Press Releases

First Union's account aggregation service powered by Yodlee provides customers convenient, one-click access to all their financial information, including online banking, billpay, brokerage, mortgages and other accounts from both First Union and other financial institutions. First Union is also first in the industry to utilize Yodlee's single sign-on technology, which enables customers to sign-in with their secure First Union password and seamlessly gain access to all their online accounts. By providing users a holistic view of their entire financial portfolio on one page, First Union is helping to lay the foundation for the future of online financial services.

"Our new account aggregation service will provide customers with a powerful set of online tools to manage their financial lives in a safe, secure and authenticated environment," said David Carroll, executive vice president and chief e-commerce officer. "Our customers view First Union as their trusted financial partner and this is a natural next step in enhancing our relationship with our online customers and providing continuous value-added services that our customers demand."

"It is enormously gratifying to work with a clear leader like First Union who recognizes the importance of the security infrastructure and underlying technology in bringing an aggregation service to consumers," said Anil Arora, president and CEO of Yodlee. "We have made a significant investment in building a secure, reliable platform for managing personal data, which has been validated by many of our leading financial services partners. Together, First Union and Yodlee are bringing a new generation of online financial services to millions of customers worldwide."

First Union led the industry in issuing guidelines to protect the privacy and security of customer information and has been a key player in developing industry standards as well. Yodlee is helping to set the bar for these standards and has proven to be at the forefront in technological innovation and best business practices for aggregation. First Union's account aggregation services will uphold the highest security and privacy standards, and will adhere to the BITS industry standards expected later this year.

"We're pleased to partner with Yodlee, which offers the best available technology but also meets our high standards of customer privacy and data security," added Kellie Scott, director of First Union's eChannels group. "First Union will continue to lead the industry in serving as an advocate for the customer and providing a high level of security available in the online financial services industry."

More than 90 million people are expected to use aggregation services by 2005, according to U.S. Bancorp Piper Jaffray. The potential customer reach of Yodlee's partners alone already exceeds 100 million to date - the largest single reach of any aggregation provider. Of announced deals, Yodlee holds over 75% market share within the North American financial services industry through partnerships with companies like First Union, Chase, Citigroup, ABN AMRO, Morgan Stanley Dean Witter, and E*TRADE. In support of this major industry trend, a recent survey published by ATM operator Star Systems found that 89 percent of respondents felt it was important that Web aggregation services be provided or supported by their current financial institution when asked about potential features.

About First Union
Firstunion.com provides individuals and businesses with comprehensive information on financial products, services and planning tools to meet a broad spectrum of needs. The Web site also contains company information for customers, shareholders and site visitors. First Union offers a wide range of customer-focused online banking services that cater to more than 1.7 million online banking and online brokerage customers. Firstunion.com is a key, integrated delivery channel that complements First Union's ATM, First Union Direct, and extensive financial center and brokerage network, allowing customers to bank when, where and how they choose.

About Yodlee
Yodlee is the pioneer and leading provider of personal account aggregation services on the Internet. Yodlee's Aggregation Platform is powering the next-generation personal services to be offered by over 55 co-brand partners, including AOL, Chase, Citibank, Intuit, AltaVista, E*TRADE, Morgan Stanley Dean Witter, Palm Computing, and many other leading global institutions. Yodlee-powered services are revolutionizing the way consumers manage their online lives by providing dynamic summaries and one-click access to personal account information - including bank balances, travel reservations, e-commerce sites, email, news, and more - from thousands of leading Web sites. Users can access their personal information from any PC, PDA, or web-enabled phone. Yodlee.com is backed by venture capital firms Accel Partners and Sequoia Capital and an elite group of private and corporate investors. The Company is based in Redwood Shores, California and can be reached at (650) 980-3600 or toll-free at 877-296-3533, info@yodlee.com, or www.yodlee.com.

Yodlee, Yodlee.com, and Yodlee2Go are trademarks of Yodlee.com, Inc. All other names and trademarks are the property of their respective owners.