[Toronto, CANADA] Royal Bank will offer one-stop personal account access to Canadian Internet banking customers using technology developed by CashEdge Inc. Royal Bank will be the first Canadian bank with a service that allows online customers to consolidate and organize personal financial information from other financial institutions, including deposit accounts, investments, personal loans, and residential mortgages.
Royal Bank has made a capital investment in CashEdge Inc. to acquire approximately ten percent of the total equity.
The CashEdge aggregation service, expected to be available in the fall of 2000, will provide customers with single online access to other online investments, bank information, and personal accounts. They’ll be able to access account overviews, historical transaction details and real time updates.
“Our online banking users have told us they want choice, convenience and personalization from a source they can trust. Through CashEdge, we will now be able to deliver this power directly to them,” said Shauneen Bruder, senior vice-president, North American Markets, Royal Bank. “The CashEdge account aggregation service is a significant step in the evolution of Royal Bank’s
Internet strategy.”
Sanjeev Dheer, chief executive officer of CashEdge said, “With Royal Bank as our first international distributor and first bank, we are laying the groundwork for expansion into additional international markets, greatly extending our reach around the world.”
Founded last year, CashEdge’s technology combines information aggregation with transaction capability. Consumers can transfer funds, using the secure ACH network, between any of their accounts from a central site.
CashEdge offers these services through financial institutions and other distribution partners. In addition to the Royal Bank of Canada, CashEdge is backed by financial investors efinanceworks LLC (an independent company focused on developing e-finance businesses founded by Capital Z Financial Services and General Atlantic Partners) and Marsh Capital.