S1, a major player in the US online banking
technology industry, has announced that it is to integrate online
banking application vendor Yodlee’s PersonalFinance and DirectPay
services into its offerings.
technology industry, has announced that it is to integrate online
banking application vendor Yodlee’s PersonalFinance and DirectPay
services into its offerings.
The Yodlee services, which will be marketed as
a part of S1’s Postilion unit’s Retail and Business Internet
Banking solutions, will be available in the third quarter of
2008.
a part of S1’s Postilion unit’s Retail and Business Internet
Banking solutions, will be available in the third quarter of
2008.
Yodlee’s entry into the market in 1999 was
spearheaded by its PersonalFinance management (PFM) solution.
spearheaded by its PersonalFinance management (PFM) solution.
The service enables online banking customers to
consolidate and transact on all their financial accounts including
current, savings, credit card, brokerage, pension and mortgage,
irrespective of with which financial service provider they are
held.
consolidate and transact on all their financial accounts including
current, savings, credit card, brokerage, pension and mortgage,
irrespective of with which financial service provider they are
held.
The DirectPay bill pay service was launched by
Yodlee in early-2007 and targets banks that want to run bill pay
services in-house rather than outsource to third party service
suppliers.
Yodlee in early-2007 and targets banks that want to run bill pay
services in-house rather than outsource to third party service
suppliers.
According to Yodlee its DirectPay card-based
payment network’s over 300 billers represent about 40 percent of
major US billers by volume and give most consumers an opportunity
to pay nearly half of their monthly bills with a card.
payment network’s over 300 billers represent about 40 percent of
major US billers by volume and give most consumers an opportunity
to pay nearly half of their monthly bills with a card.
“Research shows that a majority of users want
PFM and card pay capabilities as a feature of their online banking
solution,” explained Yodlee’s president and CEO, Anil Arora.
PFM and card pay capabilities as a feature of their online banking
solution,” explained Yodlee’s president and CEO, Anil Arora.
The combined Yodlee services enable financial
institutions to greatly improve customer satisfaction and, driven
by bill pay, open up significant new sources of interchange
revenue, he added.
institutions to greatly improve customer satisfaction and, driven
by bill pay, open up significant new sources of interchange
revenue, he added.
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