Yodlee and Payment Data Systems sign funds transfer agreement
03 December 2004 | 1579 views | 0
Source: Payment Data Systems
Payment Data Systems, Inc. (OTC BB:PYDS.OB), an integrated electronic payments solutions provider, announced today that Yodlee has selected Payment Data Systems to deliver an account-to-account funds transfer capability to supplement Yodlee's product offerings for their customer base of more than 150 leading financial institutions and portals.
The funds transfer solution will enable a consumer to open new accounts within a financial institution or to add funds incrementally to existing accounts from either external or internal accounts.
Payment Data's agreement with Yodlee is for three years and has the potential of providing new revenues of more than $3,800,000 a year.
Louis Hoch, President and Chief Operating Officer, said, "Market demand for this type of functionality appears to be quite strong. With Yodlee's market share among the financial service providers we believe this capability creates a clear opportunity for both Yodlee and PDS to provide a highly needed service to consumers as well as create significant revenue possibilities."
The PDS-Yodlee Funds Transfer solution is unique because it can be delivered with expansive, flexible, and adaptive capabilities and integrates with Yodlee's market-leading aggregation platform. The new Funds Transfer solution will be available to Yodlee customers in 2005.