Asset verification solution to be incorporated into Black Knight’s LoanSphere Exchange Digital Platform

SALT LAKE CITY, Utah – Dec. 12, 2017 Finicity, a leading provider of real-time financial data aggregation and insights, announced today that its Verification of Assets (VoA) solution will be incorporated in the LoanSphere Exchange Digital platform, Black Knight’s new secure online gateway for lenders and third-party-provider systems to exchange data and documents with each other, facilitating commerce via Application Program Interfaces (API).

The VoA offering is part of Finicity’s credit decisioning solution, which allows lenders to free up resources, improve accuracy and reduce fraud, all while giving borrowers a paperless, hassle-free experience that utilizes transaction data that borrowers give lenders permission to access. Utilizing the LoanSphere Exchange Digital platform, lenders and servicers will be able to readily access Finicity’s VoA report, which will provide bank-validated insights into borrower assets and valuable information, such as underwriting factors, that could affect credit decisioning.

“This latest integration with Black Knight shows our continued momentum in the credit decisioning space,” said Steve Smith, CEO and co-founder of Finicity. “We’re proud to provide lenders and servicers who rely on Black Knight’s LOS access to Finicity’s verification solutions so they can successfully manage the entire loan life cycle.”

LoanSphere Exchange Digital provides a simpler and more streamlined way for lenders to develop and implement their digital strategies, enabling them to bring together their existing and new applications in a more flexible way to offer consumers a complete omni-channel lending experience.

“Finicity’s solution aligns well with Black Knight’s mission to more easily automate the homeownership lifecycle through the advancement of digital capabilities,” said Tom Peterson, president, Black Knight Lending Solutions. “Adding VoA to Exchange Digital’s online platform helps to expedite real estate transactions by further facilitating the flow of data and documents between all participants.”

Finicity is an authorized, integrated provider of asset verification reports within Fannie Mae’s Desktop Underwriter® (DU®). This gives lenders a validated asset report through Fannie Mae’s Day 1 Certainty™ initiative. As part of the Single Source Validation (SSV) pilot, Fannie Mae will utilize transaction data from Finicity reports to validate assets, income and employment. A broader rollout of SSV is planned for 2018 and will build on Fannie Mae’s Day 1 Certainty initiative.

To stay up-to-date on all Finicity company and product announcements, visit the website at www.finicity.com.

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About Finicity:

Finicity enables a financial data-sharing ecosystem that is secure, inclusive and innovative. Through its real-time financial data aggregation and insights platform, Finicity provides solutions for financial management, payments and credit decisioning. It is also leading the development and promotion of industry standards. The company has developed more than 16,000 bank integrations, with the vast majority through connections that provide access to formatted bank data, improving information access and accuracy. Finicity is the winner of API World’s 2016 Finance API of the Year.

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Growing fintech earns spot for second year in a row

SALT LAKE CITY, Utah – November 20, 2017 – Finicity, a leading provider of real-time financial data aggregation and insights, announced today it has been awarded a 2017 Utah Top Workplaces honor by the Salt Lake Tribune. This is Finicity’s second consecutive appearance on the list.

In the past year, Finicity has landed a $42 million round of funding, added new verification products to its credit decisioning solution lineup and announced partnerships and data exchange deals with major financial institutions like Experian, JPMorgan Chase and Wells Fargo.

“We have an incredibly hard-working team at Finicity, and the past year has proven how strong we are as an organization,” said Steve Smith, CEO and co-founder of Finicity. “Whether it’s releasing a new product or announcing a new partnership, our employees have made our current momentum possible. I’m excited to see what we can accomplish together in 2018.”

The Top Workplaces lists are based solely on the results of an employee feedback survey administered by Energage, LLC (formerly WorkplaceDynamics), a leading research firm that specializes in organizational health and workplace improvement. Several aspects of workplace culture were measured, including Alignment, Execution and Connection.

“The Top Workplaces award is not a popularity contest. And oftentimes, people assume it’s all about fancy perks and benefits,” says Doug Claffey, CEO of Energage. “But to be a Top Workplace, organizations must meet our strict standards for organizational health. And who better to ask about work life than the people who live the culture every day — the employees.”

