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FUNDSXPRESS AND YODLEE LAUNCH BANKING/AGGREGATION SOLUTION.


FundsXpress, a provider of online financial services, and Yodlee, a provider of aggregation solutions, have formed a strategic partnership to provide a fully integrated account aggregation and Internet banking solution to FundsXpress clients. Integrating the aggregation and Internet banking solution greatly increases customer usage and retention. It also uniquely positions FundsXpress to offer a cost-effective aggregation solution within the online banking product suite.

"Yodlee's success in the account aggregation marketplace ensures our ultimate goal of providing our clients with the best-of-breed online banking services they need to remain competitive," said Brent Warrington, FundsXpress president and CEO. "The integration of Yodlee's account aggregation engine into our Internet banking platform greatly increases the value of online banking to customers by allowing them to conveniently access, with a single login, all of their online financial accounts, not just those they hold with that institution."

The integrated online solution will provide end users with one place to consolidate all of their financial account information including banking, credit cards, investments, 401(k), mortgages and bills. This includes convenient, centralized access to the accounts they hold with all financial institutions. Users can also consolidate their non-financial accounts like email, news, and travel. Providing users with one convenient place to access and better manage their online lives has proven to greatly strengthen the host institution's customer retention rate and per customer profitability.

The integrated solution is built on Yodlee's aggregation engine, which gathers data from an industry leading 7,000 sources. The engine uses a variety of techniques including direct data feeds and OFX/QIF downloads to gather user specific account information. Once gathered, all data passes through Yodlee's unique C.A.N. process, which cleanses, augments and normalizes the data before it is presented to the user.

"We are pleased to partner with FundsXpress, a company that shares our commitment to provide innovative technology solutions that deliver against specific business needs," said Anil Arora, president and CEO of Yodlee. "The operational efficiencies we achieve by fully integrating our two solutions, enables FundsXpress to offer a robust aggregation-based banking solution that is easy to deploy, easy to maintain and affordable."

With the fully integrated solution, consumers win by having one place to access and manage all of their financial activities. Clients win in that they can easily deploy an affordable, best-of-breed banking service that drastically increases customer usage, retention, and profitability.

About Yodlee

Yodlee Inc., founded in 1999, is a provider of aggregation data and solutions. It operates in the U.S., U.K., Hong Kong and Australia, and has more than three million users, over $125 billion aggregated across its network, and over 150 clients, including the world's top financial institutions and portals. Aggregation powers a variety of dynamic and practical web-based solutions, which increase the profitability of financial service providers by empowering them to best serve, retain, understand, and grow their customer relationships. Yodlee's clients include: AOL, Bank of America, Citibank, CUNA, Fidelity, Financial Engines, J.P. Morgan Chase, Merrill Lynch, MSN, S1, Sungard, Wachovia, and Yahoo. Yodlee is headquartered in Redwood City, California and can be reached at http://www.yodlee.com .

About FundsXpress Financial Network, Inc.

FundsXpress is a premier provider of Internet-based financial services and products for banks and credit unions nationwide. Through a state-of-the-art data center the company delivers a secure, scalable and proven financial product suite. FundsXpress' products include retail and commercial Internet banking, cash management, automated lending, account aggregation and dynamic Web sites. FundsXpress clients benefit from the company's value-added compliance support, customer service and leading adoption rates.

FundsXpress Financial Network can be found on the World Wide Web at http://www.fundsxpress.com .

For more information, call 512/493-2681.
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Publication:Productivity Software
Geographic Code:1USA
Date:Apr 1, 2003
Words:611
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