Online banking customers to get links to personal financial software

Customers of ASB Bank's FastNet online banking service will be able to download their financial statements and integrate them into personal financial management software before the end of the year. Over the next six months the bank will support the OFX [open financial exchange] standard for linking personal management software and online banking,and will evaluate other standards.

Customers of ASB Bank’s FastNet online banking service will be able to download their financial statements and integrate them into personal financial management software before the end of the year.

“Right now customers can view their statements but it’s pretty much a template and a static image,” says Jeremy Dean, ASB Bank chief manager for e-banking. “Over the next six months the bank will support the OFX [open financial exchange] standard for linking personal management software and online banking. We will also be evaluating any other standards.”

This means customers will be able to incorporate financial data and manipulate it with personal software packages Microsoft Money and Intuit Quicken. Both Microsoft and Intuit, the market leaders in personal finance packages, developed the OFX standard.

However, only the latest versions of the software, Microsoft Money 98 and Intuit Quicken Deluxe 98, support the standard and include Inter-net browsers. With the click of a browser button, customers can access their online banking services from within the software.

Microsoft Money 98 is available in New Zealand but Intuit Quicken Deluxe 98 won’t be here for at least a couple of months. The latest version available in New Zealand, version 6.0, does not support Internet banking.

Dean says there has been a huge amount of demand from customers for the service.

Meanwhile, BankDirect technology manager Derek Redman says the online bank is also interested in providing such a service but has no firm plans to do so.

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