We announced our partnership with Yodlee as a strategic partner during our official 'coming out' in Q4 of 2020. What we've witnessed over time has been the sea change of embedded finance sweeping over fintech - in particular low or no-code options for FinTechs to get to market quickly while being able to quickly link, verify, and pull financial data to optimize the customer experience.
For developers that have traditionally worked with large financial data aggregators, we all know that common issues can arise, regardless of the no-code premise. Even we had early challenges linking our own corporate Brex account with Silicon Valley Bank (any other hand raises in the audience?).
With many FinTechs dealing with some of the same challenges with direct integrations, there are three main areas where BaaS platforms like Productfy can make a meaningful difference in helping FinTechs get to market faster.
Expertise and support
Some would say the easy part is embedding code in your app. But that's not where the challenges lie today. Whether it's Plaid, MX or Yodlee, a FinTech's entire experience and success with data aggregation and account verification comes down to how well they can troubleshoot and interface with support when the inevitable issues arise. All data vendors continuously build and maintain their data networks, and when a specific error arises with a financial institution or when there's longer than expected latency, having a team that deeply understands how the data feeds and API calls work is critical to getting unblocked and going live faster.
Integrating account verification and/or data aggregation as standalone features typically means FinTechs are going to be building for downstream use cases (payments, banking, financial wellness, etc). Banking as a Service platforms like Productfy provide unified access and endpoints to more than just single point solutions. We can power your entire fintech or banking stack and provide unified due diligence, program management, and compliance, so your team can focus on the storefront and core competitive features. Unifying the platform enables unified reporting that doesn't live in silos where your team is constantly maintaining and managing multiple integrations and vendors to get a true picture of your program.
With multiple SDKs, webhooks, and other ways that Productfy enhances account verification, we provide tools and developer support that further enhance the embedded finance experience to FinTech developers.
Our decision to partner with Yodlee was ultimately indexed on the fact that they have one of the largest financial data networks in the U.S. If your FinTech is going to work with a diverse customer base that banks with many 'long tail' financial institutions, it's critical you have the most coverage you need at the top of your funnel to ensure your conversion rates and customer acquisition and onboarding is optimal. And with our BaaS platform and embedded integration with Yodlee, our mission is to get you there faster with superior DevX as one of our core pillars.
Read more about our partnership on Yodlee’s website. Learn more about our integration by setting up a time to connect, including our specific tools and competitive pricing with Yodlee.