Today, Envestnet | Yodlee is excited to launch Quickstart for Account Verification, a set of tools that will enable developers to bring their payments solutions to market quickly and efficiently. The Envestnet | Yodlee team is particularly enthusiastic about launching this project because we see it as an essential step for next generation instant account verification. However, there are two specific reasons we consider Quickstart a priority, now more than ever: the current uncertainty surrounding the economic landscape and the need to further empower developers who are creating leading-edge financial wellness solutions.
These challenging and uncertain times, and the current economic environment have created unforeseen burdens for all consumers. As individuals grasp for financial stability, they seek new avenues for extra support. It’s up to FinTech companies to deliver these innovative solutions with their customers’ financial well-being in mind. It’s through these difficult times that FinTechs can provide consumers essential tools for today, not some distant future.
Rising to the Challenge
Empowering consumer financial wellness starts with reducing fraud potential, enabling payments and creating easy on-boarding experiences. Quickstart aims to provide developers with each of those capabilities and more. Combining our account verification coverage with our industry-leading data accuracy and performance gives developers all the tools necessary to scale securely while developing products and solutions quickly.
Using feedback and applying best-practices, we’ve been working to deliver a great developer experience, with the entire customer journey in mind. And our tools will not be limited for application among FinTechs – financial institutions, insurance companies and utilities, among others can take advantage of Quickstart for their unique account verification needs.
It’s no secret that electronic payments are only growing in popularity. Whether it’s for ease of use or a specific applied need, consumers and businesses who are looking for electronic payment solutions are doing so with speed and safety top of mind. Preventing fraud is key, especially during difficult and chaotic economic times. Our solution helps consumers, FinTechs and enterprises combat fraud with fast and secure account authentication protocols that protect the processes before a transaction takes place, where attacks often occur.
Get Moving Fast and Learn From the Best
We’re committed to ensuring developers who utilize Envestnet | Yodlee tools are equipped with a set of account verification tools that allow them to move swiftly and learn as they go.
Video tutorials are made available to provide a step-by-step introduction to Envestnet | Yodlee’s suite of solutions. These tutorials provide developers with solid foundation of the tools at their fingertips (Yodlee Platform, Fastlink 3.0, Verification Products, Test Data)
Instructional guides provide detailed documentation, sample codes and test simulations to ensure developers can get basic understanding of the capabilities of our APIs before implementing them into their own unique solutions.
Streamlined onboarding allows for a time-saving registration process. Our updated procedure maintains leading security protocols while cutting down on questionnaires and paperwork. We’re making it easier for developers to focus less on bureaucracy and more on FinTech.
All-in-all, Quickstart empowers developers to go from sign-up to creation in under an hour.
Nacha and Bolstering Customer Safety
Nacha, the organization that oversees electronic payments in the United States, will take a massive step toward bolstering fraud protection next year. Starting in March 2021, businesses that debit funds from ACH payments will be required to include account validation to detect and protect against fraudulent activities and keep customers safe. This is an important step in the right direction, but will also require payment providers to take steps to ensure they abide by new rules.
Envestnet | Yodlee is proud to be a Nacha preferred partner. Our services, like Quickstart, help power solutions while ensuring the correct guidelines are in place. When implemented correctly, account validation takes only seconds to confirm an account number, routing number, balance and holder. Importantly, there is no major impact on user experiences.
For more on how Envestnet | Yodlee can help with account verification, the implementation of NACHA March 2021 rule and other payments issues, please visit our account verification webpage.