Australia's Macquarie Bank to offer account aggregation

Australia's Macquarie Bank to offer account aggregation

Australian investment house Macquarie Bank is to offer account aggregation software from its Enrichment wealth management portal site.

The Macquarie Bank aggregation solution uses Tekportal technology from US-based Techknowledge and was implemented by Sybase subsidiary Financial Fusion.

Enrichment aims to provide Australian and New Zealand portal and financial services Internet sites with access to a diverse range of wealth management tools, including online share trading, managed funds, pension plans, and mortgages.

Neil Jacobstein, president and CEO of Teknowledge says the incorporation of aggregation technology at the site is indicative of an emerging industry trend: "Financial institutions hosting account aggregation software in their data centres worldwide."

Rahn Wood, head of Macquarie Bank's Internet division says Enrichment will provide users with an aggregation solution tailored for, and hosted in, Australia. "Macquarie Bank is proud of its first-to-market status in Australia, well ahead of the planned launches of portals and major banks," he adds.

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