I am developing an application that needs to complete money transfers to users. I understand that Yodlee has APIs that can collect data on transfers and various transactions for financial accounts.
However, can the Yodlee API actually perform the money transfers, or is the API only designed for information aggregation?
Looking at their documentation, there's no mention about money transfers, only obtaining data from accounts, so you can't make money transfers using their API.
As of now, Yodlee doesn't provide APIs for money transfer. While you can use Yodlee APIs to gather the account information or to perform IAV i.e. Instant Account Verification. Check this link.
Money movement is part of the Yodlee platform but is not offered in the standard API services as it requires special licensing to leverage. Please use the contact form to discuss this with Yodlee:
Yodlee has an API for funds transfer, they call it "Money Movement API".
However, the money movement api is not available in the sandbox and is only available to large corporations as there are legalities involved.
This is the email I got from their Sales Development Team:
The Money Movement API is for larger global financial institutions as they hold all of the licensing and liability. No, it's not available in the sandbox.
This doesn't mean you can't get it. You will have to talk to them about this.
