Envestnet | Yodlee (NYSE: ENV), a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services, and Backbase, the omni-channel digital banking platform leader, are partnering via the Backbase Open Banking Marketplace.
Envestnet | Yodlee’s data aggregation is now available to integrate within the Backbase platform.
The two companies are extending their existing relationship with this collaboration through the Open Banking Marketplace, and Backbase is now providing its customers with integrations to the data aggregation platform of Envestnet | Yodlee. The Open Banking Marketplace is a Backbase initiative that offers clients the option of selecting from numerous best-of-breed applications to integrate into the Backbase digital banking environment.
Envestnet | Yodlee offers a state-of-the-art data aggregation platform with an intelligent categorization engine that supports a wide range of business processes such as Know Your Customer, Cash Management, Budgeting and a simple overview of multiple accounts from different financial institutions. The platform also helps to achieve compliance with payment services directive (PSD2) regulations, and offers bank-level security, ensuring that user data is safe.
“Envestnet | Yodlee is proud to be extending its relationship with a company as innovative as Backbase,” said Jason O’Shaughnessy, Senior Vice President, EMEA and Australia, Envestnet | Yodlee. “As a world leader in account aggregation, Envestnet | Yodlee works with over 550 financial institutions in over 15 countries, to provide a data aggregation platform that combines best-in-class capabilities with the highest bank-level security. Through integrating the Envestnet | Yodlee platform into the Open Banking Marketplace, we can ensure customers have access to the information needed to improve their financial wellness.”
Jouk Pleiter, CEO and co-founder of Backbase, said: “In today’s world, reliable customer data and user experience are of extreme importance to gain or retain customers. With companies like Envestnet | Yodlee on our Open Banking Marketplace, banks are able to give banking clients the user experience they deserve. For example, showing all their bank accounts in one overview, or comparing financial products based on spending behaviour.”