Yodlee to launch funds transfer service

Source: Yodlee

Yodlee, Inc. today announced the launch of Yodlee Funds Transfer, a next-generation money movement service. Available to Financial Service Providers (FSPs) in Q3 of this year, Yodlee Funds Transfer features a state-of-the-art money movement capability, top-notch user-experience, and superior risk management.

Yodlee Funds Transfer includes Yodlee Instant Account Verification (IAV), which enables FSPs to complete account verification securely, in real-time, versus traditional verification methods, which can take 3 days or more.

Yodlee Funds Transfer is a complete, hosted, turnkey application that can be implemented extremely quickly. Yodlee Funds Transfer is also available via a powerful Software Development Kit (SDK) that gives Financial Services Providers the maximum possible flexibility in implementation, and allows for integration into New Account Opening services.

"Yodlee Funds Transfer reflects our commitment to revenue-generating, compelling, and secure financial management solutions to Financial Services Providers. Additionally, current Yodlee Oncenter customers will realize the added benefit of having their accounts pre-verified for Funds Transfer, enabling the instant initiation of money movement," said Anil Arora, Yodlee CEO.

Benefits for Financial Services Providers
  • Drive Incremental Transaction Revenue by offering multiple transfer options that can be used to offered tiered services
  • Increase Assets Under Management by adding funds transfer to existing online service offerings
  • Decrease Transaction Expenses by eliminating the manual handling and paper processing requirements of offline funds transfer
  • Increase Customer Retention by providing online consumers with the ultimate in transactional convenience
  • Minimize Abandonment by leveraging Yodlee's Instant Account Verification to verify account ownership in real-time
  • Accelerate New Customer Acquisition by adding into an online account opening service

    Key Features -- Yodlee Funds Transfer
  • Instant Verification of external account ownership and available assets in the external account, eliminating the need for challenge deposits or voided checks
  • Multiple Types of Transfer Accounts allow for seamless money movement between bank, money market, and brokerage accounts
  • Flexible Transfer Options allow for next-day, one-time, recurring and scheduled transfers
  • High-Quality End-User Experience increases customer retention for other FSP products and services
  • No-Risk Transfers helps FSPs mitigate the risk associated with account-to-account transfer
  • Customer Support Tools enable support personnel to meet customer needs quickly and efficiently
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