19th January 2018

Envestnet|Yodlee offers banks a solution that complies with PSD2 in the UK

Envestnet|Yodlee (E|Y) has announced a single API solution aligned with the Second Payment Services Directive (PSD2) and Open Banking Application Protocol Interface (API) specifications in the UK for account information services.

To ensure compliance, E|Y has been working closely with PSD2 stakeholders and the Open Banking Implementation Entity. The company has built a robust consent architecture in accordance with the Open Banking specifications, providing developers with the ease of integrating with a single API that encapsulates the consent for account access requirements to comply with PSD2.

During this transition period, E|Y will continue to process all data through its global platform and provide a single API to access data from UK banks, with cleansed and enriched transaction data that is automatically refreshed daily to ensure accuracy.

Mark Herlihy, VP International Markets at E|Y, said: "We are proud to be a leading data aggregator to support the Open Banking movement, a truly revolutionary development that represents the wave of the future for global financial services markets across the world. We have always been an advocate for innovative financial services that adhere to the highest standards of data security. Now we are able to further this mission by enabling developers to easily integrate bank data at scale in compliance with the Open Banking API protocol."