Envestnet | Yodlee unveils API solution for PSD2 compliance
Envestnet | Yodlee has launched a single API solution to make it easier to comply with the UK’s PSD2 and open banking API specifications for account information services, reports David Penn at Finovate (FinTech Futures’ sister company).
Mark Herlihy, VP of international markets at Envestnet | Yodlee, says it enables developers to “easily integrate bank data at scale in compliance with the open banking API protocol”.
The new solution is a result of collaboration between the company, PSD2 stakeholders, and the Open Banking Implementation Entity. Envestnet | Yodlee has developed and built a consent architecture that enables developers to rely on a single API that “encapsulates the consent for account access requirements” necessary to fulfill PSD2.
Developers using the API will be able to avoid having to work with multiple APIs, differing data formats, as well as user credentials. Financial institutions, fintechs, and individual consumers can protect consumer data and secure data acquisition by third party financial service providers and fintechs.
The new API comes just a few months after the company announced a partnership with open banking platform provider and Token.
Founded in 1999, Envestnet | Yodlee finalised its $195-million acquisition of wealth tech solutions company, FolioDynamix, earlier this month. Last fall/autumn, Envestnet | Yodlee integrated its risk insight solutions with Fannie Mae’s Desktop Underwriter validate service. Envestnet | Yodlee launched its expanded data analytics portfolio for wealth managers in May and a suite of risk reporting tools in March.
