Wells Fargo Sign Data Exchange Agreement With Envestnet Yodlee

With Wells Fargo`s new method, fintechs cannot use customers` passwords to access all of their financial data, but connect to the bank`s programming interface for applications, a set of programming code that only sends certain consumer-authorized account information. « We are very pleased to conclude this agreement with Envestnet. Yodlee and take this big step toward a comprehensive exchange of API financial data for our customers and small businesses who want to manage their finances on the platform of their choice, » said Ben Soccorsy, senior vice president of Strategy, Digital and Innovation at Wells Fargo. As we help customers navigate these uncertain times, we want to enable them to seamlessly connect to third-party applications that help them manage their finances and do so in the safest way possible. Wells Fargo`s agreement with Envestnet That`s exactly what Yodlee does. In the future, our customers will be able to provide their financial information using Envestnet Yodlee-compatible apps with ease, security and control. Is the exchange of data on open source technology something that is pleased that it has a huge opportunity for… « None of the agreements are exactly the same, but they all agree with the most important principles: from screen scraping to an API, from the customer`s obligation to entrust their online banking information to us, to an Oauth base, diverted flows, » Brian Costello, vice president of data strategy at Envestnet Yodlee, told American Banker. These bilateral agreements ensure that there is a minimum standard of customer protection, which is absolutely fantastic for the industry. Oauth authentication uses tokens rather than password data to prove the identity between consumers and service providers. The agreement offers customers more comfort, control and security when transferring financial data with fintech applications. Wells Fargo customers will be able to provide safer and more fluid financial data with third-party financial applications on the Envestnet Yodlee Financial Data Aggregation Platform. « This is an important step, we now have 99% of the current third-party application screensping under data sharing agreements, » said Ben Soccorsy, senior vice president of Wells Fargo`s strategic, digital and innovation group.

After a pilot phase, SIX launches the b.Link solution in collaboration with KLARA, Credit Suisse, Neue Aargauer Bank and UBS.

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