Wells Fargo signs data exchange agreement with Envestnet Yodlee [Reuters]
Wells Fargo & Company (WFC)
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Source: Reuters
By Anna Irrera 3 Min Read (Reuters) - Wells Fargo & Co and data aggregator Envestnet Yodlee said on Thursday they had signed a data exchange agreement, the latest move in an ongoing tug of war between fintechs and large banks over information sharing. The deal will enable the bank’s customers to share their account information with fintech apps connected to Envestnet Yodlee. Wells Fargo and other large U.S. banks have been pushing to move fintechs and data aggregators away from so-called screenscraping and towards what they have said is a more secure method of accessing sensitive data. Through screenscraping, fintechs collect information by logging into a user’s bank account on their behalf. “This is a significant milestone, we now have 99% of current third party app screenscraping under data exchange agreements,” said Ben Soccorsy, senior vice president in Wells Fargo’s strategy, digital and innovation group. Fintech startups, such as those providing automated wealth management or b
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