Wells Fargo enters into data exchange agreement with Envestnet | Yodlee
Wells Fargo customers will be able to more securely and seamlessly share their financial data with the third-party financial apps on the Envestnet | Yodlee Financial Data Aggregation Platform.
Wells Fargo & Co (NYSE:WFC) announced today it has signed a data exchange agreement with financial data aggregation and analytics platform Envestnet | Yodlee.
Powered by an application programming interface (API), Wells Fargo customers will be able to more securely and seamlessly share their financial data with the third-party financial applications on the Envestnet | Yodlee Financial Data Aggregation Platform.
The agreement marks another step in Wells Fargo’s journey to establish API-based data exchange agreements with third parties. Wells Fargo now has confirmed plans to transition 99% of current third-party financial app screen-scraping to API-based data exchange.
In the future, Wells Fargo customers using financial apps that leverage the Envestnet | Yodlee Platform will have greater control over and transparency into the financial information they share with these apps through Wells Fargo’s Control Tower SM digital experience. Available in the Wells Fargo Mobile® Banking app and online banking, Control Tower helps consumer and small business customers better manage their increasingly complex online financial lives by providing a single view of their Wells Fargo digital financial footprint. Within Control Tower, customers will be able to turn on and off data sharing with Envestnet | Yodlee-supported apps as well as select the information they want to share with these apps.
Wells Fargo will begin launching the experience with select Envestnet | Yodlee customers this year.
The API used in the agreement will utilize a more secure, tokenized “handshake” between the companies’ servers through which customers’ financial data will be shared. Once integrated, the API will allow customers to selectively share their financial data, while also maintaining the privacy of their Wells Fargo user credentials. The enrollment process will be easy and designed to work seamlessly within the user experiences of Envestnet | Yodlee-supported apps.
Envestnet | Yodlee will access Wells Fargo’s data aggregation API on Wells Fargo’s Gateway Channel, the bank’s open API channel that allows commercial and corporate customers and third parties to integrate customer-permissioned financial information into their own digital environments.
The data exchange API is aligned with the Financial Data Exchange (FDX) standard. FDX — of which Wells Fargo and Envestnet | Yodlee are founding members and Wells Fargo is board co-chair – is a nonprofit dedicated to unifying the financial industry around a common, interoperable, royalty-free standard for more secure and convenient consumer and business access to their financial data.