Open banking is rapidly growing and responding to the call for greater consumer empowerment, giving people and businesses across the globe easy and secure access to their financial data so they can better manage their money, secure loans, and make payments. Finicity’s connections cover 95% of direct deposit accounts in North America. Today, our signed data access agreements with most of the nation’s largest financial institutions, credit card companies, and wealth management institutions cover 63% of our open banking platform traffic with direct API access.
We expect that our direct-API Data Access Agreements will increase coverage of our data traffic to over 80% by the end of 2021. Direct-API connections greatly reduce the use of user credentials in the financial services market.
We have clearly set the industry bar and expect to continue to lead the market with direct data access.
Finicity’s Continued Leadership in Financial Data Access
Signing data access agreements has always been an integral part of keeping the consumer first by enhancing simplicity, control, and security. In Q2, Finicity has continued to build strong partnerships by signing DAA’s with leading financial institutions such as Navy Federal Credit Union, Jack Henry, and Green Dot.
Finicity’s integration to Jack Henry’s Banno Digital Toolkit enables community financial institutions to provide consumers with the freedom to control, access, and share their financial data, creating a real-time picture of their financial health. The more than 400 community financial institutions using the Banno Digital Platform will be able to deliver this holistic financial experience to consumers through secure API access to third-party financial institutions, fintechs, and financial partners of their choice at zero lift and zero cost.
Green Dot and Navy Federal Credit Union will connect their customer’s bank accounts to Finicity’s open banking platform so they’ll be able to link their accounts to third-party apps to connect, manage, and move their money securely, manage how and what personal data is accessed by those third parties, revoke that access when desired, and have more transparency as they use their data.
These new relationships, on top of the ones that have been fostered since 2017, help expand the reach of our open banking platform and pave the path for evolution in the financial industry. With a greater network, more data can be attained providing higher quality products and services.
Finicity’s Commitment to Data Stewardship
Open banking has improved innovation, accessibility, and convenience and has changed the way people and financial institutions experience money. In the United States, Finicity is leveraging its best-in-class data connections as we continue to add direct API connectivity for financial institutions.
To provide access to real-time information, the network of data is expanding and providing more opportunities. Data Access Agreements (DAAs) are put in place to provide access to financial data to expedite the financial experience in the digital age, allowing for innovative services that benefit both the financial institution and consumer. The agreements also set the stage for how the parties involved will communicate and exchange financial data based on consumer consent.
Finicity’s commitment to responsible data practices is defined by the CATTS principles – control, access, transparency, traceability, and security. Adherence to these principles serves as the backbone for how consumer-permissioned data is treated by both parties involved in the DAA, providing the trusted safety needed in the current financial landscape.
To learn more about becoming a supported financial institution and how that benefits you and your customers, be sure to check out our financial institutions page. And request a demo today to see how the power of data from Finicity’s open banking platform can accelerate your fintech innovation to get to market sooner.