American Express has announced the signing of an application programming interface (API)-powered data access agreement with Envestnet | Yodlee, a data aggregation and analytics platform.
Through the agreement, the US-based payments company aims to provide customers with new digital banking options, enabling an easy connection to their trusted financial tools, including apps that help manage finances and build wealth.
Customers of American Express will now be able to use their account information more easily to better manage their personal finances and business expenses. It will be made possible through secure connections with multiple trusted applications on the Envestnet | Yodlee platform.
Envestnet Data & Analytics group president Farouk Ferchichi said: “Envestnet | Yodlee is excited to join forces with American Express to provide their customers with a reliable and simplified experience.
“By partnering with American Express, we can deliver innovative financial solutions that help American Express’ customers achieve their goals and improve their overall financial wellness.”
The integration of Envestnet | Yodlee into American Express’ account financials API will allow customers to instruct the payments company to share their account data in a safe and easier manner.
It will help to do away with the requirement of credential sharing, while enhancing data accuracy and reliability and expediting financial data access.
American Express enterprise data governance and platforms senior vice president Danielle Cloud said: “This agreement will give our customers greater control over their financial data, expanding on American Express’ commitment to create secure and seamless digital experiences for an increasingly digital customer base, further enhancing the American Express customer experience.
“Providing consumers and small business owners with the help they need to better manage their financial lives without compromising the security and transparency they’ve come to expect with American Express and Envestnet | Yodlee.”
The technical integration between American Express and Envestnet | Yodlee is ongoing.
Both companies expect to complete most of the migration for all in-scope US services this year.
