What is Yodlee?

Yodlee is an online banking solution provider that uses your online banking username and password details to retrieve bank transactions on your behalf.

Yodlee is the leading data aggregation and data analytics platform. It proudly powers dynamic, cloud-based innovation for digital financial services and have fuelled innovation for financial institutions and FinTech for over 19 years. Their platform ultimately enables financial services to help their consumers get better lending rates, lower fees, higher returns, and more. Yodlee aggregate accounts for tens of millions of consumers worldwide.

[Global] What does Yodlee do with my data? Can I trust them?

Yodlee is not a Personal Information broker and does not sell information that identifies consumers. Yodlee follows all applicable laws regarding the use of consumer data. Adhering to leading industry practices for data security, regulatory compliance and privacy.

Check out Yodlee's Data Promise for more detail.

[AU] Is Yodlee CDR (Consumer Data Rights) compliant?

Yodlee has a CDR Policy that applies to Australian consumers, or account holders of Australian financial institutions consenting to the provision of their CDR Data.  The policy describes your rights under the Consumer Data Rights (CDR) legislation (the Competition and Consumer Act 2010 and the Competition and Consumer (Consumer Data Rights) 2020 (CDR Rules).

[AU] Is my bank Open Banking ready?

Current data holder providers (accredited banks) can be seen here Each Bank (Data Holder) journey commenced on varying schedules, as determined by the ACCC.

Contact your Data Holder (Bank) directly if you have any further Open Banking queries relating to your accounts.

[Globa] How often is the data updated?

The method employed to retrieve data may differ based on the preferences of the Financial Institution regarding Yodlee's access to their systems. Such variations are evident across different account types and providers. For instance, a Superannuation account typically updates on a monthly basis, reflecting its less frequent data changes compared to an everyday account.

Also, depending on your institution they may offer to connect in one or two ways i.e. in Australia either Consumer Data Right (CDR) or screen scraping. The CDR option would update more frequently and with more details passed through.

Yodlee's systems also schedule the next update by setting a future date/time for it. The timing of the next refresh is determined by factors such as the account type (e.g., Bank, Loan, Credit Card) or the user's activity level on the platform, among others. Nightly cache updates are generally performed daily.

  • Frequently changing finance accounts (bank, card, investments) are refreshed daily for 0-30 day active users.
  • Frequently changing finance accounts are refreshed every 3 days for 30-45 day active users and weekly for 45-90 day active users.
  • Low-frequency finance accounts (loan, mortgage, insurance, bills) and non-finance accounts (rewards, email) are refreshed weekly for 0-30 day active users.
  • Low-frequency finance and non-finance accounts are refreshed every two weeks for 30-90 day active users.
  • Refreshes are stopped for users inactive for over 90 days.
  • If a user is inactive for over 90 days, then user needs to refresh the account once from the application for cache/nightly refresh to start working.

What do I need to connect my accounts?

You will need your details to match your online banking. You will not be able to connect your accounts if your online banking account is locked, such as after too many failed login attempts. On your initial connection, your details will appear in the Governance module overnight.

Can a client remove an account after they're linked?

Absolutely they can. A client can remove and edit which accounts they give you access too by following the same steps they used to link their account but this time, unchecking which accounts they wish to remove. Check out our guide here. 

What do I do if I cannot see my accounts after waiting overnight?

Please follow our troubleshooting guide here.

What happens if I change my password for my financial institution?

If you change your credentials, Envestnet | Yodlee will not be able to retrieve data on your behalf until provided with new, valid credentials. New credentials can be captured by reconnecting the data feed. If you forget your password, you will need to retrieve or reset it via the corresponding financial institution and then provide it through Yodlee FastLink using the connection in Your Governance. 

If I have already linked an account from one bank and then created a new account with that bank, do I have to enter my credentials again? 

No, Yodlee searches for new accounts periodically and adds these automatically. 

My financial institution requires 2FA. How can I connect with this institution? 

Yodlee has a CDR Policy. CDR (Consumer Data Rights) are part of open banking. Open banking will allow Lumiant to connect Your Governance to a number of additional institutions that are not accessible any other way (e.g. Macquarie, Chase etc.). OpenBanking will get permission from the client for Yodlee to access their accounts for a specified period. They will need to provide Yodlee with updated permissions each time the previous period expires. This means the connection is not in place ongoing. 

For non- Open banking accounts which require 2FA, currently, we will not be able to update these accounts given they need a one-time token.  Yodlee is working with these institutions on a way to be able to introduce this. Once this is done we will be able to then introduce this to the platform. 

CDR (Consumer Data Rights) are part of open banking. As Yodlee is CDR accredited, we are in the process of working with Yodlee to have this integrated and available. 

I have linked my bank account and my data did sync, but now it isn't/the screen says the link is broken

  • Try using the fix link button 🔗 this will force a refresh of that account with your bank
  • If that doesn't work wait 48 hours, as the bank and Yodlee will usually reconnect any broken feeds in that time
  • The above steps resolves most of the problems, if you still have an issue you will need to raise a support ticket with us. In the worst case you will need to unlink your consent and financial institution, then reconnect.

[AU] If I have already connected BASIQ data feeds, will these still be available? 

Lumiant's Your Governance module is now integrated with Yodlee. Yodlee will replace the BASIQ data connection. BASIQ has been disconnected from the Your Governance module and removed.  If a client previously connected BASIQ to Your Governance, they will need to re-connect their accounts through Yodlee as Lumiant will no longer retain a data connection to their accounts. 

I cannot find Rest Super, is this available? 

At this stage, Rest Super is not accepting Yodlee requests. Yodlee will be trying to establish contact with Rest super, though this data is not available for now. 




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