To learn more about joining Finicity’s growing team and working at a top tech company in Salt Lake City, visit the website at www.finicity.com/careers.

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About Finicity:

Finicity enables a financial data-sharing ecosystem that is secure, inclusive and innovative. Through its real-time financial data aggregation and insights platform, Finicity provides solutions for financial management, payments and credit decisioning. It is also leading the development and promotion of industry standards. The company has developed more than 16,000 bank integrations, with the vast majority through connections that provide access to formatted bank data, improving information access and accuracy. Finicity is the winner of API World’s 2016 Finance API of the Year.

Announced at Mortgage Bankers Association Annual Convention & Expo

SALT LAKE CITY, Utah – October 23, 2017 – Finicity, a leading provider of real-time financial data aggregation and insights, announced today participation in Fannie Mae’s pilot for Single Source Validation as an asset report provider. Single Source Validation is an enhancement to the Desktop Underwriter® (DU®) validation service that leverages bank account data collected via a single asset report to validate income, assets and employment.

“Using customer-permissioned access to bank account data is one of the most transformative trends within mortgage lending and the verification process,” said Steve Smith, CEO and co-founder of Finicity. “Fannie Mae has demonstrated significant leadership in accelerating this transformation, and with the pilot of Single Source Validation we, as an industry, are rapidly moving to a fully digital experience that will benefit borrowers and lenders alike.”

Finicity is currently an authorized, integrated report provider for asset verification reports within Fannie Mae’s Desktop Underwriter® (DU®). This provides lenders a validated asset report through Fannie Mae’s Day 1 Certainty™ initiative.

As part of the Single Source Validation pilot, Fannie Mae will utilize transaction data from Finicity asset reports. Through the asset reports, Fannie Mae will validate not only assets but also income and employment. Using a single source will dramatically increase efficiency and accuracy through underwriting, processing and QC.

Fannie Mae’s Single Source Validation is currently in pilot with a broader rollout planned for 2018 to allow for feedback and collaboration with lenders and industry partners. The solution will build on its Day 1 Certainty initiative, providing freedom from representations and warranties for income, assets and employment validated through this single source process.

To stay up to date on all Finicity company and product announcements, visit the website at www.finicity.com.

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About Finicity:

Finicity enables a financial data-sharing ecosystem that is secure, inclusive and innovative. Through its real-time financial data aggregation and insights platform, Finicity provides solutions for financial management, payments and credit decisioning. It is also leading the development and promotion of industry standards. The company has developed more than 16,000 bank integrations, with the vast majority through connections that provide access to formatted bank data, improving information access and accuracy. Finicity is the winner of API World’s 2016 Finance API of the Year.

Finicity also authorized as a Fannie Mae Day 1 Certainty™ report provider

SALT LAKE CITY, Utah – October 22, 2017 – Finicity, a leading provider of real-time financial data aggregation and insights, announced today Finicity Reports, an online platform that allows lenders to order, manage and monitor digital verification reports. Finicity Reports streamlines the credit decisioning experience to deliver loan approvals faster and with less chance for fraud than traditional methods. The first type of report to be available through the platform is verification of assets.

“At Finicity, we are digitizing lending through direct access to financial account information permissioned by the borrower,” said Steve Smith, CEO and co-founder of Finicity. “By leveraging real-time account data directly from the bank, we’re able to provide a comprehensive view of a borrower’s financial status and generate an accurate verification in minutes.”

Finicity Reports simplifies the lending workflow by enabling loan officers to request and manage verification reports for their borrowers through a secure, accurate and simple-to-use online portal. All communications to the lender’s customer can be lender-branded. Once a lender requests a verification report on a potential borrower, a communication is automatically generated and sent to the borrower.  This communication provides a path for the borrower to quickly and securely connect with their financial institutions, identify financial accounts and permission access to data. The solution then collects the bank-validated data, applies Finicity’s analytics and generates a verification report.

This digitally driven process eliminates time spent collecting statements, completing forms and the frequent requirement for multiple submissions. Furthermore, it reduces the risk of doctored documents and allows underwriters to cut back on resources needed to sort through and verify paper copies.

The Finicity Reports solution will go live later this month and will be directly accessible at www.finicityreports.com.

