Wells Fargo and Envestnet | Yodlee Sign Data Exchange Agreement
September 24 2020 - 7:00AM
Business Wire
Agreement will provide customers with greater convenience,
control, and security when sharing financial data with fintech
apps.
Wells Fargo & Company (NYSE: WFC) announced today it has
entered into a data exchange agreement with Envestnet | Yodlee, a
leading financial data aggregation and analytics platform. Powered
by an application programming interface (API), Wells Fargo
customers will be able to more securely and seamlessly share their
financial data with the more than 1,400 third-party financial
applications on the Envestnet | Yodlee Financial Data Aggregation
Platform that help improve their overall financial wellness. The
agreement represents a significant step in Wells Fargo’s journey to
establish API-based data exchange agreements with third parties.
Wells Fargo now has confirmed plans to transition 99% of current
third-party financial app screen-scraping to API-based data
exchange.
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. Available in the Wells Fargo Mobile® Banking app and
online banking, Control Tower helps consumer and small business
customers better manage their increasingly complex online financial
lives by providing a single view of their Wells Fargo digital
financial footprint. Within Control Tower, customers will be able
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 (e.g., information for all or select Wells Fargo
accounts).
“We are thrilled to come to this agreement with Envestnet |
Yodlee and take this big step toward achieving complete API-based
financial data sharing for our consumer and small business
customers who want to manage their finances on the platform of
their choice,” said Ben Soccorsy, senior vice president in Wells
Fargo’s Strategy, Digital and Innovation group. “As we help
customers navigate these uncertain times, we want to enable them to
seamlessly connect with and use third-party apps that help them
manage their finances and do so in as secure a way as possible.
Wells Fargo’s agreement with Envestnet | Yodlee does just that. In
the future, our customers will be able to share their financial
information with Envestnet | Yodlee-supported apps with enhanced
ease, security, and control.”
Wells Fargo will begin launching the experience with select
Envestnet | Yodlee customers this year.
“Our agreement with Wells Fargo — in conjunction with our recent
data sharing agreements with other major U.S. financial
institutions — 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,” said Chad A. Wiechers,
senior vice president of Data Access & Management at Envestnet
| Yodlee. “API-based connectivity 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.”
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 and Wells Fargo is
board co-chair — 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.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.97 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investment and mortgage products and services, as well as consumer
and commercial finance, through 7,300 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 31 countries and territories to support customers who
conduct business in the global economy. With approximately 266,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 30 on
Fortune’s 2020 rankings of America’s largest corporations. News,
insights and perspectives from Wells Fargo are also available at
Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
About Envestnet
Envestnet, Inc. (NYSE: ENV) is transforming the way financial
advice and wellness are delivered. Our mission is to empower
advisors and financial service providers with innovative
technology, solutions, and intelligence to make financial wellness
a reality for everyone. Over 103,000 advisors across more than
4,900 companies including 15 of the 20 largest U.S. banks, 46 of
the 50 largest wealth management and brokerage firms, over 500 of
the largest RIAs, and hundreds of FinTech companies, leverage the
Envestnet platform to grow their businesses and client
relationships.
For more information on Envestnet | Yodlee, please visit
www.yodlee.com, subscribe to our blog, and follow us on Twitter
(@Yodlee) and LinkedIn.
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version on businesswire.com: https://www.businesswire.com/news/home/20200924005156/en/
Media Stephanie Schwab, 415-396-0611
Stephanie.Schwab@wellsfargo.com Ross Townsend, 650-980-3804
Ross.Townsend@yodlee.com
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