Setting up Yodlee transaction categorization
Yodlee offers a predefined set of categories for each transaction it fetches from a borrower's bank account. You can use these categorizations to analyze the bank transactions of a potential borrower. To do this, you need to set up the following in Q2 Origination:
Yodlee Cobrand Credentials - to identify the lending organization in Yodlee.
Yodlee User Credentials - to associate the borrower with Yodlee in order to fetch the bank transactions
Yodlee Transaction Categorization - to categorize the bank transactions fetched by Yodlee under various expense and income heads.
Setting up Yodlee cobrand credentials
A cobrand refers to a customer of Yodlee, that is, a lending organization. Suppose a company, XYZ Inc. is Yodlee's customer, then, XYZ Inc. is a cobrand. A cobrand login is used to authenticate a customer in the Yodlee platform.
Each cobrand is uniquely identified in the Yodlee system by a cobrand ID. This allows the Yodlee platform to apply customized properties. A cobrand can buy more than one service (web application) from Yodlee and each product is uniquely identified by an application ID. When a lending organization registers with Yodlee as a cobrand, they receive a set of login ID and password using which they can log in to Yodlee. Upon login, Yodlee provides them credentials and access point information using which they can start using the Yodlee services.
While setting up the cobrand credentials, you submit these details in the Q2 Origination application.
Prerequisites
None.
Steps
Perform the following steps to set up the Yodlee Cobrand Credentials Custom Settings required to integrate Q2 Origination with Yodlee:
Log in to your Salesforce account.
Select Setup on the top of the application page.
In the left navigation bar, go to Build > Develop > Custom Settings.
Select on Y in the alphabet list and go to Yodlee Cobrand Credentials.
Select Manage.
In the Yodlee Cobrand Credentials page, select New.
Select the required Location. This is User or Profile. You can define the Yodlee cobrand credentials to apply to a specific user or all users of a profile. This means that only these users or profiles can fetch the transaction data using these credentials.
Enter the APP ID, Cobrand Password, Cobrand Username, Cobrand ID, REST URL, and SOAP URL as provided by Yodlee at the time of registration.
Specify the APP Secret and Application Key as provided by Yodlee at the time of registration.
Select the Auto Register User check box if applicants can directly register when they log in through the FastLink URL to their bank account via the Yodlee interface.
Select Save to set up the Yodlee Cobrand Credentials Information.
Setting up Yodlee user credentials
Yodlee User Credentials are used to associate the contact with Yodlee for retrieving bank transactions. Here, Contact refers to a potential borrower. The contact is registered in Yodlee with the lender's cobrand. These credentials are called Yodlee User Credentials.
As the lending organization, or cobrand, you must register an applicant in Yodlee by providing their details and setting up a username and password. This can be done through the lending portal by seeking these details from the applicant, or automatically through the Q2 Origination application if the contact is already created.
Once the applicant is successfully registered,
you must record these credentials for the contact in the Q2 Origination application.
Yodlee provides a FastLink URL using which, the applicant is directly logged into the Yodlee interface, where they can provide their bank details to fetch the bank transactions data.
Prerequisites
Following are the prerequisites for setting up Yodlee User Credentials:
Yodlee Cobrand is set up.
Steps
Perform the following steps to set up the Yodlee user credentials for the potential borrower:
Log in to your Salesforce account.
Go to Contacts tab.
Select the contact associated with the application and select Yodlee User Credentials.
Scroll down to the bottom of the page that is displayed, to find Yodlee User Credentials.
Select New Yodlee User Credentials.
Select the look-up icon to look for the Account, if required.
Specify the Yodlee Password.
Specify the Yodlee Username.
Select Save to set up the Yodlee user credentials. You can Select on the Yodlee Call button in the Bank Transaction tab, or the Yodlee Call workflow tab to check if the Yodlee call works.
The Yodlee username and password are displayed in the encrypted format. To be able to view this information in plain text format, you must create a permission set called View Encrypted Data. Add this permission set to the user so that the user can view the encrypted data. Then,
Go to the Setup > Administer > Manage Users > Profiles, the profile assigned to the user (System Administration), System > System Permissions > Edit.
