REDWOOD CITY, Calif., Oct. 4 /PRNewswire/ -- Obopay, Inc., the
pioneering service provider for payments over mobile phones, has partnered
with Yodlee, Inc. to facilitate instant bank account verification, which
lets Obopay customers immediately link their existing bank account to
Obopay so they can move money between their bank account and Obopay more
quickly and easily than ever.
The Obopay-Yodlee combination brings unique advantages for mobile
payments: World class security, unprecedented speed, and true convenience.
Yodlee's Account Verification lets Obopay users authenticate bank
account ownership in real time by entering their online banking user name
and password. Yodlee currently provides ownership confirmation for bank
accounts at more than 650 financial institutions that carry more than 80%
of American account volume. This information is confirmed by Obopay through
Yodlee in a matter of seconds. Once confirmed, Obopay users can immediately
begin sending money between their Obopay account and their existing bank
account.
Yodlee's Account Verification will give Obopay users an alternative to
challenge deposit verification, which requires users to provide only their
bank routing number and account number. Challenge deposit authentication
will still be available for users who do not have online bank account
access or are not willing or able to provide their online credentials.
"Obopay is committed to continuing to enhance our users' experience and
our service offerings, and our partnership with Yodlee gives our customers
a convenient alternative to confirm their account information and avail of
the full suite of Obopay services," said Obopay's CEO Carol Realini.
"Obopay is a perfect use of our patented Instant Account Verification
technology, giving people the convenience of immediate authorization with
the highest security," said Peter Hazlehurst, SVP of Product Development at
Yodlee. "We're looking forward to working with Obopay to enable new levels
of speed and service for an increasingly mobile world."
Obopay is a replacement for cumbersome cash and checks that anyone can
use. Obopay users transfer funds into an Obopay account and then use text
message, mobile Web, AOL(R) Instant Messenger(TM) or the Obopay mobile
application to purchase, pay, and transfer money. Yodlee gives users the
ability to instantly verify the ownership of their bank accounts and also
offers users access to their financial information through other Yodlee
service offerings.
About Obopay
Obopay, Inc. (http://www.obopay.com) is a pioneering service that lets
consumers and businesses purchase, pay, and transfer money through any
mobile phone using Obopay's mobile application, text message, mobile Web,
widget, or Obopay.com. As the first mobile payment service created
exclusively for the mobile phone, only Obopay works on any phone and any
carrier to empower consumers and businesses with the convenience of mobile
payments. Obopay is bringing mobile payments to more consumers through
industry-first alliances and is headquartered in Redwood City, California.
About Yodlee
Yodlee's proven consumer banking, payments solutions, wealth management
and risk management applications unify personal financial account
information to deliver a simple, centralized and secure way for consumers
to manage all of their financial tasks -- any time, anywhere. More than 100
financial institutions and portals, including Ameriprise Financial, AOL,
Bank of America, Fidelity, JPMorgan Chase, Merrill Lynch, and MSN, offer
Yodlee- powered solutions to millions of customers worldwide. Yodlee
operates in the United States and Europe and is headquartered in Redwood
City, California. For more information, visit http://www.yodlee.com.
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