Demand from consumers in the UK for account aggregation services from banks and financial institutions is growing, and Unisys is leading the way with the announcement that it is teaming up with Corillian Corp (Nasdaq:CORI), a leading global provider of eFinance-enabling software, to deliver the UK financial services sector with its first account aggregation solution.
Account aggregation helps consumers to manage their personal finances more effectively. It allows users to log on to a personalized site on the Web, and review their own current account details alongside other financial data such as savings accounts and mortgages, as well as reward schemes (such as air miles), utility statements, bills, and e-mail. Because all the information is consolidated onto one single online site, this is much more convenient for the customer than repeatedly logging on to multiple sites and remembering various passwords. For the banks and financial institutions, it results in a far greater number of interactions with their customer base.
The service will be named “Unisys e-@ction Account Aggregation Solution,” and is known as a “permissive account aggregation” service. This means that there is co-operation between the financial institutions, including direct data feeds between sites — all based on agreed industry standard protocols.
“The initiative is designed to bring account aggregation services to the UK and European financial markets in a controlled and regulated manner,” explains Guy Warren, head of Unisys’ banking practice. “We believe that the market can move towards an environment where co-operative sharing of data between banks is viable. It took the banks in the U.S. some time to see the value of account aggregation and it’s only recently that banks and aggregators have started working together. We believe our joint venture with Corillian will see the UK leading the rest of the world in account aggregation services.”
Aggregation services are enjoying rapid uptake in North America, and Datamonitor’s June 2001 report predicts that the US and Western Europe aggregation customer base is set to grow at a compounded annual growth rate of 140 percent, reaching 60 million users by 2005.
Unisys has chosen to partner with Corillian, as it believes that no other vendor or aggregator has the expertise, infrastructure or application to provide such a service to UK financial institutions. Corillian is one of the fastest growing and most experienced Internet banking software vendors in the world, through its extensive work in developed markets such as the U.S., and current activities in Europe, Australia and South East Asia. The combination of Unisys service, powered by Corillian software, is a powerful one.
“The account aggregation market’s development has been hindered by security and accuracy fears,” said Martin Davis, managing director of Corillian International. “This permissive aggregation service negates those fears by providing direct links between financial institutions themselves.”
Jointly, Unisys and Corillian have developed a model that is the most suited to the UK and European markets, using Unisys’ experience in Application Service Provision (ASP) and outsourcing along with Corillian’s aggregation software. In addition, both parties are working in co-operation with a number of UK and European regulatory bodies to ensure that all necessary regulations are complied with, together with the current issues surrounding compliance, legality, liability and security.
The service will be provided out of Unisys’ Milton Keynes Data Center running on ES7000 servers, and will be used as a basis for continental Europe, before expanding to Asia and Australasia where Unisys is currently in discussion with a number of regulatory bodies, and financial institutions.
“This is a compelling and extremely attractive proposition for the UK financial service market, which further enhances our Wealth Management solution portfolio,” Mr. Warren said. “The Unisys and Corillian partnership is designed to provide a fast-start, fully managed solution for the financial service provider looking to provide account aggregation as a value-added service to its existing and targeted customer base. Both Unisys and Corillian believe that the account aggregation service will follow the same uptake pattern as that of the automated teller machines of several years back — once the early adopter financial institutions offered the service, it almost became mandatory for all of the other financial services to follow suit. Of course, account aggregation has the added twist that it is the early adopter who will be able to reap the most benefits by attracting the most customers to their Internet portal.”
Unisys is an e-business solutions company whose 37,000 employees help customers in 100 countries apply information technology to seize opportunities and overcome challenges of the Internet economy. Unisys people integrate and deliver the solutions, services, platforms and network infrastructure required by business and government to transform their organizations for success in this new era. The company offers a rich portfolio of Unisys e-@ction Solutions for e-business based on its expertise in vertical industry solutions, network services, outsourcing, systems integration and multi-vendor support, coupled with enterprise-class server and related technologies. The primary vertical markets Unisys serves worldwide include financial services, transportation, communications, publishing and commercial sectors, as well as the public sector, including federal government customers. Unisys is headquartered in Blue Bell, Pennsylvania, in the Greater Philadelphia area. For more information on the company, access the Unisys home page on the World Wide Web at www.unisys.com . Investor information can be found at www.unisys.com/investor .
About Unisys e-@ction Wealth Management
Unisys e-@ction Wealth Management is a consultancy-led initiative, providing the basis for services driven business solutions that will enable financial organizations to focus on their core competencies and take a leading role in this exploding market. Unisys offers fully integrated, end-to-end services and solutions that allow “mass affluent” market players to provide clients with a wealth management service wherever, however, and whenever it is needed.
About Corillian Corporation
Based in Oregon, and with international offices in Europe, Asia and Australia, Corillian Corporation is an award-winning provider of eFinance-enabling software for the financial services industry. Built on the Microsoft Windows 2000 platform, Corillian applications support Internet banking, bill delivery and payment, brokerage, customer relationship management, enhanced data aggregation, and small business transactions. Voyager can be deployed on-site at the financial firm or in the state-of-the-art Corillian Data Center. Corillian technology also enables Open Financial Exchange (OFX) access by finance management software packages such as Quicken(R), QuickBooks(R) and Microsoft(R) Money. For more information about Corillian Corporation, visit our Web site at www.corillian.com .Details