Article Originally Posted on September 29, 2021
SAN MATEO, Calif., Sept. 29, 2021 /PRNewswire/ -- Envestnet | Yodlee -- a leading data aggregation and analytics platform powering dynamic, cloud-based innovation for digital financial services -- and Navy Federal Credit Union (NFCU) today announced a data access agreement. This partnership will provide the framework for the credit union's members to improve their overall financial wellness through more securely and effectively sharing their financial data with digital apps and experiences.
Under the agreement, Navy Federal members can more securely connect to and send their financial information to the more than 1,400 third-party applications on the Envestnet | Yodlee financial data aggregation platform. With their consent, these consumers will experience faster, more reliable access to these applications through a direct and secure connection to the credit union's Application Program Interface (API,) using a token-based approach.
Envestnet | Yodlee powered services help Navy Federal members better manage their spending, budgeting, savings, and investments to help improve their overall financial wellness. This agreement enables Navy Federal members to use these popular financial applications supported by Envestnet | Yodlee to make better financial decisions while benefitting from even stronger security, along with improved data connectivity and reliability.
"This agreement is a win-win for members affiliated with Navy Federal Credit Union, as their experience with financial wellness apps will improve through greater data connectivity and reliability," said Brad Nightengale, Senior Director, Data Strategy Group, Envestnet | Yodlee. "We're excited about our relationship with Navy Federal, because we are empowering their members to seamlessly make better financial decisions. The financial services industry is moving toward an increasingly API-connected environment, so these data access agreements are vital to ensure consumers have the most optimal digital banking capabilities."
"At Navy Federal, we take pride in understanding the unique needs of all our members and identifying solutions to support them and advance their financial goals," said Ryan Fairley, Vice President of Omni-Channel Strategy & Innovation. "Moreover, it is our utmost priority to keep members' data and finances safe and secure. This partnership with Envestnet | Yodlee will empower our members to make the decisions to achieve their financial goals all while ensuring their personal information is secure."
Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. ENV +0.03% + Free Alerts . Envestnet is transforming the way financial advice and wellness are delivered. Our mission is to empower advisors and financial service providers with innovative technology, solutions and intelligence to make financial wellness a reality for everyone. Nearly 108,000 advisors and more than 6,000 companies including: 17 of the 20 largest U.S. banks, 46 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs and hundreds of FinTech companies, leverage Envestnet technology and services that help drive better outcomes for enterprises, advisors and their clients.
About Navy Federal Credit Union
Established in 1933 with only seven members, Navy Federal now has the distinct honor of serving over 10 million members globally and is the world's largest credit union. As a member-owned and not-for-profit organization, Navy Federal always puts the financial needs of its members first. Membership is open to all branches of the armed forces and their families. Dedicated to its mission of service, Navy Federal employs a workforce if over 19,000 and has a global network of 347 branches. For more information about Navy Federal Credit Union, visit navyfederal.org. Federally insured by NCUA. Equal Opportunity Employer.
Navy Federal Credit Union and Envestnet are separate and unaffiliated firms. This release should not be construed as a recommendation or endorsement of any particular product, service, or firm.