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Business Logic Launches AccountLink(TM) service for Hewitt Associates and mPower
Data Integration Service Streamlines Process For Investors Managing Finances Online
CHICAGO, August 21, 2000-Business Logic, a leading provider of e-finance solutions for financial institutions, today announced the successful launch of its AccountLinkTM service for Hewitt Associates, one of the largest providers of defined contribution services for large employers, and mPower, a leading online financial advice provider.
AccountLink allows for secured, seamless communication of comprehensive financial data via the Internet. AccountLink will help transmit 401k data between Hewitt and mPower, facilitating the delivery of customized online advice from mPower to Hewitt's employee benefits delivery clients. Hewitt provides defined contribution delivery services for more than 4.3 million employees.
"To remain competitive in the Internet world, Hewitt needed the ability to support third party, real-time access to its enterprise administration systems for data such as current investment balances. This provides a more meaningful and actionable experience for our participants," said Jim McGhee, director of application development for defined contribution services for Hewitt Associates. "The advantage to AccountLink is it allows us to use the latest and greatest in open standards, XML and security technology, instead of using proprietary connections and applications. Business Logic understands our business, the market and technology which is why we support AccountLink."
According to Rich Swanson, mPower's senior vice president of operations, "AccountLink allows us to effectively integrate data with our partners, streamlining the process for investors to managing their finances online. By facilitating data integration between Hewitt and mPower, AccountLink eliminates the need for individuals to re-enter personal and account data in order to get financial advice. It also automates the reallocation of funds and changes in contribution rates to implement advice recommendations."
According to Business Logic, AccountLink was developed in response to two essential challenges facing the financial services industry:
- enabling users to securely access data regardless of where it resides through a single sign-on process; and
- providing trusted business partners with a single method of standardizing access and messaging of data.
"Hewitt and mPower are among the first providers to maximize the potential of customer data and harness innovations such as AccountLink to provide a gateway for their customers to securely, quickly and easily plan their financial futures online," said Dirk Quayle, executive vice president at Business Logic. "AccountLink not only provides the means for enhancing participant experiences by allowing the integration of their 401k data where it's needed to provide value add services such as advice, but also presents the industry with a cost effective means for facilitating these communications."
AccountLink now enables Hewitt to automatically load an individual's data from back-office accounting sources into easy to use Web-based interfaces such as financial advice software, calculators or portfolio trackers. Initially, the data extended through AccountLink includes 401k plan information; but eventually it will be expanded to include defined benefit, brokerage and other types of investment information to offer users a spectrum of interactive services.
AccountLink facilitates controlled distribution of 401k and other financial data held in a variety of investment accounts. It leverages the industry-accepted protocol, Open Financial Exchange (OFX), and has expanded it with XML technology to efficiently and securely handle complex data requests and to facilitate transactional capability.
About Business Logic
Business Logic is an e-finance infrastructure company that enables financial institutions and e-finance portals to securely exchange data and transactions with customers and businesses over the Internet. Business Logic has extended commonly used industry standards to create flexible, powerful applications such as Net-Funds 401k, an online retirement planning and interactive transactional solution; Net-Trust, a trust and custody management application; Net Education & Planning, a set of financial analysis tools for analyzing life events; and AccountLink, a tool for standardizing account data for asset management. For an online demonstration and more information visit www.businesslogic.com.
About Hewitt Associates
Hewitt Associates LLC (www.hewitt.com) is a global management consulting and benefits delivery firm specializing in human resources solutions. The firm is the largest provider of multi-service outsourcing solutions, administering major benefit delivery programs to more than 12 million employees of its clients.
About mPower
mPower.com, Inc. (www.mpower.com) is the holding company of mPower Advisors, L.L.C., a registered investment advisor based in San Francisco. The company is dedicated to delivering independent and objective online investment education and advice to investors with 401k, 403(b) and 457 plans and individual retirement accounts. Under the mPower umbrella is the 401Kafé (http://www.401kafe.com), the first independent online community and content site dedicated exclusively to 401k participants nationwide, and IRA Junction (http://www.irajunction.com), the information station for investors with individual retirement accounts.
