Yodlee and Corillian Partner to Support Better Online Authentication for Financial Institutions; Partnership Ensures Continued Consumer Convenience with Strong, FFIEC-Compliant Authentication Solution
Yodlee solutions enable secure access to account data on behalf of users from thousands of financial sources in order to deliver personalized, functionally-rich PFM and bill pay applications. Working with Corillian will ensure continued access to Corillian data sources while leveraging Corillian Intelligent Authentication for added consumer protection against fraud.
“As our financial institution clients look to deploy multi-factor online authentication solutions, they want the ability to ensure that it seamlessly interoperates with existing online systems like Yodlee's financial applications”
"Financial institutions have been testing stronger authentication systems in recent months, driven in part by the recent Federal Financial Institutions Examination Council (FFIEC) guidance," said Schwark Satyavolu, Chief Technology Officer at Yodlee. "As these newer authentication solutions are implemented, Yodlee is working with leading providers like Corillian to deliver a heightened level of online security while protecting the convenience of easy-access to information that consumers have come to expect and rely upon via the World Wide Web."
"As our financial institution clients look to deploy multi-factor online authentication solutions, they want the ability to ensure that it seamlessly interoperates with existing online systems like Yodlee's financial applications," said Alex Hart, president and CEO of Corillian. "The support of Corillian Intelligent Authentication with Yodlee's applications will allow our clients that leverage Yodlee to add additional layers of security to their leading online banking services without disrupting the online experience for their end users."
Corillian Intelligent Authentication employs a behavioral approach to authentication by building a history of "access signatures" for individual users. This is accomplished by collecting and validating information about each user's computer and method of Web site access without collecting personally identifiable information or requiring participation of the end user in the data collection process. An electronic access signature is created by combining a number of key identification points, such as IP address, Internet service provider, PC and browser settings, time of day and geographic location. It is a zero-footprint authentication solution that does not require client hardware or software, is not dependent on the existence of any special marker or cookie on the user's PC, and does not require interrogation of the user's PC via downloaded software.
Yodlee applications include online bill pay, personal financial management (PFM), and advisor solutions, which are used today by nearly seven million consumers at leading banks, brokerages, and portal sites.
Yodlee is also an established contributor to industry forums like the Financial Services Technology Consortium, BITS, and the Liberty Alliance, to develop new standards for online authentication and stronger security practices. Yodlee is also a participant in the BITS Financial Institution Shared Assessment Program (FISAP) -- a new security audit pilot program announced on February 1, 2006.
About Corillian Corporation
Corillian is the market leader of online banking, bill payment and fraud prevention applications to the financial services industry. With 28 of the top 100 U.S. banks and 20 of the top 100 U.S. credit unions as customers, Corillian serves over 25 percent of the online banking community. Corillian provides the most flexible, scalable and secure set of online banking applications across multiple lines of business, integrating best-practice functionality developed for some of the most innovative financial institutions in the world. Corillian features integrated applications across Consumer Banking, Small Business Banking, Wealth Management, Credit Card Management, and Corporate Cash Management, as well as enterprise wide solutions, including Fraud Detection, Payments Warehouse, Alerts, eStatements, and OFX. Corillian's fraud prevention solutions use Preemptive Forensics(TM) to protect web sites from phishers, hackers, and fraudsters. Corillian's strong authentication solution provides a low-cost solution for multi-factor authentication while maintaining high user satisfaction. Empowered by Corillian solutions, some of the world's most visionary financial institutions provide their customers with the tools to manage their finances more effectively and securely. For more information about Corillian Corporation, visit the company's Web site at http://www.corillian.com.
About Yodlee
Yodlee is a trusted provider of innovative financial applications that help financial services providers (FSPs) drive more satisfying and profitable customer relationships from their online channel. Yodlee's suite of solutions -- including bill pay, PFM, and advisor applications -- automate and simplify consumers' financial chores while generating new revenue opportunities for FSPs. All Yodlee solutions are uniquely powered by the patented Yodlee Platform, which securely communicates in real-time with thousands of financial sources to create an integrated data infrastructure for all online financial applications. Yodlee operates in the U.S. and the U.K., and has amassed nearly seven million users, over $250 billion in aggregated assets across the network, and more than 100 clients, including the world's top financial institutions and portals, including , AOL, Bank of America, Fidelity, JPMorgan Chase, Merrill Lynch, MSN, and Wachovia. Yodlee is headquartered in Redwood City, Calif. For more information, visit http://www.yodlee.com.
Yodlee is a registered trademark of Yodlee, Inc. Intelligent Authentication is a trademark of Corillian Corporation. All other products and services mentioned are the property of their respective companies.
