It’s official! As of February 19, 2021, Envestnet | Yodlee is an Accredited Data Recipient and Intermediary under Australia’s Consumer Data Right (CDR). With this certification in Australia’s data portability scheme, we can now receive consumers’ data from accredited data holders, which is currently the nation’s big four banks (ANZ Bank, the Commonwealth Bank of Australia, National Australia Bank and Westpac) and Regional Australia Bank.
The accreditation is part of the CDR’s Open Banking scheme which provides consumers access to their banking data, as well as the ability to safely transfer it to trusted parties to receive personalised advice, products and services.
This verifies the security and compliance of our newly built CDR-compliant APIs, and our cloud-based CDR consent solution, Fastlink. Equally important, it confirms our commitment to enabling innovation in Australian financial services.
What Sets Envestnet | Yodlee Apart?
Access to safe, secure and the broadest site coverage in Australia
Being accredited provides our customers with the best of both worlds: access to the broadest coverage of financial data through secure digital data aggregation technologies and Open Banking APIs. Our hybrid solution allows our customers access across user-permissioned financial data from over 400+ institutions locally, so they can continue to offer the best solutions in market.
20 years experience across the globe
We have been aggregating financial data across the world for over 20 years. We are trusted by the largest banks through to the newest FinTechs. We scale with your business and provide the support and experience needed for the world of open banking.
We partner with you to becoming an active CDR participant
Leverage our experience - we support our customers on the road to accreditation and guide them through onboarding. We help our customers throughout the accreditation process from educating them on the process to providing them with the tools necessary to becoming accredited and registered.
Fast, simple and highly customisable implementations
As a market leader in financial data aggregation across the globe, we have a full suite of self service online tools to onboard quickly, plus we have the experience of a large professional services team to help guide our customers into the CDR ecosystem.
Support and local experience
Our support starts with local knowledge. Our Sydney-based team takes the time to get to know our customers unique circumstances. When it comes to the Australian CDR, we know each situation is different, hence we invest time upfront to understand specific business needs. We then offer our customers the best in online support tools and 24/7 customer support. Rest assured we proactively monitor our data quality, connections, and customer requirements on an ongoing basis.
The future is bright
We offer a full suite of products to support our customers in their journey to provide financial wellness to their consumers. For example, we recently launched our Australia and New Zealand-specific responsible lending product, Envestnet | Yodlee Credit Accelerator. This technology will enable financial service providers to access quick and accurate consumer data in order to make informed lending decisions.
We value industry partnerships
Envestnet | Yodlee has been at the forefront of open banking efforts as they’re developed around the world. We are founding members of the Financial Data Exchange (FDX) and the Financial Data and Technology Association (Fdata), groups who are working to improve connectivity, transparency and security when sharing consumer financial information. We are also active members of Fintech Australia who we are proud to see lead the conversation on behalf of our Fintech community on issues, opportunities and exposure.
For more information on we can help you with Open Banking in Australia, please feel free to contact our Australia-based team.
