Wells Fargo has develop into the newest information sharing settlement win for Envestnet | Yodlee as the businesses introduced a pact Thursday they stated would enable Wells Fargo prospects to “more securely and seamlessly share” their monetary information with the greater than 1,400 third-party monetary purposes on the fintech agency’s Monetary Information Aggregation Platform.
The deal follows related information entry offers that Envestnet | Yodlee signed with monetary companies Charles Schwab in April, Citi and JPMorgan Chase.
“We will launch the experience with select Envestnet | Yodlee customers this year, and anticipate full integration in the next couple of years,” Wells Fargo stated Friday, including this marks its 17th information exchange settlement so far.
The info sharing capabilities are being powered by an utility programming interface and the settlement “represents a significant step in Wells Fargo’s journey to establish API-based data exchange agreements with third parties,” the companies stated. Wells Fargo plans to transition 99% of present third-party monetary app screen-scraping to an API-based information exchange, it stated.
“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 digital experience,” the companies stated.
Management Tower, out there within the Wells Fargo Cell Banking app and through on-line banking, helps shopper and small-business prospects “better manage their increasingly complex online financial lives by providing a single view of their Wells Fargo digital financial footprint,” the businesses stated. Inside Management Tower, prospects will be capable of activate and off information sharing with Envestnet | Yodlee-supported apps and in addition choose the data they need to share with these apps, they famous.
The pact “enables even more consumer choice, protection, and insight, ultimately giving consumers more control and an improved overall financial wellbeing — something that is vital during a particularly uncertain economic landscape,” based on Chad A. Wiechers, senior vice chairman of Information Entry & Administration at Envestnet | Yodlee.
Calling the deal “a positive for both companies,” Joel Bruckenstein, head of the Know-how Instruments for Right now (T3) hub, advised ThinkAdvisor Friday by telephone: “This essentially benefits everybody but the real winner, in my opinion, is the consumer.”
— Take a look at Envestnet, Yodlee Sued Over Shopper Information Assortment on ThinkAdvisor.