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Manage Risk in Real Time with Account Verification

With more consumers using online banking services, accessing their money in digital ways, and transferring funds than ever before, the ability to manage account authentication and manage risk in real time is critical. New technologies have streamlined the process, connecting users' bank accounts and credit card accounts to their apps in seconds rather than days. This not only improves users' satisfaction with the app, but it reduces abandonment and fraud. In general, it makes the user experience faster, easier, and more seamless as the apps can connect to accounts and even find bank balances in real time. Unlike most bank account verification processes, which take days and require consumers to verify micro-deposits to their bank accounts, account verification from Envestnet | Yodlee® happens in real time.  Envestnet | Yodlee has led the way in developing our account verification for the financial industry, which provides a secure environment for account verification, reduces fraud, and improves customer onboarding rates. That's why more leading financial institutions and Fintech developers have been using Envestnet | Yodlee as their account verification provider. Onboarding and transferring of funds is simple, as consumers only need to enter their online banking credentials instead of their bank account and routing numbers. Instant access to financial data confirms the existence of an account and verifies the account balance in seconds. As a result, it’s faster, more intuitive, and less risky for consumers to open new accounts, transfer funds, and make online purchases. Our Application Programming Interface (API) uses our account aggregation platform, as well as a configurable set of verification rules, and even multi-factor authentication (MFA) as another fraud prevention tool in the developers' toolbox. This technology makes it possible for Fintech developers to help consumers manage their money by giving them quick and easy access to their financial institutions and service providers. This lets them use their apps quickly, without waiting several days for verification. To help you understand more about the Account Verification API, we hosted a webinar — Choosing the Right Account Verification Solution — which can be viewed here: Our speakers included Jose Colon, Senior Director of Solutions Consulting, Envestnet | Yodlee; Kevin Hollingsworth, Senior Director of Channels and Mid-Market Sales Strategy, Envestnet | Yodlee; and Justin Davis, CFE, Fraud Manager, Digital Federal Credit Union. Together, the three discussed how instant access to a wide variety of data is key to verifying funding sources and reducing the risk of fraud and non-payment.