CIBC has announced an agreement with CashEdge Inc., an international provider of account aggregation and funds transfer services, to provide a comprehensive online financial account aggregation service to the bank’s customers.

The new service will allow CIBC customers to consolidate, organize and actively manage their accounts at CIBC or any other online enabled financial institution. The aggregation service will be made available to CIBC online banking customers next year following a pilot starting in January. The service will provide the bank’s customers with one-stop access to their online banking, investment, credit card and loan accounts from major North American financial institutions.

CIBC 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. The investment will support CashEdge’s goal of further developing its personal finance
management platform.

“Offering account aggregation services is a significant step towards providing our customers with smarter, simpler ways to manage their finances,” said Corinne Charette, senior vice-president of CIBC’s Internet
Channel, Direct to Consumer group. “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, analyze it and execute transactions within an environment that they trust.”