Yodlee®, the leading provider of digital money management solutions, today announced a new partnership with Central 1, the largest wholesale financial services provider in Canada.
Central 1 will integrate Yodlee's market-leading technology into its powerful MemberDirect® Services online banking platform. Central 1 is Yodlee's first wholesale financial partner in Canada.
The 300-plus credit unions and banks which utilize MemberDirect Services will now be able to provide fully-integrated money management tools including budgeting and spending analysis, and cash flow management across all their accounts. MemberDirect Services' four million users will have more control over their money and the security of managing it through the website of their trusted financial institution.
"Consumers want a simple and secure way to take charge of their money and they literally want that information at their fingertips," said Oscar van der Meer, Chief Technology Officer at Central 1. "We partnered with Yodlee to create a solution that meets current consumer demand but also has the flexibility to grow and innovate as those needs evolve."
Offering personalized financial management is increasingly important to customers who are looking for a primary financial institution through which they manage their money.
"Central 1 really challenged us to test the flexibility of our Platform to be able to simultaneously meet the needs of so many different, forward-looking institutions and credit unions," said Bill Parsons, Chief Customer Officer at Yodlee. "With Central 1's tremendous reach, powering banking services for more than half of all credit unions in Canada, we will together be able to deliver unmatched, personalized services for the millions of members served, helping to empower consumers to make better financial decisions."
Through a number of pilot projects which launch in 2012, Central 1 will be working with Yodlee to fully integrate the platform into MemberDirect Services online banking and make it available to all clients by 2013.