Online banking applications provider Yodlee, has deployed its proprietary ‘account aggregation’ solution to power Artha Money Manager, a money management application launched by Artha Money, a financial supermarket that provides personal finance solutions. With this, the Artha Money customers can now manage multiple accounts such as savings, loan, investment and credit card, using a single Internet banking password.
The US-headquartered Yodlee, which has its development centre in Bangalore, has deployed its solutions at Yes Bank. Globally, over 100 financial institutions and portals including HSBC, Citi, Smith Barney, Fidelity, ING, JP Morgan Chase, Merrill Lynch, MSN, Northern Trust and Wachovia offer Yodlee-powered solutions to millions of consumers. Yodlee's development centre in India employs about 370 people.
“The shifting economy has created a new level of consciousness among consumers and their finances. Individuals demand a consolidated view of their multiple accounts and other related activities. Yodlee provides a one stop solution for the need,” said R Subramaniam, VP and MD, Yodlee India.
Artha Money Manager is recognised as a VeriSign secure site with data, password encryption and servers protected with firewalls. Timely alerts are delivered to users via email or SMS to monitor against fraud, and help prevent late fees, overdraft charges, and missed payments. The company currently offers the Money Manager application free of cost.