Wells Fargo enters data exchange agreement with Envestnet | Yodlee

By Pavithra R

Wells Fargo & Company has announced that the firm has formed a data exchange agreement with Envestnet | Yodlee, a leading financial data aggregation and analytics platform.

By leveraging application programming interface (API), Wells Fargo customers will be able to share their financial data securely and seamlessly with more than 1,400 third-party financial applications on the Envestnet | Yodlee Financial Data Aggregation Platform, thereby improving the overall financial wellness.

The agreement marks a significant step in Wells Fargo’s journey to establish API-based data exchange agreements with third parties. The company has also confirmed plans to transition 99% of current third-party financial app screen-scraping to API-based data exchange.

“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. 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,” said Ben Soccorsy, senior vice president in Wells Fargo’s Strategy, Digital and Innovation group.

Wells Fargo’s customers using financial apps that leverage the Envestnet | Yodlee Platform will now have greater control and transparency into the financial information they share with these apps through Wells Fargo’s Control Tower digital experience. Control Tower helps consumers and small business customers to better manage their complicated online financial lives by providing a single view of their digital financial footprint. Besides selecting the information customers want to share with these apps, within Control Tower customers will also be able to turn on and off data sharing with Envestnet | Yodlee-supported apps.

Envestnet | Yodlee will access Wells Fargo’s data aggregation API on Wells Fargo’s Gateway Channel. The data exchange API is aligned with the Financial Data Exchange (FDX) standard.

“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. 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,” said Chad A. Wiechers, senior vice president of Data Access & Management at Envestnet | Yodlee.

Recently, Global Payments’ TSYS business signed a multi-year agreement with Wells Fargo Bank.

Initially, Wells Fargo will launch the experience with select Envestnet | Yodlee customers. The API used in the agreement will utilize a secure, tokenized “handshake” between the companies’ servers through which customers’ financial data will be shared. Once integrated, the API will enable customers to share their financial data selectively, while also maintaining the privacy of their Wells Fargo user credentials.