Token and Envestnet | Yodlee Announce Strategic Open Banking Partnership
Joint proposition combining PSD2 compliant payments and data aggregation offered to EU banks
SAN FRANCISCO, Nov. 13, 2017 /PRNewswire/ -- Token, Inc., a turnkey open banking platform provider, and Envestnet | Yodlee (NYSE: ENV), a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services, today announced a strategic partnership to combine their expertise in PSD2-compliant payments and financial data aggregation.
Token's open banking operating system, TokenOS™, enables banks to generate revenue from PSD2 compliant payments and simplifies access to banks for third-party service providers, via a universal API. Token OS helps reduce the cost, enhance the security and remove friction from a wide variety of payment types, including bill pay, e-commerce, B2B payments and money transfers.
The Envestnet | Yodlee Financial Data Platform enables personalized financial apps by delivering data from more than 16,000 global sources. Using consumer permission-based access to financial accounts and transaction information supported by bank-level security, the Envestnet | Yodlee Platform and its Aggregation API deliver bank, credit card, investment, loans, rewards, and other financial account data needed for personal financial wellness, lending, and wealth advisory apps and services.
By launching a synergetic partnership that empowers both companies to leverage each other's strengths, Token and Envestnet | Yodlee can now serve EU banks with a powerful joint proposition. Combining the universality and security of TokenOS and the depth and breadth of Envestnet | Yodlee's Platform and API integration create the most compelling, secure and comprehensive open banking payment and information solution available to EU banks.
Steve Kirsch, CEO and Founder of Token, commented: "We are delighted to work with Envestnet | Yodlee to transform the future of banking. When it comes to PSD2, developers are not going to support hundreds of unique bank APIs; they will only write to one common API, maybe two. This means that banks that create their own proprietary API risk not being able to deliver the variety and freedom that customers expect in the digital age."
"Instead, banks should support a common open banking platform – one that is easy, secure, interoperable, low cost and developer friendly. Our partnership with Envestnet | Yodlee, the market-leading API aggregator, makes Token's proposition more attractive than ever for both banks and developers."
Jason O'Shaughnessy, Senior Vice President for EMEA and Australia at Envestnet | Yodlee, added: "Both Token and Envestnet | Yodlee believe that open data access is critical to enabling innovative tools that can help consumers improve their financial lives. Our shared dedication to improving the banking end-user experience means that Token and Envestnet | Yodlee are a natural partnership, and it's great to see Token leverage our financial data aggregation platform to deliver secure, customer-centric solutions to their clients."
Token is a technology company headquartered in San Francisco with offices in London. Token's open banking platform helps banks quickly and cost effectively meet the PSD2 compliance requirements before the deadline, and generate new revenue. Further, it raises security and reduces fraud and disintermediation. Unlike in-house developed solutions, Token supports the same API across all banks. Banks that use Token will have access to the most third-parties' applications. This in turn means greater revenue for those banks.
Token's team combines years of highly successful execution and innovation in the technology, banking and security sectors. Token's CEO and Founder, Steve Kirsch, has invented several groundbreaking Internet technologies and has had multiple billion dollar exits. Token's co-founder, Yobie Benjamin, was formerly the Global CTO at Citigroup, where he was responsible for the processing of quadrillions of dollars a year in payments.
Token has been recognised in the 2016 GTS Global Innovator Competition as the 'Most disruptive company across all categories, globally', and is the winner of PlugAndPlay's 2016 Fintech EXPO, which was contested by more than 1000 applicants from around the world.
For further information, please consult: www.token.io or follow us on Twitter: @token_io
Envestnet, Inc. (NYSE: ENV) is a leading provider of intelligent systems for wealth management and financial wellness. Envestnet's unified technology enhances advisor productivity and strengthens the wealth management process. Envestnet empowers enterprises and advisors to more fully understand their clients and deliver better outcomes.
Envestnet enables financial advisors to better manage client outcomes and strengthen their practices. Institutional-quality research and advanced portfolio solutions are provided through Envestnet | PMC, our Portfolio Management Consultants group. Envestnet | Yodlee is a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services. Envestnet | Tamarac provides leading rebalancing, reporting, and practice management software for advisors. Envestnet | Retirement Solutions provides retirement advisors with an integrated platform that combines leading practice management technology, research and due diligence, data aggregation, compliance tools, fiduciary solutions and intelligent managed account solutions.
More than 59,000 advisors and 2,900 companies including: 16 of the 20 largest U.S. banks, 39 of the 50 largest wealth management and brokerage firms, over 500 of the largest Registered Investment Advisers, and hundreds of Internet services companies, leverage Envestnet technology and services. Envestnet solutions enhance knowledge of the client, accelerate client on-boarding, improve client digital experiences, and help drive better outcomes for enterprises, advisors, and their clients.
For more information on Envestnet, please visit www.envestnet.com and follow @ENVintel.
SOURCE Envestnet | Yodlee