Envestnet Yodlee

Yodlee IAV happens in real-time, unlike most account verification processes that take numerous days and require consumers to verify micro-deposits to their bank accounts to validate accounts.

Instant access to financial data confirms the ownership of the account and verifies the account balance in seconds. As a result, opening new accounts, transferring funds, and making online purchases is not only faster and more intuitive for consumers, it’s also less risky for FIs and Internet innovators.

Yodlee has broad coverage, connecting to an industry leading 85 percent of U.S. banks and 80 percent of Canadian banks in real-time. Yodlee IAV verifies more than 70,000 accounts each day, coupled with the Yodlee Financial Data Platform’s ability to aggregate personal account information at thousands of online sources, including banks, brokerages, credit cards, insurance providers, billers, lenders, and more.

Quick, accurate decisions within the transaction process streamline the user experience for quick and efficient onboarding.

By combining Yodlee IAV with patented Yodlee FastLink technology, banking consumers can easily add thousands of financial accounts simultaneously using their online banking credentials instead of routing numbers.

By leveraging bank-level security with multi-factor authentication and matching protocols with authenticated identity, Yodlee IAV deters fraud.

For enhanced verification, custom rules can be built with the option to use up to 90 days of prior transaction data for greater insight and more precise credit decisions.

Yodlee Instant Account Verification opens the door to deeper insights on risk through real-time access to up to 90 days of transaction detail for more precise credit decisions. Transaction detail and data such as account ownership, deposits, and balances can help inform a borrower’s credit risk and increase loan approvals, while potentially reducing the possibility of loan risk and defaults.