BancVue Interactive, an online marketing firm exclusively focused on supporting community financial institutions, and Yodlee, a provider of personal financial management and integrated payments solutions, have entered into an agreement to fully incorporate the two firms' online account opening technologies.
The enhancement will integrate INMO, BancVue Interactive’s online account opening (OAO) system designed exclusively for community banks and credit unions, with Yodlee’s patented Yodlee AccountVerification technology that includes both ‘Instant’ account verification and Challenge Deposit verification capabilities to confirm account ownership, available balance, and other pertinent information, said BancVue Interactive.
John Waupsh, CEO of BancVue Interactive, said: “Our partnership allows us to reduce funding risk to the financial institution and enhance decision making during account opening, increasing the likelihood of completing an account opening in a single session.”
Anil Arora, CEO of Yodlee, said: “We know from experience that seven out of every 10 new consumers elect to use ‘instant’ account verification in preference to legacy verification methods when given the choice. The BancVue Interactive/Yodlee combination will give community financial institutions the process they need to establish credibility among these consumers, ultimately leading to less risk and increased account openings.”