Wells Fargo & Company announced it has entered into a data exchange agreement with Envestnet | Yodlee, a leading financial data aggregation and analytics platform. Powered by an application programming interface (API), Wells Fargo customers will be able to more securely and seamlessly share their financial data with the more than 1,400 third-party financial applications on the Envestnet | Yodlee Financial Data Aggregation Platform that help improve their overall financial wellness. The agreement represents a significant step in Wells Fargo’s journey to establish API-based data exchange agreements with third parties. Wells Fargo now has confirmed plans to transition 99% of current third-party financial app screen-scraping to API-based data exchange.
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In the future, Wells Fargo customers using financial apps that leverage the Envestnet | Yodlee Platform will have greater control over and transparency into the financial information they share with these apps through Wells Fargo’s Control Tower SM digital experience. Available in the Wells Fargo Mobile® Banking app and online banking, Control Tower helps consumer and small business customers better manage their increasingly complex online financial lives by providing a single view of their Wells Fargo digital financial footprint. Within Control Tower, customers will be able to turn on and off data sharing with Envestnet | Yodlee-supported apps as well as select the information they want to share with these apps (e.g., information for all or select Wells Fargo accounts).
“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,” said Ben Soccorsy, senior vice president in Wells Fargo’s Strategy, Digital and Innovation group. “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.”
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