Bank technology vendor Yodlee has a new mobile and Web app called Tandem that allows consumers to manage their personal relationships and the financial obligations that go along with those relationships.

"Your shared finances should work the same way your personal relationships do," says Anil Arora, president and CEO of Yodlee at FinovateFall in New York on Sept. 10.

Tandem allows consumers to link their personal financial circles, such as a spouse or child, with their banking relationships. These circles can then be used to facilitate account transfers or a person-to-person payment.

The app also allows consumers to manage their deposits and bills much like a personal financial management website.

"What's unique about Tandem is that the level of account sharing access and trust is different for each of these relationships," says Katy Gibson, Yodlee's vice president of applications.

"My financial relationships are much more complicated than splitting a dinner every once in a while," Gibson says.

Gibson and her ex-husband are paying for their son's higher education together. When their son asks for reimbursement for certain college fees, such as car repair or books, either party can pay directly from the app.

The sender merely taps on the transactions they'd like to reimburse and then decides which account the money is coming from and which account the money is going to. The funds appear in their son's account immediately and "I don't even have to talk to my ex," Gibson says.

The app also allows users to upload documents, transactions and receipts and attach messages to funds transfers.

Tandem is offered directly to consumers and can be white-labeled for banks. The app could be used as a way for financial advisers and clients to collaborate, such as to discuss small business processes, loans or credit.  

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