PROVIDENCE – Andera Inc. and its Redwood City, Calif.-based partner Yodlee Inc. recently announced that more than 170 banks and credit unions are now using their online account-opening and funding platform. The announcement follows a finance industry report that ranked the Andera-Yodlee software offering as “best in class.”
Providence-based Andera provides software to financial institutions to enable customers to open new accounts online, while Yodlee provides account verification and funds transfer technologies.
Javelin Strategy & Research, a financial industry consulting firm, recently released its May 2010 Online Account Opening Consumer Analysis and Vendor Ranking report, in which it evaluated nine products from eight vendors. Javelin’s report said that the Andera-Yodlee combination “delivers the best of two strong companies, pairing Andera’s expertise at opening accounts with Yodlee’s real-time funding verification.”
Charlie Kroll, CEO of Andera, co-founded the software company in 2000, while he was a student at Brown University. The company entered into a partnership with Yodlee Inc. in 2007.
According to Kroll’s CEO Blog, 51 financial institutions signed on for Andera’s account opening software in the fourth quarter of 2009 – a record for the company. Banks and credit unions now account for more than half of Andera’s client base, which passed the 300-customer mark in August 2009.
