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Yodlee Tallies $1Bn in Fund Transfers
Online account-to-account (A2A) bank transfers are becoming a must-have product for U.S banks, according to banking technology company, Yodlee.
Redwood City, California-based Yodlee says its FundsTransfer service has been used to make 500,000 transfers, worth US$1 billion, between consumer online accounts held at different U.S. banks since FundsTransfer was first introduced in June 2006.
FundsTransfer uses instant user ID verification and account verification to achieve real-time fund transfers. Yodlee’s online checks of an applicant’s credentials and bank accounts take the place of bank visits and mailed paper-based credentials used traditionally for opening and funding new accounts.
Yodlee has also teamed up with another technology company, Andera, to offer combined online account-opening and account-funding. Based in Providence, Rhode Island, Andera provides online account-opening technology to banks and credit unions. By combining Yodlee and Andera’s technologies, customers of online banks will be able to open new accounts and fund them in the same Web session, says Yodlee.
Yodlee already has a separate account-opening product of its own that it will continue to use, the firm says.
“Between 10 and 20 percent of large U.S. financial institutions are either offering online account-opening and A2A fund transfers, or are planning to do so in the near future,” Archie Emerson, Yodlee’s director of product management, tells ePaynews. “The other 80 percent have the project on their roadmap,” he says.
Related Links
www.yodlee.comYodlee and Andera Enter Exclusive Agreement to Deliver an Integrated Online Account Opening & Funding Solution
