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Big six signing up with single-password portal

Six of the UK&#39s biggest financial players are to offer customers centralised access to their online services using one password and one platform in a deal with US specialist Yodlee.

The six are thought to include Fidelity&#39s FundsNetwork, Egg, HSBC, Virginmoney and Barclays.

The service, known as aggregation, will allow users to access everything from fund supermarket and bank statements to store loyalty accounts in one place.

The Yodlee service will allow client users to consolidate everything from bank and credit card statements to store loyalty accounts under one password on one online platform.

Although the service will be largely tailored for direct platforms, Fidelity says it is keen to include IFAs in any aggregation service it incorporates on its fund supermarket.

Yodlee says it is developing an IFA extension to its service, which would give advisers the facility to access any accounts and information that their clients authorised.

Aggregation sites already have over one million users in the US, where Yodlee&#39s clients include Charles Schwab, Morgan Stanley Dean Witter, AOL and Chase Manhattan.

However, a recent survey by BT Finance Industry Solutions showed that it is likely to be met with even greater success in the UK, with most saying they would be ready to start using an aggregation service now.

Fidelity marketing director Dave Cowdell says: “We announced as far back as November last year that we are looking at aggregation. We are very keen to be an innovator in this field and are looking to build the IFA into our business model. However, at this stage, we are not ready to announce our technology partner.”

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