Envestnet | Yodlee turns on Open Banking data for Australia’s HeirWealth

Ellie Duncan
18 Mar 2024

Sydney-based wealthtech HeirWealth has implemented Open Banking data-sharing technology via global financial aggregator Envestnet|Yodlee, to improve the intergenerational transfer of wealth for its high-net-worth clients.

The HeirWealth platform provides family investors and their professional advisers in Australia and the UK with a view of assets and liabilities across 40 different asset classes, including traditional assets, like equities and property, as well as alternative asset classes, such as private equity.

By integrating with Envestnet|Yodlee to access Open Banking data, the HeirWealth app now has connectivity to 20,000 financial institutions globally, which can automatically aggregate into the wealth registry platform.

L-R: HeirWealth’s Ray Tubman and Taner Uzelakcil of Envestnet | Yodlee

“This integration allows continuous daily asset valuations for banking and investment products which, when fused with our market data feeds, provides our customers with richer platform experiences,” said Ray Tubman, founder and chief executive officer of HeirWealth.

“I’m excited to see Open Banking and data aggregation make wealth management easier for Australian families, both now and in the future,” said Taner Uzelakcil, director, enterprise business development A/NZ at Envestnet | Yodlee.

The HeirWealth app can be white-labelled by financial advisers, wealth managers, accountants, lawyers, and other professionals, to be used as a client engagement and retention tool.

“The HeirWealth platform provides simple yet powerful wealth tracking that allows individuals, families and professional advisers to organise everything together in one place,” added Tubman.

“You can even upload photos from your phone and leave annotations to capture your family’s story and legacy, so everything is recorded in one central vault, and it’s preserved for future generations.”

The HeirWealth app is ISO 27001 certified, and delivers daily valuations of more than 150,000 global financial instruments across 160 global exchanges.

Envestnet|Yodlee is already powering live bank data feeds for New Zealand-based credit bureau Centrix, which means that with permission from the borrower, it can access transaction data directly from the borrower’s bank account.