BANKING AT HOME
By Adnews Staff
The Royal Bank of Canada has bought into a U.S. software company to get a piece of the home computer banking market. The Royal has acquired one-fifth of MECA Software L.L.C. of Connecticut, the firm that developed the Managing Your Money software package used by individuals and small businesses. Two U.S. banks, First Bank System and Fleet Financial are each buying 20% stakes in MECA from owners Bank of America and NationsBank. The latter two companies bought MECA earlier this year from H&R Block for $35 million(US). A pilot program for the Royal Bank service will begin in the spring, with a national roll out next fall. The software will be Canadianized and translated into French. Royal isn't the first bank to offer home computer banking. Vancouver City Savings Credit Union launched the service in June. Canada Trust began testing home banking in Burlington, Ont. this fall, and is launching the service nationally in 1996. Toronto Dominion Bank has a PC service for businesses, and is planning to offer home banking.