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Verizon Joins the Yodlee Biller Network; Yodlee Bill Pay Model a ''Win'' With Billers

Posted on: Tuesday, 30 August 2005, 09:00 CDT

Yodlee, Inc. today announced growing support for its Biller Network via an agreement with Verizon to enable its customers to view and pay their Verizon bill through Yodlee's network. Verizon and Yodlee will establish a system that distributes Verizon bill data to Yodlee and securely engages the Verizon.com Web site to pay the Verizon bill. Yodlee's approach to bill pay uniquely combines the advantages of both the consolidator and biller direct models, giving consumers rich bill presentment, management and payment capabilities, while preserving consumers' direct online relationships with billers.

The secure connection to Verizon biller data will add to the efficiency and scalability of Yodlee's rapidly growing network of aggregation-powered services, including its OnCenter and BillDirect implementations. Yodlee also has direct connections to top retail banks and brokerages, obtaining over 40% of its aggregated data via direct datafeeds, in addition to a variety of other patented data gathering approaches.

Verizon customers can engage the Yodlee-driven service at leading online bill pay providers including AOL, Discover Card, and LowerMyBills.

"For the first time, there is an online bill pay solution that provides real benefits for all parties involved -- consumers, billers, and financial services providers," said Matthew Idema, Vice President of Global Business Development at Yodlee. "We are excited to be working with Verizon to further demonstrate the value of the Yodlee model, which both enhances and simplifies consumers' online payment experience, while allowing Verizon to suppress paper bills, lower billing costs, and achieve greater usage and adoption of online billing services."

Yodlee currently aggregates bills and a broad range of supporting bill data from more than 2,700 leading online billers. Yodlee presents more than 6 million bills per month to the nearly six million end users of Yodlee-driven services worldwide through the world's leading financial services providers, including Bank of America, Chase, Fidelity, MSN, and Wachovia.

For More Information

For more details about Yodlee's unique program for billers, please send an inquiry to billernetwork@yodlee.com.

About Yodlee

Yodlee is the leading provider of innovative, reliable and secure technology solutions that enable more satisfying and profitable relationships for financial institutions and their customers. Built on the patented Yodlee Platform, Yodlee solutions enable powerful Personal Financial Management, Wealth Management, Risk Management, and Market Research applications for more than 150 leading companies, including American Express, AOL, Bank of America, Charles Schwab, E*TRADE Financial Corporation, Fidelity, JPMorgan Chase, Merrill Lynch, MSN, and Wachovia. Yodlee is headquartered in Redwood City, California and can be reached at 650-980-3600 or www.yodlee.com.

Source: Business Wire

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