We are proud to announce that Amazon Payments has integrated InstantAccountVerification™ technology from Yodlee, a provider of personal financial management and revenue-generating payments solutions, into www.amazonpayments.com to simplify how our customers add and verify bank accounts in their Amazon Payments accounts. Yodlee’s account verification technology verifies a person’s account information, ownership, and balance in real-time.
“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.”
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 person-to-person (P2P) transactions.
“Our account verification fits seamlessly into the transaction and payment process to quickly verify credentials without disrupting the user flow,” said Peter Hazlehurst, SVP of Products at Yodlee.