Wednesday, October 15, 2008

MoneyAisle Offers Real Time CD Rate Auction: Finovate 2008

MoneyAisle was one of the most compelling presenters at the 2008 Finovate conference held in New York City yesterday. The company's offers consumers the ability to shop for the best CD rates via a reverse auction for the CD terms requested, conducted in real time. Banks, especially local and small banks, get to compete for a national audience of consumers looking to make time deposits, and pay only a fixed success fee to MoneyAisle. Consumers get exposure to many more banks than they would if they were to shop and compare at, for example, but moreover, they don't have to shop and compare -- they simply get matched with the bank offering the highest rate and have 30 minutes to confirm the transaction with the bank directly.

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