Yodlee, Inc., the leading provider of personal financial management (PFM) and integrated payments solutions, and Andera, the #1 provider of online account opening and funding solutions, today announced that they have signed over 170 banks and credit unions for their integrated solution, representing nearly half of Andera's overall customer base.
A Javelin Strategy & Research May 2010 Online Account Opening Consumer Analysis and Vendor Ranking report cited that "the Andera-Yodlee combination stands out because of Yodlee's reputation for being able to aggregate information from more financial institutions." Javelin evaluated nine products from eight vendors. Javelin ranked the Andera-Yodlee combination as 'best in class' because it "delivers the best of two strong companies, pairing Andera's expertise at opening accounts with Yodlee's real-time funding verification."
Andera's account opening solutions streamline the application process for financial institutions, including account selection, cross selling, compliance, risk management, funding, and core integration. Combined with Yodlee's unique and patented Yodlee AccountVerification(TM), which confirms funding account ownership, available balance, and other pertinent information in real-time, the joint solution significantly helps to speed the process and reduce risk. The joint solution is available directly from both Yodlee and Andera.
"Yodlee uniquely delivers the real-time verification and both initial and ongoing funds transfer pieces of the online account opening process," said Anil Arora, CEO of Yodlee. "The breadth of our data aggregation capabilities ensures that information is current and secure--critical factors in working through the online account opening and funding process, especially with unfamiliar applicants."
"A primary goal of online account opening is to minimize the risk of fraud, open the account quickly and easily, and put the customer in a position to make transactions immediately. Yodlee and Andera's latest software upgrades support dynamic multi-factor authentication, satisfying both the need-for-speed and the core concerns of online security," noted Charlie Kroll, CEO of Andera. "Yodlee's verification and funding options raise the likelihood that applicants can open and fund their accounts online in one session, resulting in fewer lapsed applications."
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Leading financial institutions and portals trust Yodlee to power critical online banking applications that increase profitability and drive more value from the online channel. Yodlee's proven personal financial management, payments, and customer acquisition solutions unify all personal financial account information to deliver a simple, centralized and secure way for consumers to manage all of their financial tasks anytime, anywhere. Yodlee makes financial institutions' websites essential to their customers and generates new deposit and revenue opportunities. Yodlee's patented data, payments and risk management utility supports more than 12,000 account sources and over 110,000 different account types. More than 100 leading financial institutions and portals offer Yodlee-powered solutions to millions of customers worldwide. Yodlee is headquartered in Redwood City, California. For more information, visit www.yodlee.com.
Andera is the #1 provider of online customer acquisition technologies for retail financial institutions. Dedicated to helping banks and credit unions use the Web as a tool for sales and growth, Andera offers a suite of integrated products and services for automated online account opening, funding, and cross-selling. Andera is headquartered in Providence, R.I. and can be found on the Internet at www.andera.com.
Yodlee is a registered trademark of Yodlee, Inc. All other products and services mentioned are the property of their respective owners.
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SOURCE: Yodlee, Inc.
CONTACT: Sharon Nieuwenhuis, RLM Public Relations for Yodlee, Inc.,