In addition, Finicity is now an authorized, integrated vendor for asset verification reports within Fannie Mae’s Desktop Underwriter® (DU®) tool as part of the landmark Day 1 Certainty™ initiative. With Day 1 Certainty, lenders can validate loan application data upfront, including income, assets and employment. The results are freedom from representations and warranties on validated loan components, more efficient risk management and a streamlined process.

Finicity is the first financial data aggregator to complete this authorization process, which required a significant pilot with a major lender and a deep assessment of its information security systems, data quality and delivery capabilities.

The company is also developing online verification report portals for strategic partners, including the world’s largest credit bureau, Experian.  

“We are continually looking to enhance our offerings for lenders so they may quickly and easily verify a borrower’s ability to manage a loan,” said Alex Lintner, president, Consumer Information Services at Experian. “Working with Finicity for an online verification process furthers our goal of delivering superior solutions and experiences for our customers.”

Unlike other verification report providers, Finicity directly manages the connections and data flow with financial institutions, ensuring data access and quality while also maintaining bank-level security throughout the process. And, through its Certified FI program, Finicity ensures access to and delivery of the required data elements for 80 percent of DDA and investment account types in the U.S.

As part of the company’s commitment to consumer transparency and financial wellness, Finicity is a registered Consumer Reporting Agency. Finicity follows FCRA regulations and allows borrowers to directly obtain information on reports or submit disputes.

To stay up to date on all Finicity company and product announcements, visit the website at www.finicity.com.  

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About Finicity:

Finicity enables a financial data-sharing ecosystem that is secure, inclusive and innovative. Through its real-time financial data aggregation and insights platform, Finicity provides solutions for financial management, payments and credit decisioning. It is also leading the development and promotion of industry standards. The company has developed more than 16,000 bank integrations, with the vast majority through connections that provide access to formatted bank data, improving information access and accuracy. Finicity is the winner of API World’s 2016 Finance API of the Year.

Financial data aggregator and data verification provider combine forces to offer real-time asset verification

SALT LAKE CITY, Utah – Oct. 13, 2017 – Finicity, a leading provider of real-time financial data aggregation and insights, and DataVerify®, a leading provider of data verification, risk mitigation and data aggregation services, today announced an integration to provide digital, real-time asset verification to the mortgage lending industry.

Finicity’s Verification of Assets (VoA) solution will be directly integrated into DataVerify’s DRIVE® platform, which automates the underwriting process to help lenders avoid loan quality issues. DataVerify operates at the junction of data verification and fraud prevention, quickly identifying the legitimacy of borrowers by comparing data across a variety of databases to identify risks of fraud. Lenders will now be able to access Finicity VoA reports through their DataVerify system as part of their loan review process.

“DataVerify is a well-known and respected name in data verification, data aggregation and fraud prevention for loan originations, and we’re thrilled to bolster its solution with our VoA product,” said Steve Smith, CEO at Finicity. “The lending and credit decisioning space is moving towards automated, digital solutions built on open APIs and using buyer-permissioned data. Asset verification is just the beginning.”

Earlier this year, Finicity launched its asset and income verification solutions, bringing the benefits of big data into the digitization of the loan origination market. Among its new products, the VoA solution employs borrower-permissioned financial account data to generate a real-time view of a borrower’s assets. As a data aggregator, Finicity is an asset verification provider and also a Consumer Reporting Agency (CRA) that directly collects, manages and secures the data from financial institutions for an asset verification report. In turn, DataVerify offers a single-source platform for data verification and aggregation, fraud prevention and compliance assistance for clients, including top lenders and government agencies.

Brad Bogel, ‎senior vice president at DataVerify, said, “In today’s digital age, consumers expect to get things fast. With real-time asset verification from Finicity, lenders that use our DRIVE platform will be able to get quick insight into a borrower’s financial information and thus make more efficient and smarter lending decisions. The data can be accessed and verified in a matter of clicks, shortening the loan approval process for a greater overall consumer experience.”

