Envestnet | Yodlee, a leading data aggregation and analytics platform powering dynamic, cloud-based innovation for digital financial services, announced today that it has come to terms with Charles Schwab on a financial data access agreement. This will aid in providing the framework for the financial services company’s clients to more securely and effectively allow access to, and use their personal financial information, with selected services designed to manage their financial wellness.
The agreement enables Charles Schwab clients to safely and more securely connect to and share their financial data for use with the more than 1,200 third-party financial service providers powered by the Envestnet | Yodlee Platform. These clients can expect an overall improved user experience with faster and more reliable access to their personal financial information through the financial services company’s API (application program interface). Access will be based on client consent and tokenization, leading them to experience an application solution without having to enter and store usernames or passwords with any third party. With the agreement signed, teams from both Envestnet | Yodlee and Charles Schwab will now move forward together to seamlessly implement these capabilities into the client experience.
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This marks the third data agreement Envestnet | Yodlee has entered into in the past eight months with a major U.S. financial institution, furthering Yodlee’s goal of creating a comprehensive financial ecosystem to aid consumer financial health and well-being.
“API-based connectivity in the United States has gained significant momentum and data-access agreements, like the one we’ve signed with Charles Schwab, are critical to enabling the financial services ecosystem,” said Stuart DePina, President of Envestnet. “We’re working with major financial institutions like Charles Schwab to allow improved consumer choice, reliability and insights, with the goal of helping consumers achieve financial wellness.”
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Financial solutions powered by Envestnet | Yodlee help millions of consumers better manage their spending, budgeting, savings and investments – in an effort to improve their overall financial wellness. The Envestnet | Yodlee Platform has proudly fueled innovation and insights for financial institutions and FinTech companies for more than 20 years in an effort to help consumers seek better lending rates, lower fees, and more. Envestnet | Yodlee is a market leader in financial data aggregation, partnering with more than 1,200 financial institutions and FinTech innovators, including the vast majority of the top 20 U.S. banks, enabling a massive data network associated with tens of millions of consumers who use platform-related personalized apps and services.
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