Verizon is working on an app to help manage your finances

Verizon is looking to not only provide you an easier way to pay your phone bill, but also any other bills you may have hanging over your head. Android Authority has received information from a source familiar with the matter that Big Red is working on a finance management app called Prism.

Prism first asks you to choose all of your billers. From there, you connect the billers to Prism, and the service takes it from there— it will sync your account balances and bills and present them in the app. The service reminds you when it’s time to pay your bills, and notifies you when it detects a new bill and pays close attention to your bank account activity.

I don’t blame you if you’re a bit creeped out by all of this. Not only does Prism share a name with a certain NSA program that ruffled more than a few feathers, but Verizon isn’t exactly known as the bastion of privacy.

Even so, Prism looks to give you a better idea of how much money you have to spend and where your money is going as far as bills are concerned. Thus, the convenience of it may outweigh the privacy concerns. Verizon stresses that Prism’s bill management system is securely encrypted, with any sensitive information sitting behind a firewall and not stored on your device, so take that as you will.

Interestingly, Prism is not a new service— it is already available as an app across several platforms. Given the visual similarities between Verizon’s service and the existing Prism app, we can speculate that Verizon might either be acquiring Mobilligy, Inc., the company behind the app, or taking over the app completely. We can also speculate that Verizon might push the app to its customers and perhaps even integrate it into MyVerizon.

Speculation aside, Verizon’s service is currently available in open beta through this website and makes clear that it will monitor app usage and collect data on your activity. According to Big Red, the trial team will follow up with you regarding feedback you might have on Prism.

What are your thoughts on Verizon launching a finance management app? Do you trust the company to keep its hands off your sensitive information? Let us know in the comments below.