FastLink 4 Offers an Evolved Consumer Consent Flow

Informing the consumer about how their data is being accessed, used, and managed, and by whom is key to the account linking experience. With FastLink 4, the customer consent experience benefits from increased transparency via disclosures provided directly by Envestnet® | Yodlee® to the consumer, who then provides their direct consent to Envestnet | Yodlee for our role in linking their account(s) to our clients’ integrated services.  Envestnet | Yodlee will now present our own Terms and Conditions directly during the account linking process via hyperlinks to our Envestnet | Yodlee FastLink’s Terms of Use.

Frequently Asked Questions

1. How has the U.S. open banking and credential-based flow consent language changed?

One of the biggest differences is that consumers will now see Envestnet | Yodlee’s name on the consent form. We now provide explicit language about who Envestnet | Yodlee is and what data the consumer is choosing to share with us and our customers.

The updated customer experience and hyperlinks are below. 

2. Previously, Envestnet | Yodlee required its clients to incorporate provisions for Envestnet | Yodlee in their terms, referencing these terms in the FastLink flow. Why has this changed now?

The financial industry is constantly evolving. As new shifts occur, we review our policies and react to market changes as needed. It is still important for developers to have partial responsibility to manage the Terms and Conditions of their application with their users. These are typically presented to the user when they sign up for and access your application service for the first time. This happens before FastLink is invoked to start the account linking process.

Now, as open banking standards are being defined and some countries require explicit disclosure of all parties in the data sharing relationship, it is important to inform the consumer of Envestnet | Yodlee’s role during the account linking process in FastLink. The consumer has the right to be informed that their data is being shared with an intermediary, and that Envestnet | Yodlee’s Terms of Use are applicable as well.  Therefore, we have adjusted our consumer consent policies to be in alignment with the new standards. Similar messaging is being implemented by all aggregators across the industry.

3. When will this take effect?

The new consumer consent flows in FastLink 4 are currently in development and availability is planned for sometime in November 2021.

4. Can the Financial Service Provider opt out of these changes?

No, these changes are considered core product features going forward and will not be removable or configurable.

5. What are the benefits to having this new consumer consent flow?

These changes to consumer consent flows offer several benefits. They will:

• Help Financial Service Providers deliver open banking-ready solution
• Reduce onboarding friction while increasing consumer satisfaction
• Provide greater clarity to your consumers with improved and standardized Terms of Use and Privacy Policy
• Prepare Financial Service Providers to support open banking requirements internationally
• Reduce contractual indemnification risks for our customers