Bank One has launched MoneyManager, a new account aggregation software package based on Microsoft's Money Explorer product that enables consumers to consolidate financial information from more than 2000 financial companies.
Upon installation, the customised Microsoft software automatically connects to the Bank One customer's information. It can also be directed to access customer information from 2000 participating institutions. The system pulls together data from savings and chequeing accounts and mortgages to credit cards, mutual funds, retirement accounts and other investments - and updates the information automatically every time the customer goes online.
The software can also be used to maintain accounts, pay bills, and create budgets and financial forecasts.
Michael Welborn, head of retail banking at Bank One, says: "Instead of struggling through multiple Web sites or an overflowing file drawer, or simply just worrying about finances, consumers can use Bank One MoneyManager to get an unparalleled look at their finances. The resulting `family balance sheet' will allow them to work with their banker or the software to make good decisions about their finances and investments."
Bank One MoneyManager is the first consumer product developed as part of the long-term relationship announced in December by Bank One and Microsoft to jointly develop and promote services and products for the two companies' US customers.
The package requires a Pentium 166 or higher processor and 32 MB of RAM and has a one-time fee of $19.99.