DataVerify is an Authorized Report Supplier for Day 1 Certainty™ from Fannie Mae and provides complete verification services including 4506-T IRS tax transcripts, and coming soon Verification of Employment (VOE) and Verification of Income (VOI) through the Fannie Mae Desktop Underwriter® (DU®) validation service. Finicity is currently piloting its asset verification report solution with Fannie Mae as a final step toward receiving Day 1 Certainty Report Supplier approval.

To learn more about asset and income verification with Finicity, visit www.finicity.com/credit-decisioning/. To learn more about the services that DataVerify provides, visit www.dataverify.com/content/services.htm.

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About Finicity: Finicity enables a financial data-sharing ecosystem that is secure, inclusive and innovative. Through its real-time financial data aggregation and insights platform, Finicity provides solutions for financial management, payments and credit decisioning. It is also leading the development and promotion of industry standards. The company has developed more than 16,000 bank integrations, with the vast majority through connections that provide access to formatted bank data, improving information access and accuracy. Finicity is the winner of API World’s 2016 Finance API of the Year. To learn more and test run the rock-solid API today, visit www.finicity.com.

About DataVerify: DataVerify is the premier provider of risk mitigation, data validation, and decision management solutions for the mortgage industry. DataVerify harnesses advanced analytics and technology to create automated and configurable workflow and decision management solutions. Our highly responsive platform empowers lenders to make precise and consistent business decisions through an engine that identifies and measures hidden threats such as data integrity errors and misrepresentations, identity theft, and property and application risk. Engineered to offer optimal flexibility, the DataVerify platform (which incorporates 4506T, SSA, and employment and income verification) allows lenders to manage risks according to their institution’s tolerance level.

Consumers will have more control and security when sharing their information with apps

SALT LAKE CITY, Utah – July 11, 2017 – Finicity, a leading provider of real-time financial data aggregation and insights, has signed an agreement with JPMorgan Chase to enhance the security and quality of information the bank’s customers choose to share with apps.

“The customer’s financial data is at the center of a superior experience with financial apps and services,” said Finicity CEO Steve Smith. “We share JPMorgan Chase’s commitment to helping customers better manage their finances through data access, quality and intelligence.”

The companies will use a direct application programming interface (API) to allow Chase customers to share information securely with the financial apps and services that Finicity supports. This tokenized access will eliminate the need for customers to share their Chase credentials with third-party apps.

As a financial data aggregator, Finicity’s leadership in supporting such agreements will allow the broader FinTech and financial services community to give common customers the ability to share their data with a wide variety of apps and services.

The agreement is based on two shared goals:

  1. Protecting consumers’ security and privacy while helping them make smart financial decisions.
  2. Quickly delivering the most reliable and highest-quality data.

“Working with Finicity, we will enable our customers to make informed decisions while protecting their Chase banking credentials,” said Bill Wallace, head of Chase Digital Banking.

Finicity has established relationships with a variety of service and application providers that allow individuals and organizations to manage financial processes. This includes providing data aggregation for several of the most popular personal financial management (PFM) tools, as well as digital asset and income verification solutions for the lending industry through commercial relationships with several large financial institutions and service providers.

To learn more about Finicity data services and their commitment to fast, reliable and high-quality data, visit www.finicity.com.

Marianne Sullivan joins board and will chair audit committee

SALT LAKE CITY – April 24, 2017 – Finicity Corporation today announced an expansion of its board of directors with the addition of Marianne Sullivan, who will assume the role of audit committee chair. Sullivan brings to the board 25 years of experience from Fannie Mae, where she most recently served as senior vice president of single-family strategic initiatives and business capabilities.

“Marianne brings a thoughtful voice, impactful presence and visionary mind to our board of directors at Finicity,” said CEO Steve Smith. “As our leadership grows in the digital transformation of credit decisioning, the experience, insight and relationships Marianne brings to our board will be invaluable.”

Prior to her retirement from Fannie Mae, Sullivan developed industry-transforming strategies, including models and analytics to automate the assessment of underwriting and value of collateral, ultimately leading to the creation of Collateral Underwriter and Fannie Mae’s Day 1 Certainty offerings. The new Day 1 Certainty initiative is a landmark advancement within mortgage lending, in which lenders can validate loan application data upfront, including income, assets and employment. The benefits include freedom from representations and warranties, more efficient risk management and a streamlined process.

