Agreement will provide customers with greater convenience, control, and security when sharing financial data with fintech apps.
SAN FRANCISCO -- (Business Wire)
Wells Fargo & Company (NYSE: WFC) announced today it has entered into a data exchange agreement with Envestnet | Yodlee, a leading financial data aggregation and analytics platform. Powered by an application programming interface (API), Wells Fargo customers will be able to more securely and seamlessly share their financial data with the more than 1,400 third-party financial applications on the Envestnet | Yodlee Financial Data Aggregation Platform that help improve their overall financial wellness. The agreement represents a significant 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 (e.g., information for all or select Wells Fargo accounts).
“We are thrilled to come to this agreement with Envestnet | Yodlee and take this big step toward achieving complete API-based financial data sharing for our consumer and small business customers who want to manage their finances on the platform of their choice,” said Ben Soccorsy, senior vice president in Wells Fargo’s Strategy, Digital and Innovation group. “As we help customers navigate these uncertain times, we want to enable them to seamlessly connect with and use third-party apps that help them manage their finances and do so in as secure a way as possible. Wells Fargo’s agreement with Envestnet | Yodlee does just that. In the future, our customers will be able to share their financial information with Envestnet | Yodlee-supported apps with enhanced ease, security, and control.”
Wells Fargo will begin launching the experience with select Envestnet | Yodlee customers this year.
“Our agreement with Wells Fargo — in conjunction with our recent data sharing agreements with other major U.S. financial institutions — enables even more consumer choice, protection, and insight, ultimately giving consumers more control and an improved overall financial wellbeing — something that is vital during a particularly uncertain economic landscape,” said Chad A. Wiechers, senior vice president of Data Access & Management at Envestnet | Yodlee. “API-based connectivity in the United States is leading to an increasingly connected financial ecosystem, spearheaded by the partnerships like the one we now have with Wells Fargo.”
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.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.97 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,300 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.
Envestnet, Inc. (NYSE: ENV) is transforming the way financial advice and wellness are delivered. Our mission is to empower advisors and financial service providers with innovative technology, solutions, and intelligence to make financial wellness a reality for everyone. Over 103,000 advisors across more than 4,900 companies including 15 of the 20 largest U.S. banks, 46 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs, and hundreds of FinTech companies, leverage the Envestnet platform to grow their businesses and client relationships.
For more information on Envestnet | Yodlee, please visit www.yodlee.com, subscribe to our blog, and follow us on Twitter (@Yodlee) and LinkedIn.
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Source: Wells Fargo & Company
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