Moving Money Between Financial Institutions Is Now As Easy as Point And Click; National InterBank and Yodlee Debut Web Based Internet Funds Transfer Service.

Business Editors and High-Tech Writers

IRVINE, Calif.--(BUSINESS WIRE)--Dec. 12, 2000

National InterBank and Yodlee Inc. today announced plans to integrate National InterBank's Internet Funds Transfer Service (IFTS) -- a new Web-based technology -- with the Yodlee Platform, adding a much-requested enhancement to online financial account aggregation delivery.

Yodlee's deployment of National InterBank's IFTS will provide users of its financial account aggregation services with the ability to seamlessly and securely move money between all of their banking and brokerage accounts registered on the Yodlee service.

National InterBank developed this new technology from the ground up to meet the needs of consumers and small business owners who, in increasing numbers, are moving online to more efficiently manage their financial lives. With the launch of the National InterBank IFTS technology, Yodlee will be the first aggregation provider to deliver a seamlessly integrated service offering Internet funds transfer capabilities and financial account aggregation tools in a single Web interface.

"After careful scrutiny, Yodlee selected our new technology infrastructure to power its aggregation partnerships with inter-institution funds transfer capability," said J. Randall Waterfield, CEO of National InterBank. "With this functionality, Yodlee partners will now have the option of offering IFTS to their customers, enabling them to transfer money from one account to another account with the click of a mouse."

With the National InterBank funds transfer service, users of Yodlee-powered sites can fluidly move money between all of their accounts and see when the funds are debited and credited. Users of the service will pay an annual charge and a nominal per-transaction fee. Each transfer will take approximately two days to complete.

At the core of National InterBank's technology is a proprietary risk and fraud detection engine that protects both customers and partners from the liability of unauthorized transactions. This process takes place both on- and off-line and ensures customer identity authentication and verifies funds availability. All funds transfers will be moved via the Automated Clearing House (ACH) network.

"As early as May 1999, Dataquest found that 50 percent of all Internet users surveyed would use a service that displayed all of their accounts in one place and would let them actively manage all of their financial activity," added Waterfield. "Now, thanks to our partnership with Yodlee, that desire is being met."

IFTS will be available to Yodlee partners in Q1/2001. Funds transfers will be enabled between financial institutions, provided the user's accounts are accessible via Yodlee and capable of accepting ACH transfers. Currently, more than 700 financial institutions (banks, brokerages, etc.) are accessible through the Yodlee Personal Information Management Platform.

"This is exactly the type of functionality that our clients are looking for," said Anil Arora, president and CEO of Yodlee. "We're pleased to be partnering with National InterBank to bring this powerful new offering to life."

According to the September 2000 Internet and Financial Services report from Morgan Stanley Dean Witter, the number of aggregation users is expected to grow from 500,000 today to over 22 million by the end of 2003. The study determined that the critical success factors for account aggregation are two core functions: the ability to offer dynamic financial advice based on individual financial information, and the ability to deliver funds-transfer services that seamlessly and effortlessly move money from one financial institution to another.

"The funds transfer relationship with Yodlee has enormous revenue and partnership development potential for us long-term. We are honored that Yodlee has selected National InterBank to provide such an important tool for its customers," added Waterfield.

About Yodlee:

Yodlee's Personal Information Platform enables businesses to offer their customers a convenient way to consolidate all of their personal online information. Customers get one click access to a dynamic summary of the personal information that matters most; bank balances, investments, bills, travel, email, and much more. All this information is accessible from a PC, PDA, or Web-enabled phone.

For more information, visit the company at www.yodlee.com

About National InterBank

National InterBank, www.nationalinterbank.com, is the nation's premier provider of online private-label banking infrastructure for Internet businesses and affinity groups. National InterBank supplies its partners with valuable Web content through a branded Vertical Financial Services Portal. This service enables clients to offer a full range of financial services directly to their users under their own brand name, greatly enhancing customer loyalty and time spent on the client site. National InterBank is a division of The First Bank of Mitchell, a federally chartered institution. All deposit accounts are insured through the FDIC, up to $100,000 per customer.

For more information, visit the company at www.nationalinterbank.com.