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New Yodlee Platform Aims to Speed Up Innovation for Banks

Yodlee Interactive launched a new platform yesterday that allows banks to easily integrate applications from banking technology providers, a statement from Yodlee said. The platform, dubbed Active Commerce Exchange (ACE), leverages the cloud and has 20 applications right now from companies like BillGuard, PaySimple and LivePlan.

Yodlee said it will continue to add new solutions from new providers to the exchange going forward. The platform was described by Yodlee as an app store for banks, focusing on providing easy access to solutions from newer companies.

Financial institutions will be able to roll out new solutions more quickly and efficiently, according to Yodlee, accelerating the adoption of solutions from startups. Yodlee claims that banks will be able to innovate faster by increasing time-to-market with ACE.

[See Related: BBVA Invests $100 Million in Financial Services Start-Ups in Silicon Valley]

“Finding, vetting and then integrating digital financial services and solutions is a complex and time-consuming exercise that can take years to execute properly,” Jennfier Wilson, BBVA Compass’s Executive Vice President, said in the statement. “By leveraging Yodlee’s platform and the ACE ecosystem, we can easily integrate new services into our digital experience in months, rather than years.”

ACE will also offer developer tools to help companies build new technologies quickly and reach bank customers without having to establish relationships with each of them, the statement added.

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

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Cara Latham
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Cara Latham,
User Rank: Apprentice
9/6/2013 | 1:41:04 PM
re: New Yodlee Platform Aims to Speed Up Innovation for Banks
I definitely see the benefit here, but wouldn't banks want to both reach customers quickly AND establish relationships with each of them? The statement says they can skip forming relationships with each through ACE. I get that they can't reach everyone, but wouldn't it be more helpful (in terms of marketing other bank services to them) to maybe form a relationship with them but do so more easily with ACE?
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