“I’m excited by the use of data to benefit individuals and organizations, to remove friction from the origination process while also improving risk management,” said Sullivan. “So, to work with Finicity as it plays a foundational role in digitizing many legacy processes, as well as innovating new services, is something that energizes me.”

Sullivan received her B.S.B.A. in Accounting from Georgetown University in 1987 and began her career in public accounting. She also served as director at MERSCORP, Inc.

To stay up-to-date on Finicity news, announcements and press, visit www.finicity.com/newsroom. To learn more about credit decisioning solutions from Finicity, visit www.finicity.com/credit-decisioning.

Agreement strengthens data access and sharing for Wells Fargo customers of popular apps

SAN FRANCISCO – April 4, 2017 – Wells Fargo & Company (NYSE: WFC) and Finicity, a leading provider of real-time financial data aggregation and insights, have signed an agreement that provides an application programming interface (API)-based method for sharing Wells Fargo customer information with the financial apps and services that Finicity supports.

Finicity is the first data aggregation provider to enter into a data exchange agreement with Wells Fargo enabling third-party applications to access Wells Fargo customer data. This agreement benefits the broader financial application developer community by allowing the apps and services that rely on Finicity’s APIs to access Wells Fargo customer-permissioned data once the proper authorizations are obtained.

“We’re continually implementing strategies that ensure the highest levels of data quality, speed and uptime in our industry,” said Finicity CEO Steve Smith. “This agreement will provide Wells Fargo customers using Finicity API partner apps and services greater control over their financial information.”

Another key component of this data exchange is security. A direct-access relationship eliminates the need for the user to provide credentials through third-party apps. Instead, this is replaced with direct authorization through Wells Fargo and subsequent authentication through tokenized access.

“Establishing a data-sharing process with a provider like Finicity creates a much better experience for our customers,” said Brett Pitts, Head of Digital for Wells Fargo Virtual Channels. “This allows our customers to choose where and how to use their financial data, while also maintaining the privacy of their user credentials.”

Finicity has established relationships with a variety of service and application providers that allow individuals and organizations to manage financial processes. This includes providing data aggregation for several of the most popular personal financial management (PFM) tools available on the market today. Once the API-based method of data sharing is in place, expected to occur this summer, Wells Fargo customers can directly and securely connect with Wells Fargo, while using financial management tools that use the Finicity financial data API.

Finicity will access Wells Fargo’s data exchange API on Wells Fargo’s Gateway Channel developer portal, which was launched in September of 2016. Wells Fargo Gateway offers APIs that allow commercial and corporate banking customers to integrate Wells Fargo products, services and information into their own digital environments.

Verification solutions position Finicity to redefine the credit decisioning experience for lenders and borrowers

SALT LAKE CITY – March 27, 2017 – Finicity, a leading provider of real-time financial data aggregation and insights, today announced the availability of new banking and lending solutions in the form of Verification of Income and Assets. These solutions are aimed at lenders looking to free up resources, improve accuracy and reduce fraud, all while giving borrowers a paper-free, hassle-free experience.

VoI and VoA are the first products to be delivered as part of a growing stable of credit decisioning solutions from Finicity that utilize consumer-permissioned transaction data. By using owner-permissioned data, lenders will be introduced to an entirely new segment of borrowers with thin credit files or no credit history at all. In addition to verification of income and assets, Finicity is currently developing other technologies that will propel the lending space forward in a digital age.

The income verification reports include such benefits as confirmation of up to 24 months of historical income, detailed transactions, historical and estimated future income streams, and account totals. The asset verification reports provide bank-validated insights into borrower assets and valuable information like underwriting factors that could affect credit decisioning.

“Our credit decisioning products give lenders the freedom to access the data and information they need, quickly and efficiently, through easy to use APIs,” said Finicity CEO Steve Smith. “Ultimately, our goal is to provide better financial insights through a robust digital experience that allows both lenders and borrowers to make smarter financial decisions.”

To enhance the consumer experience and assurance of report quality, Finicity has become a consumer reporting agency (CRA). As a CRA, Finicity follows FCRA regulations and allows borrowers to directly obtain information on reports or submit disputes. Consumers will soon be able to reach out to the company through its CRA Consumer Portal.

