Last week, we jointly announced a data exchange agreement with Wells Fargo.
This agreement will enable Wells Fargo customers to more securely and seamlessly share their financial data with selected third-party financial applications on the Envestnet | Yodlee Financial Data Aggregation Platform, of which there are more than 1,400, in an effort to improve financial wellness for all types of consumers.
This data exchange agreement with Wells Fargo, in conjunction with our recent agreements with other major U.S. financial institutions, enables even more consumer choice, protection and insight. Ultimately, we’re working to create an ecosystem that gives consumers more control and an improved overall financial wellbeing – something that is vital during a particularly uncertain economic landscape.
How it Works
In the future, Wells Fargo customers using financial apps that leverage the Envestnet | Yodlee Platform will have greater control over and transparency into the financial information they share with these apps through Wells Fargo’s Control Tower SM digital experience. Wells Fargo’s customers will have the ability to turn on and off data sharing with Envestnet | Yodlee-supported apps as well as select the information they want to share with these apps.
The API used in the agreement will utilize a more secure, tokenized “handshake” between the companies’ servers through which customers’ financial data will be shared. Once integrated, the API will allow customers to selectively share their financial data, while also maintaining the privacy of their Wells Fargo user credentials. The enrollment process will be easy and designed to work seamlessly within the user experiences of Envestnet | Yodlee-supported apps.
Envestnet | Yodlee will access Wells Fargo’s data aggregation API on Wells Fargo’s Gateway Channel, the bank’s open API channel that allows commercial and corporate customers and third-parties to integrate customer-permissioned financial information into their own digital environments. The data exchange API is aligned with the Financial Data Exchange (FDX) standard. FDX – of which Wells Fargo and Envestnet | Yodlee are founding members – is a nonprofit dedicated to unifying the financial industry around a common, interoperable, royalty-free standard for more secure and convenient consumer and business access to their financial data.
Open Banking and the Future of Secure Data Sharing
API-based connectivity and open banking in the United States is leading to an increasingly connected financial ecosystem, spearheaded by the partnerships like the one we now have with Wells Fargo.
Wells Fargo will begin launching the experience by the end of 2020 with select Envestnet | Yodlee customers.
For more information on how Envestnet | Yodlee is uniquely ready for the open banking transition, please visit our open banking homepage.