CIBC is to use technology from CashEdge to provide an online financial account aggregation service to its customers. The bank has also acquired an equity stake in the vendor.
The new service will provide CIBC customers with one-stop access to their online banking, investment, credit card and loan accounts from major North American financial institutions. Customer information will be protected by CIBC's privacy policy and security measures, says the bank.
The aggregation service is to be rolled out to CIBC online banking customers next year following a pilot starting in January.
Corinne Charette, senior vice-president of CIBC's Internet channel, direct to consumer group, says: "We are responding to our customers' desire for greater control over their financial lives by making it easier for them to monitor their total portfolio, analyse it and execute transactions within an environment that they trust."
The bank has acquired an equity stake in CashEdge through CIBC New Ventures, a part of CIBC's e-commerce division that focuses on investment in and creation of new e-business and e-commerce platforms. Financial terms have not been disclosed.
CashEdge's technology combines information aggregation with transaction capability, allowing consumers to transfer funds between accounts at over 23,000 financial institutions throughout the US.
CashEdge was founded in November 1999 and has headquarters in New York and Milpitas, CA. The company's clients include Laurentian Bank of Canada, Royal Bank of Canada, TD Canada Trust, The Vanguard Group and Yahoo!Finance.