Open Banking, Partnership Announcements
American Banker: Wells-Finicity deal furthers data detente
“The heated debate between banks and fintech companies over access to bank customer data seems to be settling into an amicable series of data-sharing agreements.
In the latest example, Wells Fargo and the data aggregator Finicity are announcing Tuesday afternoon a deal through which Wells Fargo will give Finicity access to its customers’ account data through an open application programming interface. This will allow Finicity’s clients, which include four of the top seven providers of personal financial management and many online lenders, to populate their apps with Wells Fargo customer data and use that data to assess potential borrowers’ creditworthiness — without customers having to give the third parties their login and password.”
To read the full, breaking news article in American Banker with commentary from Finicity CEO Steve Smith, click here.