Bank of Stockton has licensed an account aggregation and Internet banking platform developed by Corillian, an e-banking vendor, and CashEdge, a provider of account aggregation solutions.
Corillian will combine the CashEdge system with its Voyager Internet banking platform, enabling Bank of Stockton to "source" consumer financial information from over 6,000 banks via the OFX standard. The Corillian-CashEdge platform employs "consistent normalized formats," which are superior to conventional screen scraping for account aggregation, said Sanjeev Dheer, CEO of CashEdge.
The Corillian-CashEdge combination enables customers to view their financial status from different institutions, according to Douglas Eberhardt, president and CEO of $1.3 billion Bank of Stockton. "Better still, we can allow customers to customize their aggregated financial information."
By making e-banking more accessible, the Corillian-CashEdge solution enables Bank of Stockton to forge closer ties with customers, he added. "Our customers are turning to the convenience of Internet banking to simplify the management of their finances."
Corillian's Voyager aggregates accounts from many financial institutions and also creates a customizable check register that enables users to view their net worth and reconcile bill payments.