Yahoo! has launched a free funds transfer service for consumers to switch money from one financial account to another.
Using a single ID and six-digit PIN, Yahoo! Finance consumers in the US are now able to transfer money among accounts at more than 23,000 banks, credit unions, and major brokerages. The service uses the national automated clearing house network and takes three days to complete a transfer.
To provide online funds transfers, Yahoo! has partnered with CashEdge, which will be responsible for handling the transactions. Both companies employ the Secure Sockets Layer (SSL) security standard. Users also need a regular ID and password plus a six digit Yahoo! Security Key or PIN.
The new service complements Yahoo! Finance's current account access program, which uses screen scraping software from Yodlee to display account information from multiple sources on one page with a single login.