Wells Fargo has become the latest data sharing agreement win for Envestnet | Yodlee as the companies announced a pact Thursday they said would allow Wells Fargo customers to “more securely and seamlessly share” their financial data with the more than 1,400 third-party financial applications on the fintech firm’s Financial Data Aggregation Platform.
The deal follows similar data access deals that Envestnet | Yodlee signed with financial firms Charles Schwab in April, Citi and JPMorgan Chase.
“We will launch the experience with select Envestnet | Yodlee customers this year, and anticipate full integration in the next couple of years,” Wells Fargo said Friday, adding this marks its 17th data exchange agreement to date.
The data sharing capabilities are being powered by an application programming interface and the agreement “represents a significant step in Wells Fargo’s journey to establish API-based data exchange agreements with third parties,” the firms said. Wells Fargo plans to transition 99% of current third-party financial app screen-scraping to an API-based data exchange, it said.
“In the future, Wells Fargo customers using financial apps that leverage the Envestnet | Yodlee Platform will have greater control over and transparency into the financial information they share with these apps through Wells Fargo’s Control Tower digital experience,” the firms said.