Amazon Payments taps Yodlee for bank account verification

Source: Yodlee

Yodlee, a leading provider of personal financial management (PFM) and revenue-generating payments solutions, today announced that Amazon Payments, Inc., has implemented Yodlee's InstantAccountVerification technology into to simplify how customers add and verify bank accounts to their Amazon Payments accounts.

Amazon Payments provides consumers, merchants, and developers the simple way to pay and get paid online or through a mobile device. Amazon Payments enables consumers to send and receive payments for goods or services by using the payment methods already associated with their accounts. Customers enjoy the same trusted payment experience available on at Amazon Payments accepting merchants, including Amazon's proven fraud detection and risk management capabilities.

"Traditional verification methods don't take into account the customer's expectation of speed and immediacy when they transact online," said Baris Cetinok, director, Amazon Payments. "Yodlee Account Verification confirms the ownership of a consumer's bank account in real time, adding a required layer of validation without slowing down the process. This helps Amazon Payments deliver on our commitment to a great customer experience."

Yodlee's patented account verification technology verifies a person's account information, ownership, and balance in real-time. Over the past 10 years, Yodlee has verified more than 15 million consumer accounts, reducing both abandonment and potential fraud in those online transactions, which include new account openings, funds transfers, purchases, and person-to-person (P2P) transactions.

"Our account verification fits seamlessly into the transaction and payment process to quickly verify credentials without disrupting the user flow," said Peter Hazlehurst, SVP of Products at Yodlee.

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