Yodlee Interactive helps banks drive innovation, diversify offerings and create new revenue streams, enabling any financial institution to integrate FinApps from over 20 certified partners
REDWOOD CITY, Calif. -- September 4, 2013 --Yodlee Interactive, the recognized enabler powering financial innovation, is proud to announce the launch of ACE™ (Active Commerce Exchange), a partner focused ecosystem that pairs financial institutions with proven FinApp solutions built by innovative technology companies. ACE launches today with over 20 initial partners, but will continue to add innovative solution providers into the network as they become available. Today’s ACE FinApps cover a wide range of uses, across five key segments: small business, wealth, retail, cards and mobile. The ACE ecosystem will provide financial institutions leveraging Yodlee’s cloud platform with new financial tools and solutions that they can bring to market quickly and efficiently, while also offering new revenue opportunities and improved customer satisfaction.
The ACE ecosystem will help resolve an ongoing challenge in the financial services industry by making it easy for nimble startups and technology leaders to build secure, certified digital financial solutions for financial institutions of all sizes. Leveraging its world-class network of company and financial institution partners, in tandem with its flexible and powerful developer platform, Yodlee Interactive is powering an ecosystem that accelerates the exchange of new financial solutions. Financial institutions working within ACE will see significant improvements in the innovation process, including faster time to market for in demand services, higher solutions quality, greater technical flexibility across all digital channels and a trusted partner in Yodlee to help navigate through the process.
Financial institutions have struggled to maintain customer satisfaction and traditional revenue streams in today’s difficult regulatory and economic environment, and they are discovering that providing new technology services may be the key to help them improve customers satisfaction, while also creating new revenue opportunities. A recent J.D. Power and Associates study found that customer satisfaction at large financial institutions increased proportionately as those institutions shifted their customer engagement focus toward more advanced online banking services. Yodlee Interactive’s ACE partner ecosystem seeks to accelerate and enhance the transition to advanced digital banking by offering third-party solutions from the industry’s brightest new companies and developers, and making it easy for financial institutions to integrate via the Yodlee platform. ACE already has over 20 companies in the ecosystem at launch, including BillGuard, Buy It Mobility Networks (BIM), Execupay, FreeAgent, FutureAdvisor, LivePlan, miiCard, Narrative Science, PaySimple, PlanWise, Shoeboxed, Tallie/SpringAhead, TipRanks, TouMetis, WilliamPaid, Xero and Xignite.
"Creating a durable competitive advantage, one that can't easily be copied, includes a move to open platforms,” writes Cathy Graeber, VP, Principal Analyst at Forrester Research, Inc. “An open platform strategy will allow financial firms to use third-party providers to create app solutions that will create differentiation through a personalized user experience and segment-specific capabilities.”¹
“Finding, vetting, and then integrating digital financial services and solutions is a complex and time-consuming exercise that can take years to execute properly,” says Jennifer Wilson, Executive Vice President of BBVA Compass. “By leveraging Yodlee’s platform and the ACE ecosystem, we can easily integrate new services into our digital experience in months, rather than years, while offering our customers new, highly personalized experiences.”
In addition to providing financial institutions with rapid access to new innovations, ACE makes it even easier for developers and ACE partner companies to build best-in-class technology quickly across multiple digital channels and platforms. ACE’s developer tools are fully REST and JSON compatible, with HTML functionality that can work across web and mobile offerings, ensuring maximum developer efficiency across available platforms. Additionally, the ACE ecosystem helps developers reach millions of potential users through participating financial institutions without the need to establish relationships on an institution by institution basis.
“As trusted, long term partners to major global financial institutions, we know first hand the challenges they face trying to innovate in a complex legal and regulatory environment”, said Joe Polverari, general manager of Yodlee Interactive. “We’re trying to help financial institutions meet those challenges by bringing together Yodlee’s secure, certified platform and the dynamic developer community represented in ACE. Both financial institutions and their customers will benefit with ongoing, streamlined access to the digital financial services they are demanding.”
¹”Trends 2013: Five Trends Shaping The Next Generation Of North American Digital Banking”, Forrester Research, May, 2013
About Yodlee & Yodlee Interactive
Yodlee is the platform for financial innovation. More than 600 companies globally, including 7 of the top 10 US financial institutions, rely on Yodlee to power personalized financial apps and services for millions of consumers, driving retention, engagement and revenue. Leveraging the industry’s largest financial data platform, Yodlee also delivers real-time insight into consumer behaviors to create more dynamic interactions – anywhere, anytime, on any device.
Yodlee Interactive is focused on making the Yodlee platform available everywhere that value can be created by entrepreneurs, partners, and developers building digital financial apps and services. As the architects of a new digital ecosystem, Yodlee Interactive optimizes the wisdom of the financial technology crowd to create, catalyze and distribute innovations faster through an open and secure data API. Used by hundreds of companies, both small and large, Yodlee Interactive is the horsepower behind today’s coolest and most personalized digital experiences.
Yodlee is headquartered in Redwood City, California. For more information, visit www.yodlee.com.