Yodlee, cloud-based Platform driving innovation in digital financial services, has launched the Yodlee Enterprise API. The API is aimed at individual financial institutions in an attempt to drive bank innovation through interaction with internal and external developers. Banks can co-brand the API to customize the API for their own purposes. The new Yodlee API brings everything the financial industry has long searched for when it comes to development: speed to market, lower costs, security, and access to innovation.
“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....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,” Yodlee CEO Anil Arora said in a press release.
The API is a first of its kind for the financial sector. Yodlee has years of experience building secure APIs for financial data. However, because security remains of utmost importance for the finance and banking industry, Yodlee has kept most of its APIs internally to provide financial services to such institutions. Now, Yodlee offers a custom financial institution API with which banks can adopt, integrate, and innovate. The API connects all internal bank systems and exposes data in a secure, compliant manner.
“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....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 Chief Customer Officer Bill Parsons noted in a press release."
Yodlee will unveil the API this week at FinovateFall 2014. Yodlee will present the API's capabilities with an early API partner, Stockpile. Stockpile will be able to create its app in a matter of weeks with the Yodlee Enterprise API as opposed to the years often PUT into most financial and banking apps. To learn more, visit the API site.