Token and Envestnet | Yodlee Announce Strategic Open Banking Partnership
– Token, Inc., a turnkey open banking platform provider, and Envestnet | Yodlee (NYSE: ENV), a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services, today announced a strategic partnership to combine their expertise in PSD2-compliant payments and financial data aggregation.
Token’s open banking operating system, TokenOS™, enables banks to generate revenue from PSD2 compliant payments and simplifies access to banks for third-party service providers, via a universal API. Token OS helps reduce the cost, enhance the security and remove friction from a wide variety of payment types, including bill pay, e-commerce, B2B payments and money transfers.
The Envestnet | Yodlee Financial Data Platform enables personalized financial apps by delivering data from more than 16,000 global sources. Using consumer permission-based access to financial accounts and transaction information supported by bank-level security, the Envestnet | Yodlee Platform and its Aggregation API deliver bank, credit card, investment, loans, rewards, and other financial account data needed for personal financial wellness, lending, and wealth advisory apps and services.
By launching a synergetic partnership that empowers both companies to leverage each other’s strengths, Token and Envestnet | Yodlee can now serve EU banks with a powerful joint proposition. Combining the universality and security of TokenOS and the depth and breadth of Envestnet | Yodlee’s Platform and API integration creates the most compelling, secure and comprehensive open banking payment and information solution available to EU banks.
Steve Kirsch, CEO and Founder of Token, commented: “We are delighted to work with Envestnet | Yodlee to transform the future of banking. When it comes to PSD2, developers are not going to support hundreds of unique bank APIs; they will only write to one common API, maybe two. This means that banks that create their own proprietary API risk not being able to deliver the variety and freedom that customers expect in the digital age.”
“Instead, banks should support a common open banking platform – one that is easy, secure, interoperable, low cost and developer friendly. Our partnership with Envestnet | Yodlee, the market-leading API aggregator, makes Token’s proposition more attractive than ever for both banks and developers.”
Jason O’Shaughnessy, Senior Vice President for EMEA and Australia at Envestnet | Yodlee, added: “Both Token and Envestnet | Yodlee believe that open data access is critical to enabling innovative tools that can help consumers improve their financial lives. Our shared dedication to improving the banking end-user experience means that Token and Envestnet | Yodlee are a natural partnership, and it’s great to see Token leverage our financial data aggregation platform to deliver secure, customer-centric solutions to their clients.”