Boost for online banking

By Chris Barton

ASB Bank has teamed up with Microsoft to extend its Fastnet online banking service, allowing customers to download their bank statements directly to their personal financial management software.

The agreement means ASB Bank customers will be able to buy Microsoft's Money 99 software for $29.95 (about $40 less than the normal retail price) if they don't already have a personal finance manager such as Quicken.

The service saves time for Fastnet's 10,000 active users by bypassing the need to rekey information from bank statements into the software.

Monthly or daily transactions are automatically assigned to categories via the Internet, enabling users to track and graph expenses, payments and investments, as well as their current financial situation.

The service is similar to that offered by ASB subsidiary Bank Direct in December last year - except for an exclusive deal with Microsoft which provides a customised ASB Bank Web page integrated with Money 99.

The service uses the open financial exchange (OFX) standard, which means it can also be used by Microsoft's main competitor in the personal financial management software market, Quicken.

ASB Bank general manager technology and operations Garry Fissenden said the development was another step in giving customers more control of banking services.