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Consumers can put their faith in Yodlee service

I write in response to the article in Money Marketing headlined,

Aggregation deals on hold after a scrape with the law.

Indeed, the FSA recently warned that aggregation falls outside its remit

and has urged banks to check legal and security issues thoroughly before

they partner with an aggregation organisation to offer such a service to

their customers.

As the leader in aggregation services, Yodlee has been in discussions with

all the UK regulators to ensure that Yodlee meets all legal and regulatory

requirements including compliance with the Data Protection Act.

We are completely in agreement with the FSA that it is essential that

banks enter into agreements with estab-lished companies since they are

entrusting their brand and reputation to an outside party. We are also

working with the regulators and our customers to ensure that the consumer

is protected at every stage.

Since 130 financial institutions and consumer portals have already

partnered with Yodlee, having undertaken a thorough due diligence

procedure, we are confident that UK financial institutions and consumer

portals who follow the FSA advice will choose to work with Yodlee to offer

their consumers the benefits of aggregation services.

It is true that we are working with a number of UK partners to bring the

benefits and convenience of aggregation to their customers – a single view

of all their online accounts with one simple password.

It is not for Yodlee to determine or comment upon our partner&#39s launch

strategies or to determine when and how they introduce the service to their

customers. However, we continue to drive the first wave of a truly secure

and reliable, user-friendly service offering for the UK.

In terms of security, the Yodlee model stores consumer passwords in a

highly secure vault using the latest physical, network and application

security. Technically, the consumer does not disclose their password either

to the bank or to Yodlee.

Unlike our competitors, Yodlee has the only proven approach and now has

1.4 million consumers utilising the service. Rather than bypassing the

regulators, Yodlee was the first to approach and has been actively working

with the FSA, BBA, APACS and the QIC to help define standards for the

industry, as it did in the US for the BITS forum.

Our competitors claims that they bypass legal and regul-atory issues

reconfirms Yodlee&#39s concerns that in an unregulated environment financial

insti-tutions and consumers must be fully aware of the risks and how to

minimise them.

Steve Gibson

Director, international marketing,

Yodlee

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