Yodlee Introduces New Use of Aggregation Technology for Real-Time Risk Management

Monday 19 April 2004 17:06 CET | News

Yodlee has launched its Instant Account Verification solution, a new turn-key risk management product that provides real-time account verification -- verifying account ownership and available balance -- for virtually any online transaction, including account openings and fund transfers.

Online transactions have inherent obstacles, such as verification of account ownership and verification of available funds. To overcome these obstacles, many financial service providers (FSP) use offline verification methods, such as requiring consumers to mail them a voided check or go through a challenge deposits process to verify bank account ownership. These verification methods are burdensome to online consumers and result in high consumer abandonment and low utilization of many online services. Yodlees Instant Account Verification addresses these obstacles by enabling FSPs to conduct real-time account verification, which dramatically improves the customer experience, while reducing risk and costs. Instant Account Verification leverages Yodlees core iFinity aggregation platform, which has the unique ability to access personal account information at thousands of online sources, including banks, brokerages, credit cards, insurance providers, billers, lenders, and much more. Benefits Of Yodlees Real-Time Verification: Yodlees Instant Account Verification provides a cost-effective solution wherever account verification is required to initiate and/or approve a transaction. The ability to verify available funds also provides the FSP with a higher level of risk management on each transaction. Benefits for Financial Services Providers include: -- Reduced Customer Abandonment -- Yodlees real-time verification process allows customers to transfer funds or open an account in a single session, thus dramatically decreasing customer abandonment. -- Cost Savings -- The Yodlee solution offers considerable costs savings in contrast with current offline verification methods that require manual processing. -- Reduced Occurrence of Fraud -- Yodlee requires users to provide proof of account ownership, which reduces the chance of fraud. -- Improved Risk Management -- Yodlees ability to verify available funds allows financial institutions to mitigate the risk of large funds transfer requests. -- Enhanced Online Services -- FSPs can easily integrate Instant Account Verification into current online applications, such as funds transfer, bill payment and accounts openings. Benefits for Consumers include: -- Convenience -- Consumers no longer have to wait for offline processes to be completed before they are authorized to transact. -- Balance Details -- Unlike any other verification service, Yodlee enables consumers to not only prove account ownership but also check account balances to ensure the transaction is within their account limits.

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Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
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Banking & Fintech


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