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Envestnet | Yodlee Unveils its Risk Insight API

EnvestnetYodlee_RiskInsight

Knowing more about who you’re lending to makes it a lot easier to provide the most appropriate loan. That’s the thinking behind the new Risk Insight API from Envestnet | Yodlee.

The Risk Insight API helps lenders bring more data to bear when it comes to making the lending decision quickly and more efficiently. The API automatically captures, aggregates, and digitizes user-permissioned data from more than 14,500 sources worldwide and turns it into a Risk Insight Report. More than 80% of the data is from direct feeds from major FIs and includes income, cash flow, and credit card data, as well as outstanding loans and investments and bill payment history. For lenders, this additional information helps produce more profitable and less risky credit decisions.

Yodlee_FinDEVrSF2015_stage

Pictured: Deven Maru, Director, Senior Product Manager, Mobile Platform, Yodlee Interactive introducing Yodlee Rapid Development Kit at FinDEVr San Francisco 2015.

Quoted in FierceFinanceIT, Terry McKeown, practice manager, credit analytics at Envestnet | Yodlee explained, “This is information that is able to provide a more holistic view of that customer’s or small business’s financial health because lenders are able to gather more data sources that are not typical in your standard bureau score.”

The technology is currently being deployed with “several early adopters” who are expected to go live soon. The solution consists of the Risk Insight API, as well as Application Capture Flow and a Report/Disclosures features.

Yodlee was acquired by Envestnet last fall. The company presented its financial data platform and rapid development kit at FinDEVr 2015 in San Francisco, and released its new, “simpler, more intuitive” RESTful API architecture in February Acquirer Envestnet made its Finovate debut at FinovateEurpoe 2016 in London, demoing its Advisor Now, digital advice portal. The company announced a new strategic partnership with Vanguard last month, shortly after picking up a pair of honors at the 2016 Family Wealth Report award.