SAN MATEO, Calif., Dec. 16, 2021 /PRNewswire/ -- As the growth of open banking accelerates, Envestnet | Yodlee, a leading data aggregation and analytics platform for financial services, has dramatically grown its open banking activities across the globe to allow consumers to better manage their finances and build wealth. Envestnet | Yodlee global open banking account connections now number in the millions, experiencing a 60%+ average monthly growth rate over the most recent six months.

"Open access to financial data is continuing to transform the way consumers and businesses interact with and access their financial information, all with an eye toward helping them with financial wellness," said Enrico Camerinelli, Strategic Advisor at Aite-Novarica Group. "Envestnet | Yodlee is a strong example of the collaboration taking place both within the financial services industry and in the regulatory community to give consumers and business practitioners the access and information they need to make informed and lasting financial decisions."

Open banking provides more collaborative, safe, secure and transparent access to consumer financial data through API technology, governed by either commercial agreements or regulation, allowing for consumers to fully access their financial information from a variety of platforms to use with their third-party app of choice to improve their financial health. Envestnet | Yodlee is actively partnering with financial institutions on data access agreements and with policy makers and regulators to expand usage of the global open banking ecosystem, which reached nearly 25 million global consumers in 2020, according to Statista.

"Building an intelligent financial life™ is contingent upon having access to your financial data," said Bill Crager, Co-Founder and CEO of Envestnet. "Envestnet | Yodlee is leading the way to bridge this data for consumers to share their data safely and securely with their Financial Institution and Fintech applications, or Financial Advisors of choice."

"The seismic shifts taking place in the financial services industry are being driven by financial data and consumer's rights to their financial data," said Chad Wiechers, Senior Vice President of Data Access and Strategy at Envestnet | Yodlee. "Partnership between data aggregators like Envestnet | Yodlee and either regulators or financial institutions around the world are critical to accelerating financial data access.

Highlights of Envestnet | Yodlee's open banking business include:

• In North America, Envestnet | Yodlee signed over 16 data access agreements, with institutions such as Capital One, Wells Fargo Bank, and TD Bank, reaching millions of potential consumers.
• In Australia, Envestnet | Yodlee powers some of the region's leading FinTechs and financial institutions including Finder and 86 400. Envestnet | Yodlee received active status as an Accredited Data Recipient and Intermediary under Australia's Consumer Data Right (CDR).
• In the UK, Envestnet | Yodlee is an Account Information Service Provider (AISP), authorized to retrieve payment account data provided by banks and other financial institutions. Working with a range of well-established FinTech companies as well, Envestnet | Yodlee has also recently partnered with Blockchain.com for account verification via open banking connections, reaching its current 37 million verified users in more than 200 countries.
• In India, an Account Aggregator (AA) system was introduced that aggregates all financial data of users in a single place and offers credit services based on that data. Envestnet | Yodlee has received in-principle nod for the operation to further support customers in the country.
• Across the globe, Envestnet | Yodlee has worked with many industry groups worldwide such as FDATA and FDX to support open banking connections. Additionally, the company is in discussions with the regulators and leading banks in South Africa on the future of open banking and establishing its first connection in the country.

As the future of open banking continues to evolve, Envestnet | Yodlee will continue to work with policy groups to drive regulation beyond just traditional banking data to include investment data. Leveraging these systems towards broader consumer data security can ensure that all parts of the financial industry are held to a secure standard. Additionally, establishing connections in other countries will ensure more secure access worldwide.

About Envestnet
Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV).  Envestnet 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. Nearly 108,000 advisors and more than 6,000 companies including: 17 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 Envestnet technology and services that help drive better outcomes for enterprises, advisors and their clients.

For more information on Envestnet | Yodlee, please visit www.yodlee.com, subscribe to our blog, and follow us on Twitter (@Yodlee) and LinkedIn.

SOURCE Envestnet | Yodlee