  System.  During the first  quarter of
2001,  software  revenues  contributed  $169,000  and  consulting  and  services
contributed $2,982,000.

     During the first quarter of 2000, software revenues  contributed  $436,000,
consulting and services  contributed  $1,094,000 and other revenues  contributed
$254,000. Other revenues consisted of $254,000 from royalties.

Cost of Revenues

     The  Company's  first  quarter  cost of revenues  were  $1,902,000  in 2001
compared to  $574,000  in 2000,  an  increase  of  $1,328,000.  The  increase is
attributed  primarily to increased  revenues and changes in product mix.  During
the first quarter of 2001,  consulting and services costs totaled $1,897,000 and
software cost of revenues totaled $5,000.

     During the first  quarter of 2000,  consulting  and services  costs totaled
$574,000.

     Overall gross profit margins decreased to 40% for the first quarter of 2001
from 68% for the first quarter of 2000. The decrease in gross profit margins was
attributed  to changes  in product  mix and  distribution,  competitive  pricing
pressure and the introduction of new products as well as the decrease in royalty
revenues.

General and Administrative

     General and  administrative  expenses were $2,668,000 for the first quarter
of 2001 as compared to $1,401,000 for the first quarter of 2000. The increase of
$1,267,000 was primarily the result of additional  corporate and  administrative
expenses associated with the purchase of Home Account.

Selling and Marketing

     Selling  and  marketing  expenses  increased  to  $2,303,000  for the first
quarter of 2001 from  $1,324,000  for the same period last year. The increase of
$979,000  is  attributed  primarily  to  increases  in the number of selling and
marketing  employees,  travel and professional  services,
<PAGE>

advertising  and trade shows and the  additional  expenses  associated  with the
sales and marketing  staff of Home Account.  The Company's  emphasis  throughout
2001 will continue to be on marketing  efforts in promoting the Company's  brand
and products.

Research and Development

     Research and development costs were $3,773,000 in the first quarter of 2001
as  compared  to  $2,177,000  in the first  quarter  of 2000.  The  increase  of
$1,596,000  was  largely   attributable  to  increases  in  employees,   outside
consulting services and the additional expenses associated with the research and
development  staff of Home Account.  The Company incurs research and development
expenses  primarily in writing and developing the Interpose  Transaction  Engine
for the Open Financial  Exchange  ("OFX")  standard and building the Interactive
Financial Exchange ("IFX")-based network electronic bill payment switch.

Realized Gains on Investments

     On January 20, 2000, Home Financial Network, Inc. (HFN), a company in which
InteliData held approximately a 25% ownership interest, merged with Sybase, Inc.
InteliData  accounted for its investment in HFN using the equity  method.  As of
the merger date, such investment's  carrying value was zero. In exchange for its
portion of ownership in HFN,  InteliData  received  approximately  $5,867,000 in
cash and  approximately  1,770,000 shares of Sybase stock. The Company also held
warrants to purchase HFN common  stock.  As part of the merger  agreement,  such
warrants  were  converted  into warrants to purchase  Sybase  common stock.  The
Company  received  640,000  "warrant  units" with an exercise price of $2.60 per
warrant unit.  Upon  exercise of each warrant  unit,  the Company is entitled to
receive  $1.153448 in cash and 0.34794 share of Sybase common stock.  InteliData
recognized a gain of  approximately  $1,259,000 on this  transaction  during the
first quarter of 2001.

     An escrow  account  was  established  to  provide  Sybase,  Inc.  indemnity
protection  against possible claims that might arise against HFN.  Approximately
133,000  shares of Sybase common stock owned by  InteliData  was held in escrow,
along with  approximately  $440,000 of cash.  These  amounts were payable to the
Company  on  January  20,  2001,  unless  subject  to claims  under  the  escrow
provision.  During  the first  quarter  of 2001,  InteliData  received  the full
balance of the  133,000  shares of Sybase  common  stock and  $311,000  of cash.
Sybase made claims against the Company's portion of the escrow totaling $129,000
and the  company  recorded  a loss on  escrow in the  first  quarter  of 2001 of
$129,000.

     Prior to January 1, 2001,  the Company  considered its investment in Sybase
common   stock  and   warrants   to   purchase   Sybase   common   stock  to  be
available-for-sale  under the  provisions  of Statement of Financial  Accounting
Standards  No.  115,  Accounting  for  Certain  Investments  in Debt and  Equity
Securities  ("SFAS  115").  Effective  January  1,  2001,  the  Company  adopted
Statement of Financial  Accounting  Standards No. 133, Accounting for Derivative
Instruments and Hedging  Activities ("SFAS 133"),  which establishes  accounting
and reporting standards for derivative instruments and for hedging activities by
requiring  that all  derivatives be recognized in the balance sheet and measured
at fair value.
<PAGE>
     In  accordance  with SFAS 115,  the balance  sheets  include  $239,000  and
$494,000  of  unrealized  gain  on  investments  (net  of  taxes),   within  the
stockholders'  equity as of March 31, 2001 and December 31, 2000,  respectively.
As of December 31, 2000, the unrealized gain on investments  balances  represent
the  increase in the fair market value of the Sybase  holdings  from the January
20, 2000 merger  transaction  date to the respective  balance sheet dates. As of
March 31, 2001,  the balances  represent the changes in the fair market value of
the Sybase  common stock.  In  accordance  with SFAS 133, the change in the fair
market value of the Sybase  warrants was recorded in the statement of operations
(see below).

