We’re excited to announce the availability of new Open Banking connections for Ripsaw® Wealth Tools via Envestnet Yodlee. Open banking connections are better, faster, more reliable, and more secure and will provide an improved user experience for our members. Connecting via open banking helps to avoid impact from provider actions such as site blocking and MFA challenge at login, which have recently become more frequent as financial institutions tighten authentication security and the markets are seeing high volatility.
Migration for Ripsaw Users
As of now the migration is underway for the below institutions. New customers will be directed through the open banking connection automatically when they add connections to these institutions.
Existing members will need to re-authorize once by re-adding or editing their institution connection, before the migration end date of April 15, 2022 for the below institutions. We will be sending communications as more institutions are on-boarded for Open Banking connections.
|Financial Institution||Supported Account Types|
|Bank of America||Bank, Card, and Loan|
|Brex||Bank and Card|
|Capital One||Bank, Card, and Loan|
|Citi Bank||Bank, Card, and Loan|
|Charles Schwab||Bank and Investment|
|Chase||Bank, Card, Loan, and Investment|
|Citibank||Bank, Card, Loan, and Investment|
|Wells Fargo||Bank, Card, Loan, and Investment|
Understanding Open Banking
Under open banking, banks allow access and control of financial data to third-party service providers, which are typically FinTech and online financial service vendors. Customers are required to grant consent to let the bank allow such access. Consent through our Yodlee Open Banking connection is managed on the bank/brokerage site via a clear process initiated inside Ripsaw. Rather than Yodlee logging into sites directly with your encrypted passwords, Open Banking supported sites will be an ongoing connection that you have the ability to revoke at any time.
The Future of Open Banking
Open banking is a driving force of innovation in the banking industry. By relying on networks instead of centralization, open banking can help financial services customers to securely share their financial data with other financial institutions. This will allow for easy and more secure access to many financial services products. Exciting times!