Yodlee Announces Global Adoption of Financial Services Platform

Yodlee 10 powers growth of online banking and payment services in Europe and beyond

Feb 01, 2011, 03:45 ET from Yodlee, Inc.

REDWOOD CITY, Calif. and LONDON, Feb. 1, 2011 /PRNewswire/ -- Yodlee, Inc., the leading provider of online personal financial management (PFM) and revenue-generating payments solutions and services, announced details of the rapid adoption in Europe of its Yodlee 10 platform in conjunction with its presentation at FinovateEurope in London today.

Powering PFM for more than 26 million individuals across the globe, Yodlee combines traditional PFM and payments with the new Yodlee FinApp Store— a financial services application marketplace—to create a personalized and actionable online and mobile money management experience. Yodlee's European business grew dramatically in 2010, with a number of major European banks choosing Yodlee for their PFM requirements. Continuing the trend in the U.S., Yodlee is powering several of the products and services being demonstrated at FinovateEurope.

Consumers' quest for financial management tools that provide actionable control has quickly become a global phenomenon. The desire for centralised online PFM among UK-based financial decision-makers was clearly demonstrated in a recent Yodlee survey, wherein 61% of respondents said that they would be likely to use PFM services offered through a bank or building society. With an estimated 95 million online banking users in Europe and about one in eight Europeans with a mobile phone using mobile banking today(1), the opportunity for PFM is unmistakable. In fact, more than 80% of online banking households reside outside the United States, according to Online Banking Report.

With Yodlee 10 and the Yodlee FinApp Store, European banks and financial services providers have the freedom to innovate and deploy solutions quickly so they can engage customers who might otherwise be overwhelmed by the complexity of monitoring and managing accounts for checking, savings, credit, debit, personal loans, and rewards programs. Yodlee 10 also empowers a personalized online and mobile experience, since nothing is more personal, or individual, than a person's finances.

"Yodlee is committed to working with banks and financial services providers in Europe because we recognise the immense and largely untapped market opportunity," said Jason O'Shaughnessy, Yodlee's Managing Director, EMEA. "As European consumers clamour for tools that are effective and secure, demand for Yodlee's platform has increased exponentially. Given European consumers' desire for mobile solutions, we are particularly pleased to deliver an intuitive, insightful and practical solution online and via mobile devices."

Yodlee will be debuting two new Yodlee FinApp capabilities at FinovateEurope: a secure document and image storage vault, and a conversion tool for porting outside financial data (e.g., from other services or desktop tools) into the online PFM experience.

For more information, visit www.yodlee.com.

About Yodlee

Leading financial institutions and portals trust Yodlee to power critical online banking applications that increase profitability and drive more value from the online channel. Yodlee's proven, patented personal financial management, payments, and customer acquisition solutions unify all personal financial account information to deliver a simple, centralized and secure way for consumers to manage all of their financial tasks anytime, anywhere. Yodlee makes financial institutions' websites essential to their customers and generates new deposit and revenue opportunities. Yodlee's patented data, payments and risk management utility supports more than 12,000 unique account sources and over 120,000 different account types. More than 300 leading financial institutions and portals offer Yodlee-powered solutions to millions of customers worldwide. Yodlee is headquartered in Redwood City, California. For more information, visit www.yodlee.com.

(1) Forrester Research, "The State Of Mobile Banking In Europe 2010: Mobile Banking's Time Has Finally Come"

Yodlee, Yodlee 10, and Yodlee FinApp Store are trademarks or registered trademarks of Yodlee, Inc.  

SOURCE Yodlee, Inc.