Yahoo! Inc. Tuesday formed a relationship with the Bank of America designed to bring account information directly to users in California.
Under terms of the agreement, Yahoo! will provide Bank of America checking, savings, credit card information and transaction history on its Yahoo! Finance and My Yahoo! channels. The service is available initially only in California, but there are plans to expand to users in other regions, the companies said. To ensure security, the companies both employ Secure Socket Layer (SSL) technology.
The alliance was made to attract the growing number of users banking online, the firms said. A
recent report by Cyber Dialogue stated that 24.4 million Internet users in the United States are expected to bank online by 2002, up from a total of 6.9 million at the end of 1998.
“This agreement allows us to expose our award-winning online banking
services to an even broader audience,” said Michael DeVico, executive vice
president of business solutions with Bank of America’s Strategic Technology
and Integrated Payments Services group.
“Providing our registered members with anytime, anywhere access to their
personal banking information on Yahoo! is a tremendous benefit, as it gives
users the ultimate convenience and flexibility when it comes to managing their
finances online,” said Tim Brady, vice president of production and executive
producer at Yahoo!.