Open banking platform provider Token has collaborated with Envestnet | Yodlee for payments and financial data aggregation.
TokenOS is an open banking operating system that allows banks to generate revenue from PSD2 compliant payments and simplifies access to banks for third-party service providers through a access to banks for third-party service providers.
Envestnet | Yodlee financial data platform helps to deliver data from more than 16,000 global sources through personalized financial apps.
The platform and its aggregation API deliver bank, credit card, investment, loans, rewards, and other financial account data required for personal financial wellness, lending and wealth advisory apps and services by using consumer permission-based access to financial accounts and transaction information supported by bank-level security.
The partnership will combine TokenOS with Yodlee's platform and API integration to create an advanced open banking payment and information solution for EU banks.
Token CEO and founder Steve Kirsch said: "We are delighted to work with Envestnet | Yodlee to transform the future of banking. When it comes to PSD2, developers are not going to support hundreds of unique bank APIs; they will only write to one common API, maybe two.”
“This means that banks that create their own proprietary API risk not being able to deliver the variety and freedom that customers expect in the digital age."
Envestnet | Yodlee EMEA and Australia senior vice president Jason O'Shaughnessy said: "Both Token and Envestnet | Yodlee believe that open data access is critical to enabling innovative tools that can help consumers improve their financial lives.”
Image: Token CEO and founder Steve Kirsch. Photo: courtesy of Token, Inc.