Ernst & Young Pairing 1st Step for BankOxygen
Hunter, Matthew, American Banker
FinancialOxygen Inc., a provider of capital markets trading hubs, is about to start offering services of Ernst & Young LLP through its BankOxygen arm and says more expansion of the six-month-old Web site will follow.
The Ernst & Young offerings are to be added to the Walnut Creek, Calif., company's site this month. They include its Accounting & Auditing Toolkit, a free service that bundles regulatory information from several sources, and the fee-based Online Tax Advisor, which lets bank customers e-mail questions to Ernst & Young.
FinancialOxygen chief executive officer Robert Oxenburgh and Mike DeStefano, a partner in Ernst & Young's New York office, said the partnership takes both companies into new territory. Mr. Oxenburgh said BankOxygen has never offered anything other than money fund products, such as Fed funds, repos, money market securities, and commercial paper. And Ernst & Young has never attempted to offer accounting services this broadly online, Mr. DeStefano said.
Mr. DeStefano said he expects to charge an average of about $1,500 per query and a maximum of $3,500 on BankOxygen for Online Tax Advisor. Banks with especially complex problems will be encouraged to contact Ernst & Young offline, he said.
Mr. Oxenburgh said striking the Ernst & Young deal was a major step toward broadening BankOxygen's offerings for small and midsize banks. Along with cash management products, it wants to offer mutual funds, loans, wealth management advice, and more. …