Envestnet | Yodlee (NYSE: ENV), a data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services, has announced 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. Through this effort, Envestnet | Yodlee aims to improve financial innovation, consumer data protection and data acquisition security for third party financial service providers.
To ensure compliance, Envestnet | Yodlee has been working closely with PSD2 stakeholders and the Open Banking Implementation Entity. The company 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. During this transition period, Envestnet | Yodlee will continue to process all data through its global platform and provide a single API to access data from UK banks, with cleansed and enriched transaction data that is automatically refreshed daily to ensure accuracy.
Additionally, Open Banking, Ltd., created by the Competition and Markets Authority (CMA), has adopted Open Authorization (OAuth 2.0), the first set of technical security standards for the Open Banking era. Developers who use the Envestnet | Yodlee Financial Data Platform API will not need to worry about dealing with multiple APIs and data formats or handling user credentials. Envestnet | Yodlee will slowly migrate the existing accounts that are credential-based to token-based access (OAuth 2.0).
“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.”