(February 13 – 13:45 ET) – Laurentian Bank of Canada and CashEdge Inc. have signed an agreement that will allow the bank and its subsidiaries, including B2B Trust, to offer online account aggregation, funds transfer and wireless access services across Canada.

Electronic account aggregation will be available to customers of Laurentian Bank and its subsidiaries, including B2B Trust, as well as non-client consumers. The new services will be implemented in three phases, this year, from the banks’ BLCDirect Internet site and the transactional portal of B2B Trust used by partners. Account aggregation will be made available first, followed by funds transfer and wireless access.

“Clients using Internet banking and financial services will have the latest technology at their fingertips,” said Henri-Paul Rousseau, president and CEO of Laurentian Bank.

“Laurentian Bank and its subsidiaries will be among the first Canadian financial institutions to provide these services to consumers,” said Sanjeev Dheer, CEO of CashEdge. CashEdge has offices in New York and Milpitas, Calif.

Account aggregation allows consumers to consolidate on one Web screen information from any or all of their online enabled accounts from a number of financial institutions: chequing, savings, credit card, brokerage, mutual funds, reward programs or even e-mail. The services allows consumers to conveniently view their overall financial status.

CashEdge technology enables clients to select the accounts to aggregate, collect the information from these accounts and perform transactions on-line, such as transferring funds from a financial institution to a broker. To subscribe to these new services, the client chooses a user name and a password, then inputs the information necessary to enable aggregation and data collection.
-IE Staff