What is involved for a FI to move from Web Connect to Express Web Connect?

Ray Hallman

One of my FI's changed their core digital banking system. Express Web connect still connects and downloads current balance but will not download any transactions. Posed question to new processor, reply was that only logging into the digital banking system and performing downloads will work, so it appears that the new system does not support Express Web connect, only Web connect. As express web connect is much more convenient I'm trying to get my FI to push the new processor to enable Express Web connect but so far I'm unable to even get them to say what is involved in making the change. Can someone tell me if Quicken/Intuit fees are higher for implementing Express Web Connect? Are there other considerations as to why any FI would choose to not offer Express Web Connect?
Thanks for any assistance.

Chris_QPW

From what we have been told Intuit doesn't charge for Express Web Connect.
On the other hand the financial institution has to sign an agreement with Intuit and in that agreement is "how the data will be transferred".  Which might imply the financial institution providing some kind of "interface" for the allowing Intuit to get that data.  That might involve them creating such a system, and it would certainly involve maintaining such a system.  So even if Intuit isn't charging for such a system, it does come at no cost to the financial institution.

What's more for some of the financial institutions what they do is have a third party provide things like their website and services like connections to aggregators like Intuit.  In this way Intuit actually deals with the thirds party and then doesn't have to have a different system for every financial institution.  But then the third party service might turn around and charge the financial institution for that service.

Note that Quicken Inc pays Intuit for the aggregator service (Express Web Connect).

In general it is the users that have to lobby the financial institution for the service.
Keep in mind that in truth for most financial institutions Quicken users are a drop in the bucket, and as such may not want to spread that cost over their customer base that have no need for it.

And Quicken users are know to never want to pay for such services.

Chris_QPW

From what we have been told Intuit doesn't charge for Express Web Connect.
On the other hand the financial institution has to sign an agreement with Intuit and in that agreement is "how the data will be transferred".  Which might imply the financial institution providing some kind of "interface" for the allowing Intuit to get that data.  That might involve them creating such a system, and it would certainly involve maintaining such a system.  So even if Intuit isn't charging for such a system, it does come at no cost to the financial institution.

What's more for some of the financial institutions what they do is have a third party provide things like their website and services like connections to aggregators like Intuit.  In this way Intuit actually deals with the thirds party and then doesn't have to have a different system for every financial institution.  But then the third party service might turn around and charge the financial institution for that service.

Note that Quicken Inc pays Intuit for the aggregator service (Express Web Connect).

In general it is the users that have to lobby the financial institution for the service.
Keep in mind that in truth for most financial institutions Quicken users are a drop in the bucket, and as such may not want to spread that cost over their customer base that have no need for it.

And Quicken users are know to never want to pay for such services.

Ray Hallman

Great info Chris, thanks for that. This FI is a relatively small CU with shortly over 200 million in assets. They use 3rd party CORE that supplies the digital banking. I was CIO at this CU before retirement in 2012. The 3rd Party core has what I estimate to be about 500 clients. I do know the CU signed an agreement to provide the service but I don't know for sure that is specified Web Connect or Express Web Connect.... I do know that the CU doesn't know the difference.. other than what I've been telling them. I think this is likely going to come down to the CU lobbying their vendor. It's their vendor who is telling them that users must log in to do the download (I won't go into how cumbersome and fraught with potential for error it is in their implementation). I hope to gain some traction here, but it will be difficult. As of yet, I seem to be the only complaint they have. I have 6 different FI's set up as well as investments and every one of them, other than this one, work with Express Web Connect. And this one did work with Express Web Connect before their conversion. Anyway, that leads me to believe that the majority of FI's support Express Web Connect and hopefully making that point will help me to at least get a commitment that it will be seriously considered on a roadmap.
Thanks again for your reply and your time.