CIBC pilots online account aggregation

CIBC pilots online account aggregation

CIBC has launched a new online account aggregation service for investment account customers to consolidate and view their assets at different institutions in Canada, the US and UK, on one screen.

The Total View service uses aggregate technology from CashEdge to provide customers with secure, one-stop access to their banking, credit card, mortgage, loan and investment accounts on one screen through CIBC online banking, says the bank.

CIBC is the second major commercial bank in Canada to pilot CashEdge aggregation software, following the launch of a large-scale trial by RBC Royal Bank a little over two weeks ago.

The CIBC service will initially be piloted to selected Imperial Service clients, before commercial roll-out in the spring. Imperial Service is a dedicated investment advisory account for households with in excess of C$100,000 investment.

Corinne Charette, senior vice-president of CIBC's Internet channel, retail and small business banking, says: "We expect that those with accounts across multiple financial institutions will value saving the time and hassle of having to gather their financial information, either manually or by downloads into personal financial management software, each time they wish to review their portfolios."

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