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.

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.

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).

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. 

This has not been integrated as yet. Yodlee is still working on this, however, once this is available it will be introduced into the platform. 

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. 

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.

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

Please follow our troubleshooting guide here.

How often is the data updated?

Yodlee will retrieve a refresh once a day, if their transactions are made in a day you will likely see them reflected on the next sync.

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 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 for now, this data is not available. 

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. 




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