Amazon Payments Chooses Yodlee for Account Verification
May 17, 2010
Yodlee, Inc., a RedwoodCity, Calif.-based provider of personal financial management and payments solutions, recently announced that Amazon Payments, Inc., has implemented Yodlee’s InstantAccountVerification technology into Amazon Payments. “Traditional verification methods don’t take into account the customer’s expectation of speed and immediacy when they transact online,” said Baris Cetinok, director, Amazon Payments. “Yodlee Account Verification confirms the ownership of a consumer’s bank account in real time, adding a required layer of validation without slowing down the process. This helps Amazon Payments deliver on our commitment to a great customer experience.”According to a press release, over the past 10 years, Yodlee has verified more than 15 million consumer accounts, reducing both abandonment and potential fraud in those online transactions, which include new account openings, funds transfers, purchases, and P2P transactions.