Yodlee, Inc., today announced that eight more banks and brokerages have implemented, or have plans to implement, Yodlee FundsTransfer(TM) to enhance customers' online experience and increase deposits. With billions of dollars in successful transactions Yodlee-powered funds transfers grew more than 100% in 2008 and are on pace for comparable growth in 2009. Yodlee's new IRA account transfer capabilities have already successfully transferred over $75 million in IRA contributions between financial institutions. One de novo bank experienced a $6 million growth in new deposits within two months of deploying Yodlee FundsTransfer.
"Online funds transfers drive tangible results in online activity and deposit growth," said Yodlee President and CEO Anil Arora. "We are seeing huge demand from consumers and financial institutions alike to improve the speed, security, and convenience of online money movement. Yodlee FundsTransfer leverages our proprietary funding and risk management capabilities, flexible implementation options and innovative features, such as IRA transfers, that no one else delivers."
Yodlee FundsTransfer supports both one-time and recurring transfers between any two accounts. Same-day, next-day, and multiple day transfer options are all available and highly configurable at group and sub-group levels, offering financial institutions a wide range of settlement options to fit varying consumer risk profiles.
In the current economy, IRA transfers are fast becoming a significant source of potential deposit increases for many banks and financial institutions. Only Yodlee FundsTransfer supports entire liquid account and periodic transfers to the five major IRA account types: Traditional, Roth, SEP, Coverdell and Rollover IRAs. Yodlee's unique IRA calculator automatically analyzes year-to-date balance and contributions, type of IRA account and age of participant to automatically determine and populate transfer limits.
Yodlee FundsTransfer also features best-of-class risk mitigation with:
1. Real-time validation of account holder information and available funds
2. Real-time external (funding) / account balance decisioning
3. On-demand account verification of the industry's largest array of financial accounts -- including over 80% of domestic deposit accounts -- via Yodlee's patented data utility
4. Industry proven best practices and funds access guidelines