Citibank delays account aggregation service - FT

Citibank delays account aggregation service - FT

Citibank has failed to meet its own deadline for the launch of a one-stop Internet service aimed at European consumers with multiple online accounts, according to a report in the FT.

The US group had originally stated its intention to launch its account aggregation servive for UK consumers in the summer. The FT reports that the bank now expects to go live with the service in mid-September.

Jonathan Mindell, sales and marketing director of Citibank's European operation, told the paper "there is no real mystery". He said that the bank is still testing the system.

Both Virgin and Egg have delayed the introduction of aggregation services in the UK after the Financial Services Authority warned consumers and banks about unresolved legal and regulatory issues relating to the security of online data consolidation from third party databases.

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