Redwood City, CA - May 11, 2010 - Yodlee, Inc., a leading provider of personal financial management (PFM) and revenue-generating payments solutions, today announced that Amazon Payments, Inc., has implemented Yodlee's InstantAccountVerification technology into www.amazonpayments.com to simplify how customers add and verify bank accounts to their Amazon Payments accounts.
Amazon Payments provides consumers, merchants, and developers the simple way to pay and get paid online or through a mobile device. Amazon Payments enables consumers to send and receive payments for goods or services by using the payment methods already associated with their Amazon.com accounts. Customers enjoy the same trusted payment experience available on Amazon.com at Amazon Payments accepting merchants, including Amazon's proven fraud detection and risk management capabilities.
"Traditional verification methods don't take into account the customers' expectation of speed and immediacy when they transact online," said Baris Cetinok, director, Amazon Payments. "Yodlee Account Verification confirms the ownership of a consumer's bank account in real time, adding a required layer of validation without slowing down the process. This helps Amazon Payments deliver on our commitment to a great customer experience."
Yodlee's patented account verification technology verifies a person's account information, ownership, and balance in real-time. Over the past 10 years, Yodlee has verified more than 15 million consumer accounts, reducing both abandonment and potential fraud in those online transactions, which include new account openings, funds transfers, purchases, and person-to-person (P2P) transactions.
"Our account verification fits seamlessly into the transaction and payment process to quickly verify credentials without disrupting the user flow," said Peter Hazlehurst, Chief Product Officer at Yodlee.
Leading financial institutions trust Yodlee to power critical online financial applications. Yodlee's personal financial management, payments, and customer acquisition solutions unify all personal financial account information to deliver a simple, centralized and secure source for consumers to manage all of their financial tasks anytime, anywhere. Yodlee makes financial institutions' websites essential to their customers and generates new revenue opportunities. Yodlee's patented data, payments and risk management utility supports more than 11,000 account sources and over 100,000 different account types. More than 100 leading financial institutions and portals today offer Yodlee-powered solutions to millions of customers worldwide. Yodlee operates in the United States and Europe and is headquartered in Redwood City, California. For more information, visit www.yodlee.com.
Melanie Flanigan, Yodlee at (650) 980-3707, or email to mflanigan@yodlee.com
Yodlee is a registered trademark of Yodlee, Inc. All other products and services mentioned are the property of their respective companies.
