Have you heard about Intuit's recent news on its developer blog? On March 15th, 2016, an Intuit company spokesperson announced that “providing aggregation to 3rd party developers no longer fits with (their) core strategy”… and they “have decided to discontinue the Financial Data APIs (formerly known as CAD)”.
With Intuit’s announcement, many financial service providers have contacted Envestnet® | Yodlee® looking for a new data aggregation and financial data API provider. Envestnet | Yodlee would like to reassure these concerned developers associated with Intuit or its third-party data resellers that Envestnet | Yodlee is making available a new QuickStart launch package that will help these companies through this difficult transition period by offering competitive pricing models and a fully RESTful financial data API architecture – speeding up integration and simplifying data access.
If you’re a developer or third-party data reseller interested in finding out more about Envestnet | Yodlee, we have developed a list of key consideration and FAQs to help you explore the options available as you consider your unique migration path. For more information, please visit: www.yodlee.com/intuit-news
1. Why is Envestnet | Yodlee a good fit?
Envestnet | Yodlee (NYSE:ENV), is a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services. More than 1,000 companies, including 15 of the 20 largest U.S. banks and hundreds of Internet services companies, subscribe to the Envestnet | Yodlee platform to power personalized financial apps and services for millions of consumers. The company powers over 21 million active users in over 15 countries. With more than 17 years of experience integrating into the largest banks in the world, security is in our DNA. Envestnet | Yodlee has extensive experience meeting the highest standards in data security, privacy, and regulatory compliance. In addition, 80 issued U.S. and foreign jurisdictions patents make our technology platform unique. The company is the trusted, proven and scalable platform in the industry. Developers should also consider Envestnet | Yodlee’s coverage and relationships in the industry. The company provides direct access to over 16,000 financial data sources and controls the harvesting, normalization, and cleansing of that data. Developers will have a direct relationship with the data platform instead of through an industry reseller. Envestnet | Yodlee is in the best position to provide technical and business support because it works so closely with the data sources themselves.
2. What is the cost for using Envestnet | Yodlee APIs?
Envestnet | Yodlee offers flexible pricing options for developers through our new QuickStart launch package. For example, developers and early stage startups can get their financial app to market faster by using Envestnet | Yodlee's new pay-as-you-go QuickStart Package. The package is aimed at getting developers access to the data they need to make their apps come to life. Developers will find the Envestnet | Yodlee Aggregation API – our new and improved RESTful API architecture – easy to use, which will speed up integration and simplify data access. It will also enable developers to sign up on the developer portal for a $250 monthly fee and get immediate access to a testing and production environment. Currently, the QuickStart Package is available to US-based developers and more information is available at https://developer.yodlee.com/yodleequickstart. If you’re interested in negotiating a long-term contract and specific terms, please contact Ron Velasquez at rvelasquez@yodlee.com or 650-980-3752.
3. Will it be easy for our team to migrate to Envestnet | Yodlee APIs?
Envestnet | Yodlee recently released a new financial data API architecture, saving developers time and resources to bring product to market. The new RESTful API offers a simple and secure way for developers to access the Envestnet | Yodlee financial data platform. Developers will be able to leverage the new RESTful Aggregation API to provide an easier and more streamlined approach to access over 16,000 data sources through nine APIs, giving customers real-time access to their aggregated financial data. Streamlining the access to data allows customers to enjoy a quicker and seamless user experience. For more information, please visit: https://developer.yodlee.com/Yodlee_API. Depending on the size of a project, developers can get started right away through our developer portal or can contact our team for assistance. For larger companies who will need to migrate an existing user base to Envestnet | Yodlee, we have a professional services team that can help to:
- Architect a user migration plan
- Provide consulting and coding to the APIs
- Review the user experience and offer best practices
Whether you are a startup or a bank, we have a solution and migration path for you.
4. How secure is the Envestnet | Yodlee platform?
Envestnet | Yodlee has 17 years of experience integrating into the largest banks and Internet innovators in the world and security is our top priority. In fact, we believe that Envestnet | Yodlee has the strongest operational and security standards in the industry, including:
- Encryption and protection of consumer data
- Development of security audit standards adopted by other financial service providers
- Contributor in various industry standards committees on online access technologies and architectures
In addition, Envestnet | Yodlee meets and/or exceeds Operational and Security Standards such as: ISO27002, Payment Card Industry (PCI-DDS), and regulatory requirements across the globe. We are continually undergoing security audits and scrutiny from our client base including financial institutions, consumer service providers, and independent security experts.
5. What tools and services are available to help me switch to Envestnet | Yodlee APIs?
For developers who are integrated with Intuit and have to consider impact on business processes, we offer:
- Easy to use RESTful APIs; we will make the integration painless
- Professional services group that can help your organization through technical integration, migration of users to Envestnet | Yodlee, and consultation on user flow implementing best practices
- Business contact to negotiate specific expectations for a long term partnership
- We have the security, scale, experience and products/solutions that will make sure you’re not missing anything when you move over
Envestnet | Yodlee FastLink for Aggregation offers an intuitive, omni-channel experience for consumers to securely add all held-away accounts from thousands of institutions, in seconds. Envestnet | Yodlee FastLink automatically and securely captures the entire set of credentials required to access accounts, including username, password, and authentication mechanisms, such as answers to security questions and tokens. Below are resources for developers looking to leverage Envestnet | Yodlee FastLink:
- Three Changes to FastLink: How to Optimize Your Mobile App Experience
- Envestnet | Yodlee FastLink for Transactional Data Aggregation
- How to Use the Envestnet | Yodlee Test Drive Tool
6. With regards to the data, what does Envestnet | Yodlee do differently?
Envestnet | Yodlee actively collaborates with financial institutions to address the needs of consumers and to create an efficient and organized process for data access. Over 70% of data in our system is gathered through direct connectivity that Envestnet | Yodlee has built into large financial institutions around the world. The relationships that the company has fostered allows for more consistent access to data (uptime), a better user experience, and greater reliability in the data itself. The data is gathered from various end points either through a direct feed, screen scraping, or a combination of these. Once the data has been brought in from the end point, Envestnet | Yodlee cleans up and augments the data to ensure that the data is consistent and usable. The company also offers additional categorization and analytics in addition to basic cleansing, which allows its partners to create deeper insight and more advanced user experiences.
7. What should I look for in a financial data aggregation provider?
Envestnet | Yodlee is the only financial data aggregator which serves all the major use cases in financial services, including consumer (PFM), SMB software, payments, e-commerce, marketplace lending, and wealth management. We built our APIs and services to meet the needs of key verticals and use cases. In addition to making sure the solution works for you, we recommend that you consider:
- The APIs themselves
- The type of data returned
- Security practices
- Scalability of platform
- Technical and customer service support
Lastly, make sure your aggregation platform can grow with you, so you can avoid having to revisit the integration in the future. Check out more information on what to look for in an aggregation data provider. For instant access to financial data API documentation, sample code, and test drives, please visit: https://developer.yodlee.com/Yodlee_API For questions about Envestnet | Yodlee APIs, please contact Ron Velasquez at rvelasquez@yodlee.com or 650-980-3752.
