How to Be Ready for Open Banking Anytime, Anyplace

Open banking is becoming essential banking for digital financial service providers and it’s evolving into a full open finance system with each passing month around the globe. Even in markets absent of open banking regulation – such as the United States – financial institutions and fintech firms both realize they need to be “open-banking ready”. As one of the original fintech pioneers in the U.S. and leading independent data aggregators, Envestnet | Yodlee is uniquely positioned to help you get ready, no matter the market, region or approach.

How Envestnet | Yodlee Can Help

As API-connectivity grows, Envestnet | Yodlee continues to provide trusted access to the very financial data everyone in this new ecosystem needs for their financial lives, products and future – including consumers and financial service firms. That’s because we offer:

1. Reliable data access

Our strong relationships with industry-leading financial institutions enable reliable connections and consistent access to high-quality financial data at very high refresh rates. Moreover, we ensure the aggregated data we provide is normalized and standardized by using AI and machine learning technologies so it’s ready to be utilized effectively. Plus, we abide by the rules for responsible data access and data minimization. Consumers can view and control how their data is being accessed and used, and financial institution can easily see to whom their customers are sharing their data. This data availability to key to building and keeping consumer trust.

2. International open finance coverage

Open finance is open banking’s logical next step and its taking root beyond Europe and the United Kingdom (UK) in markets like Australia, Mexico,Nigeria and more. Where open banking is about access to data around bank accounts and payment services, open finance is about access to all financial data including investments, mortgages, pensions and insurance policies.

But regardless of location or approach – be it government- or market-driven – Envestnet | Yodlee can support your open finance needs. We’ve been at the forefront of open finance efforts as they developed around the world. We were the first in market with a single API solution aligned with PSD2 and open banking specifications in the UK. In February this year, Envestnet | Yodlee became an Accredited Data Recipient under Australia’s Consumer Data Right (CDR), which means we can receive consumers’ data from accredited data holders via our CDR-compliant APIs, and our cloud-based CDR consent solution.

Here in the United States, Citibank, JP Morgan Chase, Charles Schwab, Wells Fargo Bank, and other financial providers have recently established bi-lateral data sharing agreements with us, compelling many other providers to open up conversations about their open banking plans.

3. A seamless experience

Our solutions and expertise ensure a smooth transition to open banking with a high degree of flexibility. As open banking begins to penetrate the marketplace, there will be a need to handle both traditional and OAuth authentication flows within the data aggregation experience. Envestnet | Yodlee provides your customers with an intuitive, trust-inspiring experience to link both their open banking and non-open banking enabled providers.

4. An independent platform

As an independent data aggregator, we support financial institutions and FinTech customers equally and let you choose how to construct and deliver your open banking APIs and authentication/consent experience. We aren’t classified as a data provider and don’t seek to be the consumer face and disintermediate.

Move Ahead with Envestnet | Yodlee

The 2020s will be the age of open banking. Envestnet | Yodlee can see to it you’re ready to participate. Our platform supports open banking, and our global agreements with major financial institutions enable direct, yet secure access through open APIs to consumer-permissioned data. And we back up our technology prowess with years of experience working to support open banking in numerous countries.