Bank verification using Yodlee

Bank transactions allow you to view the bank information received from Yodlee. Yodlee is a third party that can pull a person’s bank transactions. These transactions can then be analyzed to verify a person’s income and expenses. These numbers can also be used in decision-making and risk assessment. Yodlee serves as an interface between the borrower and your lending organization. At the time of application creation, borrowers must provide permission to a lending organization to review their bank statements. For this, customers log in to their bank accounts via the Yodlee interface and generate their account statements. Yodlee stores these statements for each user in its database. Through the Yodlee integration, you can call these statements when you evaluate the customer's application. The integration with Yodlee is available for loans, leases, and line of credit.

See the Yodlee Transaction Categorization section of the Q2 Origination Administration Guide for information on integrating Q2 Originate with Yodlee. 

Bank transactions involve three steps, namely:

• Updating your Yodlee Credentials

• Generating the FastLink URL

• Fetching all the Transactions

Prerequisites

Before you proceed to receive bank transactions, ensure that the following prerequisites are met:

• The lender is registered with Yodlee through Yodlee CoBrand Credentials.

• Contacts whose bank transactions are to be fetched are registered in Yodlee with the lender's cobrand. These credentials are called Yodlee User Credentials.

• Contacts are included as parties in the application.

• Yodlee Categorization is configured to aid the analysis of bank statement data.

Steps

To receive bank transactions:

1. Log in to your Salesforce account.
   

2. Go to the Applications tab and select the application you want to process.
   

3. Go to the Bank Transactions tab.
   

   You can view the contact and account details of the parties attached to this application.
   

4. Select the contact or party whose bank transactions you want to fetch and select the Yodlee Call icon next to the party name.
   

   On a successful transaction, the message "Yodlee Call Successful" is displayed.
   

5. Refresh the page and select the Details icon to review the Yodlee call details.
   

   The contact name, Yodlee Call Name, and the date range for which the transactions have been fetched are displayed along with the amount fields you have configured to view in the snapshot view.
   

6. Select the Yodlee Call Name link for the contact to view the detailed report.