Envestnet | Yodlee, Quovo and Morningstar ByAllAccounts Announce New Framework for Ensuring Secure Open Data Access

New standards framework for consumers, financial institutions, data aggregators, regulators and third parties aligns with the design of global open banking ecosystems in an effort to streamline and secure consumer access to their financial data

REDWOOD CITY, Calif., May 14, 2018 /PRNewswire/ -- Envestnet | Yodlee (NYSE: ENV), a leading data aggregation and data analytics platform for digital financial services, today announced a joint initiative with two major data platforms Quovo and Morningstar ByAllAccounts to enable secure, open data access for consumers in regard to their financial data. The three have united to develop the Secure Open Data Access (SODA) framework, a set of consumer-centric principles for data access and financial data security to promote transparency, traceability and accountability in the financial services ecosystem.


The joint principles identify the essential components of a successful data access regime in the United States. Supported by the Consumer Financial Data Rights (CFDR) Group, the principles identify standards that financial technology companies must uphold to enhance financial data security and create more transparency for consumers, financial institutions and policy makers into who accesses consumers' financial data and for what purpose. Since their emergence, financial technology firms have created tools that arm consumers with better insight into their finances. The SODA principles provide standards to maintain this open access to financial data in a secure manner and better position the United States to keep pace with "open banking" advances around the world.

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"Through our involvement in existing industry groups focused on data access standards, we have noticed that consumers are not always as top-of-mind as they should be," said Anil Arora, CEO of Envestnet | Yodlee. "The principles released today reiterate our belief that it is the consumer's right to both access their data and permit it to be referenced through trusted third-party tools and applications, and that this consumer-permissioned access should not be limited or restricted."

The SODA framework consists of four core components:

  1. Consumers must be able to access their financial account data for the purposes of using any legitimate application;
  2. Consumers must provide affirmative consent on the basis of clear and conspicuous disclosure regarding the use of their data;
  3. All entities who handle consumer account information must adhere to best practices for security standards and implement traceability / transparency; and
  4. The entity responsible for a consumer's financial loss must make the consumer whole. All stakeholders in the ecosystem have shared responsibility – this will start with traceability in the United States and move towards shared responsibility just like in Europe.

"Data sharing is a critical driver of innovation within financial services that is enabling consumers to make healthier financial decisions," said Lowell Putnam, CEO of Quovo. "As custodians of financial data, we all have a duty to ensure that consumers are empowered to access their data safely, securely, and with full transparency into how it is being used. Our joint framework provides direction for the industry on how to fulfill this responsibility."

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"Transparency and best-interest practices are the future of financial services, and the SODA framework will set the bar high for consumer rights," said David Johnson, Morningstar's head of ByAllAccounts. "At Morningstar, our mission is to provide the data, tools, and insights needed so investors can make informed decisions. Secure consumer access to financial data and shared responsibility will play a critical role in bringing investors closer to their financial goals."

To learn more about this joint initiative from Envestnet | Yodlee, Quovo and Morningstar ByAllAccounts, and to read the full list of principles, visit www.yodlee.com/soda.

About Envestnet

Envestnet, Inc. (NYSE: ENV) is the leading provider of intelligent systems for wealth management and financial wellness. Envestnet's unified technology enhances advisor productivity and strengthens the wealth management process. Envestnet empowers enterprises and advisors to more fully understand their clients and deliver better outcomes.

Envestnet enables financial advisors to better manage client outcomes and strengthen their practices. Institutional-quality research and advanced portfolio solutions are provided through Envestnet | PMC, our Portfolio Management Consultants group. Envestnet | Yodlee is a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services. Envestnet | Tamarac provides leading rebalancing, reporting, and practice management software for advisors.

Envestnet | Retirement Solutions provides an integrated platform that combines leading practice management technology, research, data aggregation and fiduciary managed account solutions.

More than 59,000 advisors and 2,900 companies including: 16 of the 20 largest U.S. banks, 39 of the 50 largest wealth management and brokerage firms, over 500 of the largest Registered Investment Advisers, and hundreds of Internet services companies, leverage Envestnet technology and services. Envestnet solutions enhance knowledge of the client, accelerate client on-boarding, improve client digital experiences, and help drive better outcomes for enterprises, advisors, and their clients.

For more information on Envestnet, please visit www.envestnet.com and follow @ENVintel.

About Quovo

Quovo is a data platform providing insights and connectivity for millions of financial accounts across thousands of institutions. With industry-leading Application Program Interfaces (APIs), modular applications, and enterprise solutions, Quovo helps deepen relationships by better connecting institutions and advisors to their clients' financial lives. Today, hundreds of institutions, thousands of advisors, and millions of end-users rely on Quovo's technology for account aggregation, bank authentication, and ongoing insights to build better financial futures. To find out how Quovo can help you, visit Quovo.com.

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for individual investors, financial advisors, asset managers, retirement plan providers and sponsors, and institutional investors in the private capital markets. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $201 billion in assets under advisement and management as of March 31, 2018. The company has operations in 27 countries.



SOURCE Envestnet | Yodlee