Entries by Finicity Editor

The Rise of Open Banking: Small-to-Mid-sized Businesses

Today’s small-to-mid-sized business (SMB) is evolving alongside the wider changes sweeping across finance, society and the workforce. While it’s still possible to run a successful business using traditional methods of capital access, customer acquisition, cost management and a myriad of other considerations, digital apps and services give business owners the greatest advantage. More and more, […]

Synctera expands partnership with Mastercard

Synctera, a leading FinTech banking provider helping innovators build their own FinTechs more efficiently, is expanding its partnership with Mastercard by integrating Mastercard’s open banking platform (provided by Mastercard’s wholly owned subsidiary, Finicity) to provide account verification solutions for Synctera-powered FinTechs. The addition of consumer-permissioned data from an open banking platform allows early-stage FinTechs access […]

NACHA honors Finicity, a Mastercard company with Excellence in Smart Payments Decisioning award

As part of its Smarter Faster Payments Conference here, Nacha announced its 2022 Pay-Me Award Honorees, recognizing companies and organizations that have helped advance the ever-evolving payments industry. The Excellence in Smart Payments Decisioning award will go to Finicity, a Mastercard company, for its Smart Payment Decisioning Tools. See all the honorees here.

Open banking unlocks income verification data for lending

Whether it comes to buying homes and automobiles, seeking a personal or small business loan, or even approval to rent an apartment, there can be one daunting step of the loan process: income verification.    It can take a long time. It involves a lot of paperwork—if the borrower has devoted the file cabinet space […]

Bonifii Selects Mastercard as Preferred Open Banking Provider

Bonifii today announced that it has selected Mastercard, through its wholly owned subsidiary Finicity, as the preferred open banking provider for its MemberPass® credit unions to access consumer-permissioned bank data, to inform underwriting for different loan types across mortgage, auto, personal and small business. Mastercard’s open banking platform can deliver verification of income, asset, and employment reports directly […]

Finicity and Fiserv: Securing the Open Banking Ecosystem

For innovative financial services apps to work effectively, they need to meet the needs of their customers. One of the core ingredients of next-gen apps is accurate, up-to-the-minute financial data. With this data, apps can transform user financial service experiences, enabling consumers to direct payments and gain insights into savings and spending. Apps can even […]

Mastercard using AI, open banking to manage faster payments risk

Finicity has been an open-banking catalyst for Mastercard. One new Mastercard product, called Payment Success Indicator, relies on bank account information provided by the consumer on an opt-in basis. The product was developed through open banking, or a process for sharing bank account information with third parties. A merchant, bank, digital wallet or payment service […]

Open Banking vs. Open Finance

Open banking and now open finance are trading headlines when it comes to fintech, innovation and what the future holds. Differentiating the two isn’t always simple, but in the end, they’re both about empowering consumers and small and mid-size businesses (SMBs) to use their financial data to their benefit.    Depending on the geographic region, […]