Finicity is currently piloting its asset verification report solution with Fannie Mae as a final step toward receiving Day 1 Certainty™ report supplier approval.

Account access and data quality are core to the Finicity solution. As a result, the company conducted an internal certification process to ensure that its bank APIs deliver the data required for verification reports. Through this program, Finicity will provide access to more than 80 percent of checking, savings and investment account types in the U.S.

This release comes on the heels of a major funding round of $42 million, led by Experian and announced in December 2016. The raised capital is largely dedicated to growing Finicity’s Data Services division, including the expansion of its credit decisioning product line. Experian and Finicity also announced last week their partnership to digitize the lending experience, starting with asset and income verification services.

Finicity is attending the National Technology In Mortgage Banking Conference & Expo in Chicago, March 26-29. If you’re interested in setting up a meeting at the show, email business.development@finicity.com. To stay up to date on all Finicity company and product announcements, visit the website at finicity.com.

New technology will allow for real-time income and asset verification from more than 80 percent of all financial accounts, making paper-based processes more obsolete

COSTA MESA, CALIF. and SALT LAKE CITY — March 20, 2017 — Experian® and Finicity have joined together to make it easier for consumers to apply for a loan, accelerating loan underwriting and broadening loan availability. The new technology also improves accuracy and reduces fraud risk for lenders. Experian’s new Digital Verification Solutions will deliver verification of assets and verification of income leveraging Finicity’s data aggregation and insight platform. Experian is the first credit bureau to implement this technology, which will give consumers the opportunity to secure mortgages and other types of loans with less paperwork and hassle by connecting with financial institutions digitally.

As part of this effort to bring a “frictionless” loan process into the lending marketplace, Finicity is in a pilot with Fannie Mae to become an eligible asset verification report supplier for the DU® validation service, part of Fannie Mae’s Day 1 Certainty offerings. Fannie Mae’s new Day 1 Certainty initiative is a landmark advancement within mortgage lending in which lenders can validate loan application data including income, assets and employment upfront. The benefits include freedom from representations and warranties, more efficient risk management and a streamlined process.

By digitizing the end-to-end mortgage process, loan approvals that take as long as 70 days might be approved in as little as 10 days. With Experian’s industry-leading credit decisioning and Finicity’s account insights technology, consumers can rapidly complete the income and assets verification process through a simple digital experience. Consumers will then permission delivery of appropriate account data, which is pushed to Experian’s Decisioning as a ServiceSM hosted platform. This will give lenders the ability to integrate consumers’ account data into their credit decisioning processes. As a result, lenders and other service providers will assess a consumer’s ability to pay and verify borrower income and assets in a manner compliant with the Fair Credit Reporting Act (FCRA).

In addition, consumers will no longer be burdened by the laborious task of providing paper-based verification documents during loan underwriting. Lenders will receive deeper financial information on prospective customers through real-time access to alternative data on a customer’s assets, income and ability to pay.

“Our goal is to make the loan process far easier for consumers and to provide better information for lenders through easy-to-use, fair and transparent digital and mobile experiences,” said Alex Lintner, Experian’s president of Consumer Information Services. “By working with Finicity, we will deliver more timely detailed information through smooth, safe processes for credit grantors to improve their business and dramatically enhance lending experiences for consumers by using the power of data.”

Experian and Finicity’s partnership also will benefit the approximately 25 percent of the U.S. population with limited or no credit history, including millennials, who are the largest segment of the workforce and are increasingly applying for loans. While these consumers may have a limited credit history, most consumers have a checking and savings account, as well as other payment obligations such as rent, and utility and phone bills, which can demonstrate they are capable of repaying a loan.

“Together with Experian, we’re reimagining the way the financial industry views credit decisioning, while also broadening credit inclusion for consumers,” said Steve Smith, CEO of Finicity. “Digitizing the credit decisioning process will improve the experience for lenders and borrowers while enabling further innovation in the lending space.”

To learn more about how lenders can bring financial data aggregation into the mainstream, please join Experian and Finicity for a 60-minute webinar on March 23. Additionally, to find out more about the Experian and Finicity collaboration, www.experian.com/finicity.