Envestnet | Yodlee

Envestnet | Yodlee is a financial account aggregation company that emerged as a result of the acquisition of Yodlee by Envestnet, a Chicago based company $660 million, in 2015.

The company provides API solutions for firms operating in the Fintech field, including financial institutions, SMEs, Fintech startups and individuals, with the emphasis on transactional data. What Envestnet | Yodlee does it provides tools that enable the operation of Fintech apps that provide financial services to users. Yodlee has had a long presence on the market, being founded all the way back in 1999, and managed to secure a good deal of experience and connections during this time. At the moment, Envestnet | Yodlee has a sprawling network of subscribers globally, with over 1,000 companies using Envestnet | Yodlee’s services, including 15 of the largest banks in the U.S. and boasts over 21 million users using services powered with Envestnet | Yodlee’s software internationally. What this means is that Yodlee’s aggregation API enables the creation of personalized and wide-covering fintech apps, with access to a sprawling network of sources of financial data.

Data Enrichment

What helps Envestnet | Yodlee stand out is its data enrichment methodology. While gathering raw data from a vast network of financial institutions, they utilize machine learning to refine and enrich the data supplied. The end result is a well-structured, standardized and categorized data, which is a great asset to any fintech company that aims to gain insight on their user behavior and spending habits. Additionally, the data can be directly supplied to customers in an easily comprehensible format, with minimal adjustments necessary.

Enabling Faster Financial Transactions

With the wide-spread introduction of financial data aggregation along came companies that offer swift transactions between accounts, and customers have developed a taste and expectation for the speediness when it comes to access to their finances. What Envestnet | Yodlee API offers is access to such transaction speeds, by utilizing fast and safe processing of automated clearing house (ACH) payments and account verification.

Through direct access to customers’ financial accounts, Envestnet | Yodlee enables the verification of the current account balances before the transaction takes place. This ensures safety and security, allowing the provider to prevent transactional delays and nonsufficient fund charges (NSF), resulting in faster and more efficient financial transactions.

User Account Verification

The wide network of financial institutions also enables Envestnet | Yodlee to provide developers with the ability to verify the account access and status of their users. This ensures greater security when deposits are made to new accounts, with the process of account ownership verification made significantly easy and quick, ensuring transaction success with minimal delays.

Onboarding Made Easier

The Envestnet | Yodlee API takes the setup process for payments to the next level. The setup can be done with just customers’ banking credentials, without the need to use the account numbers or other extra information, greatly increasing the onboarding process.