Use Cases

The use cases that follow explore common account opening and verification scenarios. The benefits of using Yodlee IAV APIs are highlighted following each scenario. Flow diagrams give graphic representations of each process.

 

E-Commerce

e-Shoppe is an online shopping site and John Doe is registering as a new customer. e-Shoppe requires that John provide a payment account for funding his orders. John searches and selects IQ Bank and provides his credentials for the account. e-Shoppe triggers an IAV link account request by passing related parameters and receives John’s account balances, transactions, and routing information. e-Shoppe confirms that the payment account was successfully added.

A few days after he registers John places an order for something at the e-Shoppe site. e-Shoppe triggers an IAV balance refresh for John’s IQ Bank account by passing related parameters and gets the latest account balance. After confirming enough funds are available, e-Shoppe allows John to proceed with his order and check out.

Benefits of using Yodlee APIs for E-Commerce customers

  • Expedite completion of payment using bank account
  • Expedite completion of payment allowing ‘one-click’ pay
  • Save cost in transaction fees
  • Confirm funds are available before checkout
  • Reduce risk of rejected payments

E-Commerce IAV Flow

  

 

Account Opening

e-Solutions offers account opening and know-your-customer (KYC) services to banks. Users don’t have to physically go to the bank where they want to open an account.

John Doe visits XYZ Bank’s site for account opening and the bank redirects John to the e-Solutions portal. John searches and selects IQ Bank where John has an active account. He provides his login credentials and e-Solutions initiates an IAV link account request by passing related parameters and receives account details including full account number, account holder name, routing information, and 90 days of transactions. e-Solutions verifies John’s account ownership and checks the transaction history for any rejected payments, and the number and amounts of deposits and withdrawals. When the account is verified, e-Solutions sends the appropriate message to XYZ Bank and completes the account opening flow.

Benefits of using Yodlee APIs for customers in account opening domain

  • Facilitate the account opening process by verifying user’s existing bank account data
  • Enable initiation of funding to newly opened accounts
  • Provide data to derive insights into the financial health of the consumer

Account Opening IAV Flow

 

Processing Payments

e-Pay is a payment processor and handles payment processing for merchants. John Doe initiates a payment at a merchant site and the merchant requires that John provide details for his funding account. John searches for IQ Bank and provides credentials for IQ Bank. e-Pay initiates an IAV add account request by passing related parameters and receives John’s account balances, transaction histories, and routing information. e-Pay verifies John’s ownership of the account and validates the balance in the account. e-Pay initiates a funds transfer from John’s IQ Bank to the merchant’s bank account.

Benefits of using Yodlee APIs for payment processors

  • Simplify the process of getting access to verification data
  • Confirm funds are available before making a payment
  • Reduce the risk of fraudulent or rejected payments

Payment Processors IAV flow

1_new.png

 

Wallets

e-Wallet is an online prepaid account provider where consumers can store money to be used when required. John Doe registers with e-Wallet and wants to link an account so he can deposit funds in the e-Wallet account. John searches for a bank where he has an active account to link to the e-Wallet portal. John selects IQ Bank and provides his login credentials. e-Wallet triggers an IAV link account request for IQ Bank by passing related parameters and gets access to the balance information along with John’s full account number, account holder name, and routing information. Using this information, e-Wallet triggers an online funds transfer from IQ Bank to maintain the minimum balance in John’s e-Wallet account.

Benefits of using Yodlee APIs for online wallet service providers

  • Expedite completion of payment using bank account
  • Cost saving in transaction fees
  • Confirm funds are available before use of account
  • Reduce risk of rejected payments

e-Wallet IAV flow

1_new.png

Applications That Aggregate Financial Data and Verify Funding Accounts

FinView is a finance data aggregator and funding account verifier. It allows its users to aggregate online accounts and also allows bank accounts to be used as funding accounts for making and receiving payments. FinView uses IAV to verify bank accounts before allowing its users to use those accounts as funding account.

Benefits of using Yodlee APIs for applications aggregating financial data and verifying funding accounts

  • Simplify the process of getting access to verification data
  • Confirm funds are available before making a payment
  • Reduce the risk of fraudulent or rejected payments
  • Provide access to balances in other account types like credit card, loan, investment with a common API (API for aggregating financial data and verifying funding account)
 

Aggregation First and IAV Later

John Doe registers at FinView and searches for IQ Bank. FinView displays the list of sites. John Doe picks the right site and provides credentials for IQ Bank. FinView triggers an aggregation add account request without any additional parameters and receives account and transaction data for all the account types (bank accounts, investment accounts, credit card accounts, loan/mortgage accounts, insurance accounts etc.) held by John at IQ Bank. FinView displays the list of all the accounts aggregated from IQ Bank.

John intends to use one of the bank accounts at IQ Bank as a funding account for funds transfers. FinView triggers an IAV balance refresh by passing related parameters and gets access to the latest balance information along with the full account number, account holder name, and routing information. Using this information, FinView validates the ownership of the account and allows John Doe to use the account he identified as his funding account.

Aggregation First and IAV Later Flow

   1_new.png 

IAV First and Aggregation Later Flow

John Doe registers with FinView and intends to use the funds transfer service. John searches for IQ Bank and FinView displays the list of sites. John picks a site and provides his credentials. FinView triggers an IAV add account request by passing related parameters and receives all the bank accounts along with account details, full account numbers, account holder name, and routing information. FinView validates John’s account ownership and allows John to use the account he chooses as the funding account.

John decides to aggregate other accounts he holds at IQ Bank. FinView triggers an aggregation instant refresh without passing any parameters and receives account and transaction data for all the account types (bank accounts, investment accounts, credit card accounts, loan/mortgage accounts, insurance accounts etc.) John holds at IQ Bank. FinView displays the list of all the accounts aggregated from IQ Bank.

IAV First and Aggregation Later Flow

   1_new.png