SAN MATEO, Calif., Nov. 17, 2021 /PRNewswire/ -- Envestnet |
Yodlee, a leading data aggregation and analytics platform powering
dynamic, cloud-based innovation for digital financial services, and
Capital One Financial Corporation (NYSE:COF) today announced a data
access agreement for mutual customers.
The agreement allows Capital One customers to more reliably
and effectively connect to and send their financial information to
the more than 1,500 third-party applications powered by the
Envestnet | Yodlee financial data aggregation platform. The data
sharing agreement, powered by Capital One's Customer
Transactions Application Program Interface (API), eliminates
the need for customers to share their banking login ID or password
and allows the use of tokens to grant and control account
access.
Envestnet | Yodlee reported a 30% increase in account linking
success by customers using the new API data connection, leading to
an improved consumer experience.
"The root of Envestnet | Yodlee's partnership with Capital One
is bringing forward a solution that gives consumers improved access
to and control of their financial data," said Chad Wiechers, Senior Vice President of Data
Access and Strategy, Envestnet | Yodlee. "Our relationship with
Capital One is just another piece of evidence that the future of
digital banking is in direct access APIs. This approach is
essential for giving banking customers the power to make connected,
actionable, and intelligent financial wellness decisions, while
also taking advantage of even greater security and account
connectivity."
"Many of our customers want to share their financial data with
third-party apps and experiences. This agreement represents
another step Capital One has taken to give customers more control
over how and with whom the customer chooses to share their personal
financial data with," stated Becky
Heironimus, MVP, Head of Enterprise Privacy and Data
Governance at Capital One.
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.
Over 108,000 advisors and more than 6,000 companies including: 17
of the 20 largest U.S. banks, 47 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.
About Capital One
Capital One Financial Corporation
(www.capitalone.com) is a financial holding company whose
subsidiaries, which include Capital One, N.A., and Capital One Bank
(USA), N.A., had $305.9 billion in deposits and $425.4 billion in total assets as of September 30, 2021. Headquartered in McLean, Virginia, Capital One offers a broad
spectrum of financial products and services to consumers, small
businesses and commercial clients through a variety of channels.
Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New
Jersey and the District of
Columbia. A Fortune 500 company, Capital One trades on the
New York Stock Exchange under the symbol "COF" and is included in
the S&P 100 index.
Capital One and Envestnet are separate and unaffiliated
firms. This release should not be construed as a recommendation or
endorsement of any particular product, service, or firm.
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