Select the View encrypted fields in plain text check box.
This step is required, as the system admin profile cannot be changed by default.
Setting up Yodlee transaction categorization
Lending organizations have the option to analyze the bank transactions of a potential borrowers to decide their ability to repay a loan or lease. Each transaction returned by Yodlee can be categorized into Income and Expenses. The Yodlee Transaction Categorization has two record types, namely, Credit (for income) and Debit (for the expense). While you can configure more transaction categories under each transaction record type, the following are the default categorizations:
Credit or income may include Business Income, Personal Income, and other Income
Debit or expense may include Business Expenses, Living Expenses, or Discretionary Expenses.
A Discretionary Expense is a cost that is not essential for the operation of a home or a business. For example, a Company ABC may allow its employees to charge certain meal and entertainment costs to the company as a goodwill gesture.
Additionally, it allows you to categorize your transactions based on the Category Type and Transaction Category.
Category Type | Transaction Category |
|---|---|
| is specific to Cloud Lending Solutions | is specific to Yodlee |
| may include Living Expenses, Business Income, Personal Income | may include Education, Sales, Insurance, or Rent |
This information is present in the Yodlee Call Detail as given under the Bank Transactions section.
Yodlee Call Detail will have no values if you do not set up the Yodlee Transaction Categorization
Prerequisites
None.
Steps
Perform the following steps to set up Yodlee Transaction Categorization:
Log in to your Salesforce account.
Go to Origination Configuration > Credit and Pricing Setup > Credit Setup > Yodlee Transaction Categorization.
Select New Transaction Categorization. The Select Transaction Categorization Record Type page is displayed.
Select the Record Type of New Record. This can be Debit or Credit.
Select Continue. The Transaction Categorization Edit page is displayed.
Specify the Transaction Category. For example, for a Debit, this may be Mortgage, or Groceries.
For a Credit, this may be Salary, or Investment Income.
Select the required Category Type. This can be Business Expense, Living Expense, or Discretionary Expense for Debit. For a Credit, this can be Personal Income, Business Income, or Other Sources. You can create more category types depending on your detailed classifications, for example, Debit category type of Lifestyle Expenses.
Select Save to set up the Yodlee transaction categorization.
Field reference
Field Name | Field Description |
|---|---|
| Yodlee Cobrand Credentials | |
| APP ID | As provided by Yodlee at the time of registration. |
| Cobrand Password | As provided by Yodlee at the time of registration. |
| Cobrand Username | As provided by Yodlee at the time of registration. |
Rest URL | As provided by Yodlee at the time of registration. |
| Soap URL | As provided by Yodlee at the time of registration. |
| APP Secret | As provided by Yodlee at the time of registration. |
| Application Key | As provided by Yodlee at the time of registration. |
| Auto Register User | Indicates whether the user will be automatically registered via the application or be registered manually through the lending portal. |
| Yodlee User Credentials | |
| Account | The account to which the contact belongs for whom you are setting up the credentials. For an individual borrower, this is optional. |
| Contact | Displays the name of the contact for whom you are setting up the user credentials. |
| Yodlee Username | The username you have set up for the applicant. This is a mandatory field. |
| Yodlee Password | The password you have set up for the applicant. This is a mandatory field. |
| Site Account ID | An ID generated by Yodlee that allows you access to the applicant's account details in addition to their transaction data. For example, if an applicant has multiple accounts, all of these can be grouped into one site account with Yodlee, and using the site account ID, you can analyze the account types, duration, and other details. |
| Yodlee Transaction Categorization | |
| Record Type of new record | The transaction category that you want to define. This can be Debit or Credit. |
| Transaction Category | The sub-categorization of the transaction. For example, debits can be education fees, groceries, or conveyance expenses. For credit, you may define salary, rental income, or stock sale. |
| Category Type | The grouping of similar types of debit or credit expenses. For example, education fees, groceries, and conveyance may all be of category type Living Expenses. Other categories include Business Expenses and Discretionary Expenses. |