Yodlee, the cloud-based platform driving innovation in digital financial services, today announces the launch of the Yodlee Enterprise API, a new application programming interface (API), custom built and co-branded for an individual financial institution (FI), to help accelerate bank innovation with internal and external developers.
“Financial institutions have craved the ability to accelerate innovation with both internal and external developers, but have never had a safe and effective way to do so,” said Yodlee CEO Anil Arora. “We’re pleased to finally meet those needs with a revolutionary new approach that we believe will fundamentally change the paradigm for bank innovation and agility.”
While hundreds of companies in other industries have opened up APIs to developers, Yodlee's Enterprise API leverages Yodlee’s years of experience in securely accessing and consolidating financial data through its own APIs to deliver a first of its kind in the financial sector – a custom financial institution API. This powerful API connects all internal bank systems, and only exposes data to developers in a secure and compliant way, allowing financial institutions to innovate with the same speed and agility as today’s digital innovators.
“Financial institutions of all sizes often have incredibly complex, disparate systems - with no central data repository - which is further complicated by enormous security and regulatory requirements,” noted Bill Parsons, Chief Customer Officer at Yodlee. “Normally, it would take years for a financial institution to create an approach that safely exposes their API externally. We are making that a reality today.”
Yodlee Enterprise API creates a single API, with a custom developer portal, specially built for each customer, eliminating a financial institution’s time-to-market obstacles and its risk of losing ground to new digital competitors who are quick to innovate. It also benefits developers by eliminating banking system complexity so they are free to create new apps and ideas.
Yodlee will unveil its Enterprise API offering on stage at FinovateFall, demonstrating how the first API custom built for financial institutions can speed innovation with developers and their apps such as our co-presenter Stockpile, the world’s first brokerage platform that will enable consumers to invest their change in US securities. Yodlee Enterprise API enables the app to be created for banks in weeks instead of years.