Company’s Innovative Technology Powers Services for Top Financial Institutions and Industry Innovators Globally
REDWOOD CITY, Calif. – April 15, 2013 – Yodlee® today announced that it has been awarded its 50th technology patent, this one related to “financial gadgets” as part of its financial apps, or FinApps, distribution model. This patent announcement is a testament to Yodlee’s dynamic, cloud-based platform, which powers services for seven of the top 10 U.S. financial institutions and hundreds of other digital players, speeding innovation in banking and personal finance management (PFM ) by delivering interactive, personalized financial services based on real-time transactional data.
“We have invested significantly in creating a unique, scalable technology platform that delivers both bank-level security and a flexible apps-based approach for quick innovation,” said Anil Arora, president and CEO of Yodlee. “We are thrilled with the rapid growth and adoption of Yodlee-powered services, and also with our 50th patent, which validates the forward-thinking DNA upon which Yodlee was founded.”
50th Patent Awarded
The new “financial gadget” patent further differentiates Yodlee’s platform in how its technology collects, consolidates, and presents financial transactional data to consumers and companies via certified FinApps. A FinApp provides an expression of the user’s financial data for a specific purpose, such as expense management, debt analysis, investment tracking, credit monitoring, or tax filing (with partner H&R Block).
FinApps bring an app-based approach to financial management, enabling a truly personalized experience based on wide array of money management needs, priorities, and objectives. Yodlee’s FinApps are certified by Yodlee for security and delivered seamlessly through customers’ digital experiences. The new patent covers a process in which a financial app is certified and selected by the user, receives the user’s financial data, and provides the user information (output). Users can revoke the application’s access to their data at any time. Only Yodlee provides an app-based approach to banking and finance via an open, dynamic data technology platform, powering innovation around the world.
Yodlee aggregates accounts for more than 40 million consumers worldwide. The significance of that is in the power of the network. Not only does the data get better with every user through self-learning categorization algorithms and visibility into more unique account types, but it also enables operational efficiencies, attracts a strong developer ecosystem, and enables powerful social benchmarking through a big and diverse user population.
About Yodlee & Yodlee Interactive
Yodlee is the platform for financial innovation. Nearly 600 companies globally, including seven of the top 10 U.S. 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 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 to build 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.
Eddiemae Jukes, TriplePoint for Yodlee