SAN MATEO, Calif., Dec. 16, 2021 /PRNewswire/ -- As the growth of
open banking accelerates, Envestnet | Yodlee, a leading data
aggregation and analytics platform for financial services, has
dramatically grown its open banking activities across the globe to
allow consumers to better manage their finances and build wealth.
Envestnet | Yodlee global open banking account connections now
number in the millions, experiencing a 60%+ average monthly growth
rate over the most recent six months.
"Open access to financial data is continuing to transform the
way consumers and businesses interact with and access their
financial information, all with an eye toward helping them with
financial wellness," said Enrico Camerinelli, Strategic Advisor at
Aite-Novarica Group. "Envestnet | Yodlee is a strong example of the
collaboration taking place both within the financial services
industry and in the regulatory community to give consumers and
business practitioners the access and information they need to make
informed and lasting financial decisions."
Open banking provides more collaborative, safe, secure and
transparent access to consumer financial data through API
technology, governed by either commercial agreements or regulation,
allowing for consumers to fully access their financial information
from a variety of platforms to use with their third-party app of
choice to improve their financial health. Envestnet | Yodlee is
actively partnering with financial institutions on data access
agreements and with policy makers and regulators to expand usage of
the global open banking ecosystem, which reached nearly 25 million
global consumers in 2020, according to Statista.
"Building an intelligent financial life™ is contingent upon
having access to your financial data," said Bill Crager, Co-Founder and CEO of Envestnet.
"Envestnet | Yodlee is leading the way to bridge this data for
consumers to share their data safely and securely with their
Financial Institution and Fintech applications, or Financial
Advisors of choice."
"The seismic shifts taking place in the financial services
industry are being driven by financial data and consumer's rights
to their financial data," said Chad
Wiechers, Senior Vice President of Data Access and Strategy
at Envestnet | Yodlee. "Partnership between data aggregators like
Envestnet | Yodlee and either regulators or financial institutions
around the world are critical to accelerating financial data
access.
Highlights of Envestnet | Yodlee's open banking business
include:
- In North America,
Envestnet | Yodlee signed over 16 data access agreements, with
institutions such as Capital One, Wells Fargo Bank, and TD Bank,
reaching millions of potential consumers.
- In Australia, Envestnet
| Yodlee powers some of the region's leading FinTechs and financial
institutions including Finder and 86 400. Envestnet | Yodlee
received active status as an Accredited Data Recipient and
Intermediary under Australia's
Consumer Data Right (CDR).
- In the UK, Envestnet | Yodlee is an Account Information
Service Provider (AISP), authorized to retrieve payment account
data provided by banks and other financial institutions. Working
with a range of well-established FinTech companies as well,
Envestnet | Yodlee has also recently partnered with Blockchain.com
for account verification via open banking connections, reaching its
current 37 million verified users in more than 200 countries.
- In India, an Account
Aggregator (AA) system was introduced that aggregates all financial
data of users in a single place and offers credit services based on
that data. Envestnet | Yodlee has received in-principle nod for the
operation to further support customers in the country.
- Across the globe, Envestnet | Yodlee has worked with
many industry groups worldwide such as FDATA and FDX to support
open banking connections. Additionally, the company is in
discussions with the regulators and leading banks in South Africa on the future of open banking and
establishing its first connection in the country.
As the future of open banking continues to evolve, Envestnet |
Yodlee will continue to work with policy groups to drive regulation
beyond just traditional banking data to include investment data.
Leveraging these systems towards broader consumer data security can
ensure that all parts of the financial industry are held to a
secure standard. Additionally, establishing connections in other
countries will ensure more secure access worldwide.
About Envestnet
Envestnet refers to the family of
operating subsidiaries of the public holding company, Envestnet,
Inc. (NYSE: ENV). Envestnet is transforming the way financial
advice and wellness are delivered. Our mission is to empower
advisors and financial service providers with innovative
technology, solutions and intelligence to make financial wellness a
reality for everyone. Nearly 108,000 advisors and more than 6,000
companies including: 17 of the 20 largest U.S. banks, 46 of the 50
largest wealth management and brokerage firms, over 500 of the
largest RIAs and hundreds of FinTech companies, leverage Envestnet
technology and services that help drive better outcomes for
enterprises, advisors and their clients.
For more information on Envestnet | Yodlee, please
visit www.yodlee.com, subscribe to
our blog, and follow us on Twitter (@Yodlee)
and LinkedIn.
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SOURCE Envestnet | Yodlee