Yodlee, Inc - a trusted leader in providing innovative financial solutions, and Corillian Corp. (NASDAQ: CORI), the top provider of online banking, online payments and anti-fraud solutions to the financial services industry, today announced a partnership to ensure support of Yodlee's aggregation-powered financial applications with Corillian's multi-factor authentication solution, Intelligent Authentication.
This is part of a move by both companies to help financial institutions prevent identity theft and fraud, strengthen online banking authentication and comply with FFIEC guidance.
Yodlee solutions enable secure access to account data on behalf of users from thousands of financial sources in order to deliver personalized, functionally-rich PFM and bill pay applications. Working with Corillian will ensure continued access to Corillian data sources while leveraging Corillian Intelligent Authentication for added consumer protection against fraud.
"Financial institutions have been testing stronger authentication systems in recent months, driven in part by the recent Federal Financial Institutions Examination Council (FFIEC) guidance," said Schwark Satyavolu, Chief Technology Officer at Yodlee. "As these newer authentication solutions are implemented, Yodlee is working with leading providers like Corillian to deliver a heightened level of online security while protecting the convenience of easy-access to information that consumers have come to expect and rely upon via the World Wide Web."
"As our financial institution clients look to deploy multi-factor online authentication solutions, they want the ability to ensure that it seamlessly interoperates with existing online systems like Yodlee's financial applications," said Alex Hart, president and CEO of Corillian. "The support of Corillian Intelligent Authentication with Yodlee's applications will allow our clients that leverage Yodlee to add additional layers of security to their leading online banking services without disrupting the online experience for their end users."
Corillian Intelligent Authentication employs a behavioral approach to authentication by building a history of "access signatures" for individual users. This is accomplished by collecting and validating information about each user's computer and method of Web site access without collecting personally identifiable information or requiring participation of the end user in the data collection process. An electronic access signature is created by combining a number of key identification points, such as IP address, Internet service provider, PC and browser settings, time of day and geographic location. It is a zero-footprint authentication solution that does not require client hardware or software, is not dependent on the existence of any special marker or cookie on the user's PC, and does not require interrogation of the user's PC via downloaded software.
Yodlee applications include online bill pay, personal financial management (PFM), and advisor solutions, which are used today by nearly seven million consumers at leading banks, brokerages, and portal sites.
Yodlee is also an established contributor to industry forums like the Financial Services Technology Consortium, BITS, and the Liberty Alliance, to develop new standards for online authentication and stronger security practices. Yodlee is also a participant in the BITS Financial Institution Shared Assessment Program (FISAP) - a new security audit pilot program announced on February 1, 2006.