     During the first quarter of 2001, the Company recorded a gain of $1,259,000
from sales of Sybase common stock.  No sales of Sybase common stock occurred for
the same period of 2000.

     SFAS  133  requires  that all  derivative  financial  instruments,  such as
forward  currency  exchange  contracts,  interest  rate swaps and the  Company's
warrants to purchase Sybase stock, be recognized in the financial statements and
measured at fair value  regardless  of the  purpose or intent for holding  them.
Changes  in the fair  value  of  derivative  financial  instruments  are  either
recognized  periodically  in income or  shareholders'  equity (as a component of
comprehensive  income),  depending  on whether the  derivative  is being used to
hedge  changes in fair  value or cash  flows.  The  Company's  adoption  of this
pronouncement,  effective  January 1, 2001,  did not result in an adjustment for
the  cumulative  effect of an  accounting  change,  because the  carrying  value
reflected fair value under the previous accounting guidance.  In accordance with
SFAS 133, the Company recorded an unrealized loss investment of $923,000 for the
three months ended March 31, 2001.

Other Income

     Other income, primarily interest income, was $315,000 for the first quarter
of 2001 compared to $152,000 for the same period in the prior year. The increase
of $163,000 was due to the increased cash and cash  equivalents  balance for the
first quarter of 2001 compared to the first quarter of 2000.

Discontinued Operations

     During  2000,  US West  notified  the Company  that US West would no longer
permit  InteliData to include the lease billing on the US West telephone  bills.
As such,  InteliData has discontinued billing its legacy customers for Caller ID
adjunct unit leases in the US West telephone service territory, because the cost
of individually  billing and pursuing collections for the leases would have made
it impractical and  uneconomical  for the Company to continue the lease program.
Accordingly,  the  results  of  operations  from  leasing  activities  have been
reported  as  discontinued  operations.  During the first  quarter of 2000,  the
Company  earned  income from  discontinued  operations  of the Caller ID leasing
business of $417,000, net of income taxes.

Weighted-Average Common Shares Outstanding and Basic and Diluted Income (Loss)
Per Common Share

     The basic  weighted-average  shares  increased to 44,580,000  for the first
quarter of 2001  compared  to  38,147,000  for the first  quarter  of 2000.  The
increase  resulted  primarily  from the exercise of stock  options and warrants,
stock  purchases under the Employee Stock Purchase Plan, the granting of certain
stock  awards  during  2000,  and  the  issuance  of  6,900,000  shares  for the
acquisition of Home Account.

     As a result of the foregoing,  basic earnings (loss) per common share (EPS)
was  ($0.18)  compared  to  $1.01  for the  first  quarters  of 2001  and  2000,
respectively.

     The earnings  (loss) per common share assuming  dilution  (diluted EPS) was
($0.18) for the first quarter of 2001 compared to $0.94 for the first quarter of
2001. Because of losses in the first quarter of 2001, no potential common shares
were dilutive in that period.

Liquidity and Capital Resources

     During the first quarter of 2001, the Company's  cash and cash  equivalents
decreased by  $9,150,000.  Cash proceeds from the sale of the investment in HFN,
the sale of the building in discontinued operations,  and the exercises of stock
options and  warrants  were offset by the  financing of current  operations  and
working capital, as well as capital expenditures. At March 31, 2001, the Company
had cash and cash  equivalents of $18,105,000 and working capital of $14,494,000
with no long-term debt.

     During the first  quarter of 2001,  cash used in operating  activities  was
$12,147,000  compared to $4,337,000 in the same period in 2000.  Cash flows from
operating  activities during the first quarter of 2000 included uses of cash for
certain  fixed  operating  expenses  and  increases in accounts  receivable  and
prepaid expenses.

     Discontinued  operations  provided net cash of $41,000 in the first quarter
of 2001  compared to using  $880,000 in the first  quarter of 2000.  The Company
received net proceeds of $988,000  for the sale of the building  during  January
2000. Liabilities remaining in the discontinued operations include a reserve for
potential  environmental  clean-up at the New Milford location,  costs for legal
shut-down of the former operating  subsidiaries,  potential  warranty costs, and
further potential settlements with telecom customers and others.

     The Company's net cash provided by investing  activities  was $2,968,000 in
the first quarter of 2001 compared to $5,021,000 in the same period in 2000. The
decrease of $2,052,000 was primarily due to the cash paid for the acquisition of
Home Account and the related acquisition costs.

