Envestnet | Yodlee, a data aggregation and data analytics platform, has enabled financial services providers to build solutions to comply with PSD2 and Open Banking.
The platform claims it is first in market with a single API solution aligned with the Second Payment Services Directive (PSD2) and Open Banking Application Protocol Interface (API) specifications in the UK for account information services. By introducing the solution to the market, it aims to improve financial innovation, consumer data protection and data acquisition security for third party financial service providers.
“We are proud to be a leading data aggregator to support the Open Banking movement, a truly revolutionary development that represents the wave of the future for global financial services markets across the world,” said Mark Herlihy, VP international markets at Envestnet | Yodlee. “We have always been an advocate for innovative financial services that adhere to the highest standards of data security. Now we are able to further this mission by enabling developers to easily integrate bank data at scale in compliance with the Open Banking API protocol.”
In 2016, the Competition and Markets Authority (CMA) in the UK implemented the Open Banking reform, enabling consumers and small businesses to share their data with other banks and third parties. Last week marked the launch of UK’s Open Banking along with PSD2, the revised payment services directive. It requires European banks to provide third party companies with access to their customers’ financial accounts through open APIs.
As a result, Envestnet | Yodlee said it has built a ‘robust consent architecture’ in accordance with the Open Banking specifications, providing developers with the ease of integrating with a single API which encapsulates the consent for account access requirements to comply with PSD2. The company will continue to process all data through its global platform and provide a single API to access data from UK banks.
Envestnet is a provider of intelligent systems for wealth management and financial wellness. The company provides a portfolio of solutions including Envestnet | Yodlee, a data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
