HSBC partners with Yodlee to provide account aggregation for US customers

HSBC partners with Yodlee to provide account aggregation for US customers

HSBC Bank USA has teamed up with California-based Yodlee to launch EasyView, a specialised aggregation service that provides its Internet banking bill pay customers with one click access to all their online accounts, including those held at other financial institutions.

EasyView enables users to access and manage all their online personal accounts, including banking, investment and credit card, on a single page using just one password.

Customers can also use EasyView to access other information such as e-mail, travel and news information.

The service is powered by Yodlee's aggregation engine which gathers user-specific account details and information from direct data feeds and OFX/QIF downloads. All data is cleansed, augmented and normalised before being presented to the user.

John Camp, senior vice president, e-business, HSBC Bank USA, says: "This is an opportunity for HSBC to bring to market a service that offers tremendous convenience to our most Internet-savvy customers."

Anil Arora, president and CEO of Yodlee, says US banks are currently averaging a 17% online activity rate, so it is clear that consumers don't see enough value in viewing just one or two accounts to make online banking a consistent part of their lives.

"Banks need to provide their customers with more reasons to visit their site and they’re turning to aggregation to power that effort," says Arora.

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