E*Trade Financial is implementing Yodlee's newly-launched turnkey risk management product to provide real time account verification to users of its online service, QuickTransfer.
Yodlee's says its Instant Account Verification software can be integrated with online applications to provide real time authentication for almost any transaction, including account openings and fund transfers. The product is able to prove account ownership as well as check account balances.
The system is based on Yodlee's core iFinity aggregation platform, which is able to access personal account data from various online sources, including banks, brokerages, credit cards, insurance providers, billers and lenders.
Rob Shenk, vice president, E*Trade Bank, says: "Yodlee's new solution delivers account verification without slowing down the process, providing our customers with fast and efficient transfer capabilities."
The vendor says the new technology eliminates the need for maunal offline verification processes and enables customers to open accounts and transfer funds in a single session.
Blake Hayward, general manager, risk management solutions, Yodlee, adds: "By streamlining the account verification process, Yodlee helps financial institutions reduce costly offline processing, while eliminating the current verification waiting period on initial funds transfers, bill payments, or new account openings."