Envestnet | Yodlee and Financial Dots team up to boost open banking services in the UK

By Megha Bhattacharya

Originally published by IBS Intelligence

Financial Dots Limited has selected data analytics platform Envestnet | Yodlee to provide open banking and non-open banking data services for its customers with an initial client focus in the United Kingdom. The collaboration will enable Financial Dots’ customers to view all of their cross-border financial accounts and investments in one place. Financial Dots stated that it has launched the interface to focus on customers that are dealing with cross-border challenges, helping them navigate the complex environment of their own financial and personal circumstances.

Envestnet | Yodlee’s API will provide the company with its scale of consumer-permissioned financial data across multiple countries, enabling Financial Dots to provide their customers with a more holistic view of their finances.

Jason O’Shaughnessy, Head of International Business at Envestnet | Yodlee, said, “Financial Dots will be able to offer a seamless and secure service to its customer base through our API. Having instant access to all of your financial information in one place makes managing your personal accounts and investments that much easier, giving you more control of your personal finances overall – highlighting the importance of Open Finance.”

Envestnet | Yodlee offers services including financial data aggregation with an aim to enable innovation and insights for financial service providers. It has partnered with more than 1,400 financial institutions and FinTech innovators, which enables firms to build financial solutions with access to an application programming interface (API).

John Bartter, CEO & Founder of Financial Dots, said, “Working and living abroad is on the rise as multinational companies fight to maintain global competitiveness and people look to enhance life experiences. These highly sophisticated global citizens establish complicated profiles that require tailor-made services. We aim to bring simplicity, structure, and prosperity to their lives.”

Recently, Envestnet has announced the acquisition of FinTech innovator Harvest Savings & Wealth Technologies, provider of automated goals-based saving tools and wealth solutions to banks, credit unions, trust companies, and other financial institutions. The terms of the deal were not disclosed.