     Financing activities provided $70,000 in the first quarter of 2001 compared
to  $635,000  in the same  period  in 2000.  Financing  activities  in the first
quarter of 2001  consisted  of proceeds  from the sale of the
<PAGE>
Company's common stock through stock options exercises offset by the purchase of
treasury stock.  The activity in 2000 consisted of proceeds from the sale of the
Company's common stock through stock options exercises,  stock warrant exercises
and the Employee Stock Purchase Plan.

Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private
Securities Litigation Reform Act of 1995

     The above information includes forward-looking  statements, the realization
of which may be impacted by the factors  discussed  below.  The  forward-looking
statements  are made  pursuant  to the safe  harbor  provisions  of the  Private
Securities  Litigation  Reform Act of 1995 (the  "Act").  This  report  contains
forward  looking  statements  that  are  subject  to  risks  and  uncertainties,
including,  but not  limited  to,  the  ability of the  Company to  successfully
assimilate  and retain the  employees of Home Account and integrate the products
of Home Account with those of the Company,  the risks of not  realizing the cost
savings  anticipated  by  eliminating  personnel and  facilities,  the Company's
ability to retain  customers and  subscribers as a result of the  acquisition of
Home Account, the risk of anticipated revenues following the acquisition of Home
Account not meeting the  Company's  expectations,  the ability of the Company to
complete  product  implementations  in required  time  frames and the  Company's
ability to increase its recurring  revenues and profits through its ASP business
model, the impact of competitive products,  pricing pressure, product demand and
market  acceptance  risks,  pace of  consumer  acceptance  of home  banking  and
reliance on the Company's bank clients to increase usage of Internet  banking by
their customers, mergers and acquisitions,  risk of integration of the Company's
technology by large  software  companies,  the ability of financial  institution
customers to implement  applications in the anticipated  time frames or with the
anticipated  features,  functionality  or  benefits,  reliance on key  strategic
alliances  and newly  emerging  technologies,  the  ability  of the  Company  to
leverage its Spectrum  relationship into new business  opportunities in the EBPP
market,  the on-going  viability  of the  mainframe  marketplace  and demand for
traditional mainframe products, the ability to attract and retain key employees,
the availability of cash for long-term growth, product obsolescence,  ability to
reduce product costs,  fluctuations  in operating  results,  ability to continue
funding operating  losses,  delays in development of highly complex products and
other risks detailed from time to time in InteliData filings with the Securities
and Exchange  Commission,  including the risk factors disclosed in the Company's
Form 10-K for the fiscal year ended  December 31, 2000.  These risks could cause
the Company's actual results for 2001 and beyond to differ materially from those
expressed  in  any  forward  looking  statements  made  by,  or  on  behalf  of,
InteliData.  The foregoing list of factors should not be construed as exhaustive
or as any admission  regarding the adequacy of  disclosures  made by the Company
prior to the date hereof or the  effectiveness  of said Act.  InteliData  is not
under any obligation (and expressly  disclaims an obligation to) update or alter
its  forward-looking  statements,  whether  as a result  of new  information  or
otherwise.



<PAGE>
ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
-------------------------------------------------------
         MARKET RISK
         -----------

     The Company currently has no long-term debt and is not currently engaged in
any transactions that involve foreign  currency.  The Company does not engage in
hedging activities.

     As of March 31, 2001, the fair value of the Company's  investment portfolio
is  approximately  $4,917,000,  which  consisted of  $2,057,000 of Sybase common
stock,  $2,618,000 of warrants to purchase Sybase common stock,  and $241,000 of
fixed income  securities.  Changes in the fair value of the Sybase  common stock
and fixed income  securities  will continue to be  recognized  as  shareholders'
equity (as a component of  comprehensive  income).  SFAS 133,  which the Company
adopted  effective  January 1, 2001,  requires that changes in the fair value of
the warrants to purchase  Sybase common stock to be recognized  periodically  in
income.  A 10% decline in the stock price would result in approximate  decreases
of $206,000 and $262,000 in the fair value of the  Company's  holdings of Sybase
common stock and warrants, respectively.


PART II: OTHER INFORMATION
--------------------------


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K
-----------------------------------------


(a)      Exhibits
         --------

         None.


(b)      Reports on Form 8-K
         -------------------

     The  Company  filed a Current  Report on Form 8-K with the  Securities  and
Exchange  Commission on January 26, 2001, as amended on March 26, 2001, relating
to InteliData's  acquisition of Home Account Holdings, Inc. ("Home Account") and
its operating subsidiary,  Home Account Network,  Inc., as well as the Company's
filing of the audited  consolidated  financial  statements  of Home  Account and
unaudited pro forma consolidated financial information of InteliData.


<PAGE>

                                                          SIGNATURE


     Pursuant to the  requirements of the Securities Act of 1934, the registrant
has duly  caused  this  report to be signed  on its  behalf by the  undersigned,
thereunto duly authorized.


                                 INTELIDATA TECHNOLOGIES CORPORATION



                                 By:   /s/ Alfred S. Dominick, Jr.
                                 ----------------------------------
                                       Alfred S. Dominick, Jr.
                                       President, Chief Executive Officer,
                                       and Director