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Article: Banks Have the Advantage In Coming 'Me-to-Me' Biz.(Financial institutions add electronic transfers capability for consumers)(Brief Article)
- Article from:
- American Banker
- Article date:
- March 28, 2002
- Author:
CopyrightCOPYRIGHT 2002 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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To be able to move money easily between accounts at different financial institutions has been an elusive goal for consumers. Their alternatives have been primarily sending checks, a slow process, and expensive wire transfers. ACH electronic transfers, though common for corporate accounts, are not readily available or widely promoted for consumer use.
Banks and their respective purchase-card associations have the dominant and best-known brands for fast, guaranteed money movement worldwide. Adding "Me-to-Me" funds-transfer capability to account aggregation could be a way to capitalize on this dominant position.
Aggregation, which first appeared just three ...