Obopay, Yodlee Partner for Instant Bank Account Verification
Obopay has announced it has partnered with Yodlee to facilitate instant bank account verification, letting Obopay customers immediately link their existing bank account to Obopay.
The Obopay-Yodlee combination brings unique advantages for mobile payments: World class security, unprecedented speed, and true convenience.
Yodlee's Account Verification lets Obopay users authenticate bank account ownership in real time by entering their online banking user name and password. Yodlee currently provides ownership confirmation for bank accounts at more than 650 financial institutions that carry more than 80% of American account volume. This information is confirmed by Obopay through Yodlee in a matter of seconds. Once confirmed, Obopay users can immediately begin sending money between their Obopay account and their existing bank account.
Yodlee's Account Verification will give Obopay users an alternative to challenge deposit verification, which requires users to provide only their bank routing number and account number. Challenge deposit authentication will still be available for users who do not have online bank account access or are not willing or able to provide their online credentials.
"Obopay is committed to continuing to enhance our users' experience and our service offerings, and our partnership with Yodlee gives our customers a convenient alternative to confirm their account information and avail of the full suite of Obopay services," said Obopay's CEO Carol Realini.
"Obopay is a perfect use of our patented Instant Account Verification technology, giving people the convenience of immediate authorization with the highest security," said Peter Hazlehurst, SVP of Product Development at Yodlee. "We're looking forward to working with Obopay to enable new levels of speed and service for an increasingly mobile world."
Obopay is a replacement for cumbersome cash and checks that anyone can use. Obopay users transfer funds into an Obopay account and then use text message, mobile Web, AOL(R) Instant Messenger(TM) or the Obopay mobile application to purchase, pay, and transfer money. Yodlee gives users the ability to instantly verify the ownership of their bank accounts and also offers users access to their financial information through other Yodlee service offerings.
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