How does financial data enable innovation in a collaborative ecosystem? In the FinTech community, more than 500 FinTech companies and 550 financial institutions leverage the Envestnet® | Yodlee® Financial Data Platform to power their applications – including retail banking, small business banking, payments, lending, wealth management and more – which ultimately helps consumers improve their financial well-being. But what can we do when there's a crisis or large-scale emergency, and thousands or even millions of people need help? In the past, concerned Samaritans could donate money just by texting a code to a particular number and give $10 to a particular not-for-profit or NGO on the ground in the affected area.
But that only got the money to the organization, not to the actual people in need.
To address this challenge, Envestnet | Yodlee is proud to partner with Hyperwallet on their upcoming hackathon on March 14, 2017 in Austin, Texas. The goal is to create a faster, safer, and smarter payout solution that can help charitable organizations distribute funds to people impacted by a disaster. The Hyperwallet Hackathon will be held at the Visa Everywhere Lounge at the Brew & Brew. There are three cash prizes — $2,500, $1,500, and $1,000 — for the three most creative solutions that use a Hyperwallet API as part of their final submission. The judging panel will include experts from Hyperwallet, Visa, and HomeAway.
We’re excited to partner with Hyperwallet to provide developers with free access to the Envestnet | Yodlee Aggregation API and Envestnet | Yodlee Account Verification API during the hackathon. Furthermore, we are thrilled to support Hyperwallet's vision to enable innovations in the donation distribution space: "How can we use technology designed for commercial purposes and leverage it for social good?" Developers can leverage the Envestnet | Yodlee Aggregation API to enable user-permissioned and secure access to consumer financial accounts, including checking, savings, investments, loans, and rewards accounts from over 16,000 data sources.
The Envestnet | Yodlee Account Verification API offers a safe, secure, and quick way to connect accounts and balances and provide low-cost funding options — all while reducing risk. More information can be found at: https://developer.yodlee.com. Also, developers can use the Hyperwallet API suite to seamlessly enable global payout capabilities. Thanks to an integration with Visa Direct, Hyperwallet’s Transfer to Debit Card API makes transferring money to a personal bank account surprisingly easy.
For example, instead of knowing your bank routing number, you can enter your bank debit card number and get a direct deposit into your bank that way. NGOs and nonprofits can send money immediately to those impacted by hurricanes, floods, earthquakes, and fires, and help them manage their short-term needs. Hyperwallet wants to see how developers can use their APIs in that way, such as adding other methods for verification, and collecting and validating information. And they're especially interested in seeing how payout technologies can integrate with other third party and open source providers.
This hackathon is focused primarily on the Austin developer community, but we're hoping some developers that might be in town to attend the annual SXSW festivities (including our own Bay Area community!) might want to pop in and try their hand at developing a new solution. Click here to learn more about the Hyperwallet Hackathon on March 14th.