Yodlee update for North America

Published in Business on 15 December 2010 by Alastair Grigg

We’re really pleased with the response to the latest roll out of Yodlee bank feeds across 55 banks in the UK and Ireland. Customers love them, and within the first two weeks 10% of those eligible had activated a feed.

We had hoped to release the next phase of the Yodlee integration across North American banks this month. This is the biggest release to date and is going to involve several thousand banks and financial institutions. Unfortunately it’s going to take a bit longer to make some improvements and confirm exactly which banks will be available next.

We’re really sorry for this delay, but at Xero we’re about getting it right. So bear with us and rest assured we will be working over the holiday season so these feeds can be released around the middle of January.

We’ll let you know when the feeds are available by issuing a Xero inbox notification. Once you’ve received this you’ll be able to go into Xero and confirm if your bank is part of this next phase. In the meantime we’re publishing 12 of the more popular banks used by Xero customers that we know will be available:

American Express Cards (Personal Banking and Credit Cards)

Bank of America (not available in some states)

Capital Bank

Chase Bank

Citibank (Personal Banking only)

Fifth Third Bank (Personal Banking only)

ING Direct Bank

ING DIRECT Bank (Canada)

National Bank

PNC Bank

Scotiabank (Canada)

SunTrust (Personal & Business Banking)

Wachovia

Just a reminder that this release will not include banks that need some form of multi-factor authentication so you can access online banking. We are still planning to provide support for these banks in Q1 of 2011.

Read more about Business, Canada, United States

24 comments

Lance Knobel
16 December 2010 #

I very much hope Wells Fargo is on the list (it is one of the big 5 banks, after all). Can you confirm that?

Alastair Grigg
16 December 2010 #

@Lance. Wells Fargo is classified as having multi-factor authentication for online banking, so unfortunately it won’t be available in this first release of North American banks. But we are planning to make these MFA banks available later in Q1 2011.

Jason M Blumer
16 December 2010 #

Bring it! Can’t wait to see it, Alastair.

Paul
16 December 2010 #

Delta Community Credit Union

Alastair Grigg
16 December 2010 #

@ Paul Credit Card accounts being confirmed, but most likely yes.
Bank accounts have multi-factor authentication for online banking access, so won’t be available until later in Q1 sorry.

linda
16 December 2010 #

TD Bank?

Earl Rudolfo
17 December 2010 #

Alastair, what about the other major Canadian banks like Royal Bank, CIBC, HSBC, Bank of Montreal and TD bank?

Jonathan Marcus
17 December 2010 #

Frost Bank is the largest bank in Texas, and they have been very forward-thinking in their tech implementations, with banking by SMS and the like. Many of my clients are Frost users and I want to convert as many as I can to the magic of web-based accounting.

Alastair Grigg
19 December 2010 #

@Earl, @Linda
Royal Bank, CIBC, Bank of Montreal and TD bank use some form of multi-factor authentication (MFA) so won’t be available until later in Q1 when we provide support for MFA sites. It’s also important to note that in the case of these banks the feeds will initially be available only from retail/personal banking accounts. We will work with Yodlee to extend the service where necessary to include Business accounts from these banks.

Unfortunately HSBC Canada (previously IntesaBci Canada) is not currently available. As with other banks, we’ll work with Yodlee to add HSBC Canada to the service as we see the demand from customers.

Alastair Grigg
19 December 2010 #

@Jonathan Frost Bank also uses MFA so as per comments above it will be available later in Q1

Noah Adelman
30 December 2010 #

Any word on Regions Bank in the US?

Trevor Gehman
3 January 2011 #

Also wondering about Regions Bank in the US….

Alastair Grigg
5 January 2011 #

@Noah @ Trevor – Regions Bank in the US is supported by Yodlee, but it uses MFA for Internet Banking access so as per comments above it will be available later in Q1 this year

Lance Knobel
5 January 2011 #

Q1 2011 is fine with me. Will we need to follow the blog or is there some other way to get notification when MFA banks come on stream?

Alastair Grigg
5 January 2011 #

@ Lance. We’ll certainly announce when MFA accounts are available on the blog and if practical we’ll also look to provide a Xero inbox notification to any customers with accounts from these banks.

Indinero, Xero, Outright, Quickbooks - which is best for running a SaaS business? Why? - Quora
6 January 2011 #

[...] working on integration with North American banks & hope to launch bank feeds very soon (http://blog.xero.com/2010/12/yod…). Our global version lets you set your own tax rates for your State or region [...]

Seamus
8 January 2011 #

Oddly mint.com can add TD Bank – why not yodlee?

Barry
12 January 2011 #

Mint.com was purchased by Intuit and when they were, they moved off of Yodlee to Intuit’s platform.

When the Yodlee integration is done, will that also handle credit cards?

Catherine
12 January 2011 #

@Barry Thanks for clarifying that. Regarding cards, most of the banks supported will also have credit card accounts available. If you setup the bank account in Xero as type credit card you can see if feeds are available for cards from that bank.

Scott Zerby
14 February 2011 #

Hmmm. I have been using Mint with my Wells Fargo account since Mint was beta (before intuit purchase)… It was Yodle then… I wonder why the MFC thing is to blame then….

Alastair Grigg
14 February 2011 #

Hi Scott. The Yodlee service certainly still does provide access to accounts on banking sites which require MFA. However, we need to complete some additional development on our side to support the additional user interactions involved with activating and refreshing accounts from these sites.

Marc
14 February 2011 #

You can add me to the list of people looking forward to MFA with Regions Bank! Hurry! I want to switch to Xero (from QBO), but automatic sync with the bank is too convenient of a feature for us to be able to give it up.

Manny A
15 February 2011 #

Does anyone know a bank in Florida that integrates with Xero. The Yodlee site has no info.Or a link to a list online?
Regards.

K
25 February 2011 #

2+ for HSBC Canada — Mint.com does connect already — and I think they use Yodlee.

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