REDWOOD CITY, Calif. — Yodlee and Andera are joining to offer a combined account opening verification and funding solution to financial institutions.
Yodlee will provide the account verification and funds transfer tools while Andera will provide the account opening technology.
After cutting its teeth as a pioneer in account aggregation, Redwood City-based Yodlee now provides more than four million verifications a year for small and mid-tier financial institutions. Andera, meanwhile, provides account opening solutions to more than 130 credit unions and banks.
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"Yodlee's instant account verification technology enables true single-session verification with astonishing consistency and effectiveness, and when integrated with Andera's real-time account opening platform, represents a truly unique offering in the market," said Charlie Kroll, CEO of Andera in Providence, R.I.
The partnership with Yodlee extends Andera's online account-opening platform to larger financial institutions than it has targeted so far, the companies say.
"Clearly, effective account opening is a key driver for the online channel and a significant cost reducer and revenue generator for financial institutions," says Joseph Polverari, senior vice president, strategy and development at Yodlee.
Yodlee, meanwhile, says its Yodlee FundsTransfer application has now processed more than $1 billion in transaction volume in the nine months since it was launched. More than 100 financial institutions and portals, including AOL, Bank of America, Fidelity, JPMorgan Chase, Merrill Lynch and MSN, use Yodlee, the company said.
The announcement is the second recent alliance Andera has struck with providers of online financial services solutions to large institutions. S1 Corp. said in April it would offer the Andera solution to its S1 Enterprise and Postilion clients.
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