SmartyPig, the leader in the social banking space, today announced the launch of its OFX Solution, enabling customers to add their SmartyPig accounts into their preferred money management sites.
Supported by Access Softek, an industry leader in OFX technology, the integration syncs SmartyPig accounts directly into online account aggregators, including: Buxfer, Microsoft Money, Mint.com, MoneyStrands, Thrive, Wesabe and Yodlee. Geezeo and Rudder are coming soon. An OFX solution is a unified specification for the electronic exchange of financial data between financial institutions, businesses and consumers via the web.
"At SmartyPig we recognize how important it is to securely manage your finances, set goals and help change the credit card mindset of 'buy now, pay later,' that has contributed to the current downturn," said Michael Ferrari, SmartyPig co-founder and COO. "Being able to see all your accounts in one place is a critical step in taking control of your finances. We selected an OFX solution because it's the most widely adopted open standard for exchanging financial information between consumers and financial services, and we aimed to grant this ability to the largest possible number of customers."
SmartyPig is a secure new service that leverages the age-old idea of saving up for purchases before buying, while adding Web 2.0 and social networking technology to reach tech-savvy banking customers. The ability to track SmartyPig goals in online money management sites was a top request from SmartyPig users, who keep an ongoing dialogue with the company through customer service site GetSatisfaction, Twitter, a large fan group on Facebook, and through its popular blog. SmartyPig employed these methods to announce the new integration to customers on Thursday, March 12.
"SmartyPig helps me in two essential ways. First, as a freelancer, I can automatically contribute to and keep track of my IRA since I no longer have a 401k. Second, as an adoptive mother, I can help my family save for the various expenses that arise throughout the process - all in a secure account I won't dip into," said Jessica Ward, SmartyPig and Mint.com user. "I love being able to see my savings progress toward SmartyPig goals in my Mint.com account - I'm travelling to Ethiopia soon to pick up my third child, and having a clear picture of my savings makes it easier to save for that goal. And seeing the assets alongside my shrinking mortgage debt makes me feel MUCH more positive about my current financial standings."
SmartyPig offers the only true banking application that is social, appealing to a younger, plugged-in customer base while making it easier and more fun than ever to save up for specific goals. In the U.S., the site offers a highly competitive 3.25% (APY)* interest rate, and provides customers with cash boosts up to 6% when a savings goal is reached from best-in-class retail partners like Royal Caribbean, Pottery Barn, Best Buy, Amazon and Home Depot.