Envestnet Yodlee vs. Australian Competitors

Envestnet | Yodlee vs. Australian Competitors

For Australian Financial Institutions and FinTechs, the choice is rather clear: Envestnet® | Yodlee® offers the deepest financial data coverage while operating securely in Australia’s hybrid open banking market. As an Accredited Active Data Recipient and Intermediary under the Australian Consumer Data Right, we offer the most comprehensive and secure source for CDR and non-CDR data in this hybrid market.

So, how does Yodlee compare against its Australian competitors such as Basiq, Plaid, SaltEdge, Finicity, Ilion and others? Here’s a closer look.

  Frollo Adatree Basiq Illion TrueLayer Envestnet | Yodlee
Screen Scraping Yes / EIY Customer   Yes / Limited Coverage Yes   Yes
Accredited by CDR Yes Yes Yes Yes   Yes
Active CDR Authorization Yes Yes       Yes
Product Live in AU Market Yes Yes       Yes / Sept Launch
Global         EMEA Only Yes

Yodlee Open Banking vs. Australian Competitors

Australia’s Open Banking regime puts consumers in charge of their banking data and allows them to decide which accredited third parties obtain their information. This is known as the Consumer Data Right, or CDR.

To participate in Open Banking, a third party such as Yodlee must undergo a rigorous and strict accreditation process through the Australian Competition and Consumer Commission (ACCC).

When comparing Yodlee vs. Basiq, Yodlee vs. Plaid, Yodlee vs. Saltedge and other competitors such as Finicity and Illion, Yodlee is a proven leader in Open Banking readiness. Our solutions enable companies to operate in Australia’s ever-changing marketplace, due to the robust, secure and comprehensive nature of our products. At present, open banking is our preferred method of data connection, but until the Australian market can fully support such an environment, our data coverage offers access to both CDR and non-CDR data through secure, direct data access from a single platform and provider. Whichever solution you choose, the data is normalised, categorised and enriched to make it more meaningful and easier to consume.

As an active ADR and Intermediary, Yodlee offers access to data through a fully open banking compliant consent flow with Fastlink 4.0. We also provide local and global expertise via our Sydney-based team that delivers personalized solutions with comprehensive, enriched data and actionable insights. This is particularly crucial for companies looking to expand internationally.

Yodlee Support and Security

Tiered service offerings ensure that your organization gets the level of support it seeks when working with Envestnet | Yodlee. Our competitors offer a single level of support, but we offer support on a global scale, with local agents in each country we serve.

Our proactive monitoring solutions are provided by technical experts across the world to help you both onshore and offshore, 24/7. Yodlee’s specialized engineering data team works to optimize connections while our Technical Account Managers act as your single point of contact for all issues that may arise. We don’t just measure KPIs, we work to enhance service and recommend changes to operating procedures.

Yodlee’s Ease of Use

Configuration and implementation of an API has never been easier than it is with Yodlee. With our tools, you will quickly and securely link accounts. With FastLink 4.0, you’ll have full control over the end user experience including branding. This serves to increase consumer confidence in money movement by providing transparent linking, verification and account connection refreshing. We provide financial data insights from more than 15,000 sources, meaning you’ll be ready for Open Banking in a secure environment.

Yodlee Data Aggregation

With Yodlee, you’ll enjoy direct access to comprehensive data to build, launch and scale. We offer the best site coverage in Australia via secure feeds and financial data from more than 500 local sites. Other FinTechs may offer an Open Banking API, but Yodlee’s products deliver quality, intelligent insights to keep pace with the ever-growing demands of digital banking from a single platform and provider.

Other features:

  • Connect and refresh data reliably through direct APIs, which offer proactive monitoring,
  • Relevant and personalized digital financial experiences with categorised data using Artificial Intelligence and Machine Learning technology,
  • The ability to scale with leading aggregation and verification products/solutions across lending, insights, payments and financial wellness.

Other Yodlee Differentiators

As trusted leaders in the Australian Open Banking Journey, we are the aggregation partner of choice for your open banking needs. We have experience in securely aggregating financial data and advocating for open banking, and our ADR/CDR certification shows our ongoing commitment to open banking in Australia. Yodlee is a proud member of Fintech Australia, the Financial Data Exchange and the Financial Data and Technology Association.