The ACCC has approved American fintech data provider Envestnet | Yodlee as an accredited data recipient in Australia’s fledgling open banking scheme.
Leading data aggregation and data analytics platform for digital financial services Envestnet | Yodlee has qualified as an accredited data recipient under the Consumer Data Right.
The ACCC made the announcement on 19 February, meaning the fintech is one of the few firms to receive ACCC approval as an accredited data recipient under the CDR open banking scheme. The others are Frollo, Credit Simple, illion Open Data Solutions, Regional Australia Bank and Intuit QuickBooks Australia.
The open banking scheme provides consumers with access to their banking data, as well as the ability to safely transfer it to trusted parties to receive personalised advice, products and services.
Tim Poskitt, country manager for Australia and New Zealand at Envestnet | Yodlee, said being one of the first global data aggregators to receive CDR accreditation was testament to the US company’s commitment to innovation in Australian financial services.
“This accreditation will enable Envestnet | Yodlee to continue to bring the best financial data and intelligence to Australia’s banks and fintechs,” Yodlee said.
“By collaborating with regulators and delivering these capabilities to financial service providers, consumers will be in a position to make better financial choices and decisions based on their data, behaviours and personal situations.”
Envestnet | Yodlee head of international business Jason O’Shaughnessy said the company was committed to Australia, “a key market where we’ve been for more than a decade”.
“Our active engagement with the CDR regulator and Australia’s open banking regime will continue, as will our adherence to the highest local and international standards for data security, regulatory compliance and consumer privacy,” O’Shaughnessy said.
The company also launched its Australia and New Zealand-specific responsible lending product last month. The Envestnet | Yodlee Credit Accelerator will enable financial service providers to access quick and accurate consumer data.
It can generate a comprehensive report with minutes instead of weeks, including income and expense summaries demonstrating compliance with responsible lending guidelines so lenders can make educated decisions.
