Wells Fargo enters into data exchange agreement with Envestnet | Yodlee

Maria Nikolova

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.

Read this next

Digital Assets

OneCoin founder Ruja Ignatova is selling penthouse in UK

OneCoin founder Ruja Ignatova, who steered one of the world’s biggest cryptocurrency frauds, is back into the spotlight more than five years after vanishing from the public eye.

Digital Assets

Bitpay taps MoonPay to offer access to +60 cryptocurrencies

Crypto payment service provider Bitpay said it’s partnering with exchange and web3 infrastructure provider MoonPay to provide its users with easier access to buy cryptocurrency instantly.

Digital Assets

New York investigates Gemini over FDIC insurance claims

New York regulators are investigating Gemini over “false and misleading” claims the Winklevoss-owned exchange had made about whether client funds are insured by the government.

Digital Assets

Binance launches Mastercard-backed crypto card in Brazil

In partnership with Mastercard, crypto giant Binance is launching its pre-paid card offering cryptocurrency “rewards” on customers’ purchases.

Digital Assets

Circle publishes a breakdown of USDC reserves for December

Boston-based stablecoin issuer Circle has revealed a breakdown of its reserves for December 2022, as well as a complete list of USDC reserve custodians.

Retail FX

Monex reports lower revenues as crypto downturn bites

Monex Group has reported its Q3 2022 financial metrics, which saw a reversal in terms of its revenues as TradeStation was grappling with a crypto market crash that has tanked the profitability of its crypto business.

Inside View

Broadridge report finds 27% of firms’ overall IT budget goes to digital transformation

“A new chapter in digital transformation is emerging. In our work with clients across the financial services industry we see leading firms are already reaping the benefits from digitalization and the use of technologies such as AI and blockchain/DLT, as they adapt to economic headwinds and new competitive dynamics”

Executive Moves

Ripple announces Monica Long as President

“I’m incredibly honored to take on the role of President at Ripple as we expand deeper into crypto-enabled services like liquidity, settlement and custody.”

Executive Moves

Arabesque AI appoints Carolina Minio Paluello as CEO

“Arabesque AI is uniquely positioned to service the asset management industry’s need to meet the growing market demand for hyper customised portfolios.”

<