It may be that the worst is yet to come regarding a credit crisis and long-term economic hardship. According to a survey of 2,000 U.S. consumers Finicity conducted last November, people stated they were just as concerned about their credit in the wake of job losses or financial hardship near the end of 2020 as they were during the initial onset of the pandemic. In fact, more than two-thirds (65%) of respondents said they are concerned their credit score will go down in the next six months because of the pandemic.

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Finicity CEO and C0-founder Steve Smith discusses open banking and data strategies and how to continue to drive innovation forward in the fintech industry.

Read the full interview. 

ICE Mortgage Technology™, the leading cloud-based loan origination platform provider for the mortgage industry, announced today the winners of its 2021 ICE Mortgage Technology Innovation Awards.

The ICE Mortgage Technology Innovation Awards recognize the most creative mortgage lending companies who are pushing the envelope by creating extraordinary, customized solutions with ICE Mortgage Technology to achieve their business goals with exceptional results.

The 2021 ICE Mortgage Technology Innovation Award winner for Lenders’ Choice for Innovative Service Provider is Finicity (with Waterstone Mortgage).

“With a year of unexpected challenges, these industry-leading and resilient companies customized our ICE Mortgage Technology solutions to utilize automation technologies and data-driven insights to excel during a demanding year,” said Joe Tyrrell, president, ICE Mortgage Technology. “We’re proud to recognize these exceptional winners who showed agility, flexibility and persistence as our industry continued to pivot throughout 2020.”

You can read the full press release here or more about the winners here.

You can also read about how Waterstone Mortgage and Finicity worked together to experience a 10-15% monthly boost in digital verifications. Providing asset data sooner in origination process, saved loan originators’ time, and simplified the entire borrower experience.

Wriiting in The Paypers Voice of the Industry, Matthew Driver, Executive Vice President, Services, Asia Pacific, Mastercard, discusses Open Banking and the importance of data decency, ethical data usage, and how consumer-centric data sharing has the potential to unlock new opportunities within financial services.

Read the full article here.

Finicity CEO Steve Smith writes about how tomorrow’s leaders will be the companies that put consumers at the center of the conversation — helping them be more connected to their data, have more control and feel empowered to make the best financial decisions for themselves.

He specifically focuses on the credit review process and how open banking will make a difference. Read the full article at Forbes.

Southwest Business Corp., known as SWBC, has entered into a partnership with Finicity, a Mastercard company and Open Banking solutions provider. SWBC will use Finicity’s Open Banking platform Finicity Pay for instant account validation of online ACH payments

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Southwest Business Corp., known as SWBC, will rely on Finicity’s Pay for real-time verification of accounts.

“Our partnership with Finicity will allow SWBC to deliver new security capabilities protecting consumers and the institutions that serve them,” Tucker Stovall, vice president of product strategy at SWBC, said in a statement. “In addition, instant verification allows for speedy enrollment and immediate access to ACH transaction initiation, a significant improvement to the user experience.”

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Finicity, a Mastercard company, is now a Nacha Preferred Partner for Account Validation through Finicity Pay, an integrated solution set of Finicity’s open banking platform.

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“A recent report conducted by Finicity revealed that about 64% of respondents impacted by job/income loss due to the pandemic said that it’s hard to keep up with bills and payments. And, 95% of those impacted are concerned about their ability to rebuild credit and take out a loan after the pandemic ends.”

Finicity, a Mastercard company and leading provider of open banking solutions, has signed a data access agreement with Brex.

“Finicity has been collaborating in earnest with financial institutions in signing data access agreements with banks and other traditional financial institutions. With our agreement with Brex, we are now extending our approach to fintechs,” said Finicity CEO and Co-founder Steve Smith. “We look forward to working with Brex in pioneering the way financial data is utilized to help businesses grow and achieve their goals.”

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