US top six bank First Union has contracted with Yodlee for the delivery of account aggregation services to its retail customer base.
The aggregation software will offer customers one-click access to all their financial information, including online banking, billpay, brokerage, mortgages and other accounts from First Union and other financial institutions. First Union is also planning to utilise Yodlee's single sign-on technology, which enables customers to sign-in with their First Union password to gain access to all their online accounts.
David Carroll, executive vice president and chief e-commerce officer, First Union, says the new service will provide clients with a "set of online tools to manage their financial lives in a safe, secure and authenticated environment."
He says the service will adhere to the BITS industry standards for security and privacy expected later this year.
More than 90 million people are expected to use aggregation services by 2005, according to US Bancorp Piper Jaffray. Of announced deals, Yodlee claims over 75% market share within the North American financial services industry through implementations at Chase, Citigroup, ABN Amro, Morgan Stanley Dean Witter, and E*Trade.