To be competitive in an era of accelerating consumer expectations, deploying a seamless application experience for personal lending, mortgage, tenant screening and other use cases is a must. Slower, resource-laden manual processes invite higher consumer drop-off rates, introduce inefficiencies and can be vulnerable to fraudsters.  

Mastercard Open Banking, provided by Finicity, a Mastercard company, is equipping its customers with the capabilities to deliver smarter and more efficient digital lending experiences.  With the expansion of its Verification of Income and Employment (VOIE) solution to include credentialed payroll, Mastercard Open Banking enables consumers to permission access to their payroll account data, mitigating the need to collect income documentation.  

A more efficient digital experience within the loan application process is precisely what open banking customers need – and credentialed payroll delivers a seamless, secure income and employment verification process, and reliable data at speed. The latest VOIE innovation populates consumer-permissioned data directly into the correct fields, creating a fast, secure digital experience that can boost profitability while making life easier for your applicants and employees.  

Strong partnerships that drive industry-leading innovations 

Mastercard Open Banking teamed up with industry-leading payroll data aggregator Argyle to power this expanded VOIE solution. With 90%+ coverage of the U.S. workforce, financial institutions can now digitally verify an applicant’s income and employment in just moments.  

“We’re excited to partner with Mastercard Open Banking to make digital verification of income and employment widely available through our trusted network of consumer-permissioned connections,” said Brian Geary, COO at Argyle. “Together, we are creating smarter lending experiences, free from time-consuming manual touchpoints while achieving faster and more accurate verification​s​,” he added. The combined capabilities of Mastercard Open Banking and Argyle are driving VOIE to be an efficient, flexible solution that comes in at a much more affordable price point than other income and employment verification options, poised to benefit financial institutions and consumers alike. 

“Mastercard Open Banking’s new credentialed payroll enhancement was one of the simplest product launches we have done,” said Josh Cilman, EVP at Intercoastal Mortgage. “The new experience integrated smoothly into our existing processes with no impact to loan processing workflows and an efficient borrower experience. We are excited to digitize our loan application experience with a much more cost-effective way to verify income and employment.” 

Multiple verification solutions to fit your business 

Credentialed payroll is just the latest addition to Mastercard Open Banking’s growing list of digital income and employment verification solutions for smarter and faster decisioning. 

Mastercard Open Banking’s Deposit Income verification solution analyzes direct deposit streams from the consumer’s permissioned bank account data to identify an applicant’s income.  

Freddie Mac launched Loan Product Advisor® (LPASM) asset and income modeler (AIM) for income using direct deposits in March 2022 with Mastercard Open Banking as an initial service provider. In March 2024, Fannie Mae announced general availability of Deposit Income as part of their Desktop Underwriter (DU®) validation service. These solutions help streamline the mortgage origination process for lenders and homebuyers while expanding opportunities for home ownership. 

Mastercard Open Banking solutions are used by financial institutions and decision makers in varied use cases, including mortgage lenders, tenant screeners, personal lenders, credit card issuers and more.  Credentialed payroll and Deposit Income solutions provide financial institutions with the high conversion, affordable income, and employment solutions they seek.  

Bank account and payroll account data can be used independently or in combination to enhance the customer experience depending on the institution’s needs and workflows. 

Partner with Mastercard to create better consumer experiences 

The Mastercard Open Banking platform delivers next-generation financial experiences that delight consumers. The platform serves as a one-stop shop for digital verifications, with the capabilities to verify assets, balances, income, employment, cash flow and much more, seamlessly and at scale. Credentialed payroll and Deposit Income solutions are available today through Mastercard Open Banking’s lending solutions. 

An explosion in new financial services experiences, powered by fintech apps for consumers and small businesses, has propelled the rise of open banking technology in the U.S. and around the world. Every player in the consumer finance arena must now rethink what is possible when consumers and small businesses have full control of their financial lives. 

The Consumer Financial Protection Bureau (CFPB) is embracing this moment of innovation with the long-awaited Dodd-Frank Section 1033 open banking rule, which will accelerate the adoption of open banking technologies and protect consumer interests as we move further into the digital future. This proposed rule is set to be finalized in the second half of 2024. With decades of leadership in data responsibility, Mastercard’s principles align with the tenets of CFPB rulemaking and our role is to protect this data.

Mastercard has created this primer to outline the provisions of CFPB Section 1033 and explain how banks, fintechs and other holders of consumer financial data will be affected by the proposed rule. Read on to discover what CFPB rulemaking means for you — and how Mastercard equips customers to thrive in this new landscape. 

Index

1. What is the CFPB?
2. What does the Dodd-Frank Act Section 1033 say about consumers’ rights to access financial data?
3. What is the CFPB’s role in Section 1033 rulemaking?
4. What parties are impacted by the CFPB Section 1033?
5. How does the proposed rulemaking impact personal financial data rights?
6. What types of data are covered by the CFPB open banking rule? 
7. When does the open banking regulation take effect? 
8. How can Mastercard help? 
9. Where can I learn more?
   
   

What is the CFPB? 

The Consumer Financial Protection Bureau is an independent agency of the United States federal government, established in the wake of the 2007-2008 financial crisis to protect consumers’ interests in financial markets and promote long-term stability in the broader economy.  

The CFPB was created under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, better known as Dodd-Frank, to provide a single point of accountability for protecting consumers from unfair, deceptive or abusive financial practices and to taking action against companies that break the law. 

What does the Dodd-Frank Act Section 1033 say about consumers’ rights to access financial data? 

Section 1033 of the Dodd-Frank Act establishes consumers’ right to access financial data associated with the financial products and services they use, such as credit cards, deposits and savings accounts.  This data includes account details, transactions, balances and more (see “What types of data are covered by the CFPB open banking rule?” below), and is subject to rules put forward by the CFPB.  

What is the CFPB’s role in Section 1033 rulemaking? 

Section 1033 gives the CFPB authority to issue rules governing personal financial data rights.  The CFPB has been working toward implementing this rulemaking since 2016.  

Some key milestones include: 

• publishing a set of consumer protection principles (2017) 
• holding a symposium on consumer access to financial records (2020) 
• releasing detailed documentation of rulemaking proposals and alternatives under consideration (2022) 
• convening a Small Business Review Panel and issuing a report of its findings (2023) 

In October 2023, the bureau released its proposed rule and opened a period of public comment through December 29, 2023. Since then, the CFPB has been working to finalize the written regulations. Once it takes effect, the proposed rule will serve as implementation of Dodd-Frank Section 1033.  

What parties are impacted by the CFPB Section 1033? 

• Data providers – financial institutions and some payment facilitators
• Third-party data recipients – fintechs and financial institutions acting on consumers’ behalf as data recipients and data aggregators acting on their behalf
• Qualified industry standard-setting bodies – CFPB-recognized issuers of fair, open, and inclusive industry standards
  

How does the proposed rulemaking impact personal financial data rights? 

Broadly speaking, the CFPB open banking rule is a framework of regulations and industry standards that provides consumers with ownership and rights to control their financial data; enhanced consumer protections; and consistency in how data can be accessed and used.  

The CFPB proposal will require financial institutions and some payment facilitators to make financial data available to consumers and authorized third-party data recipients.  

The proposed rule also: 

• outlines obligations and limitations for how companies must collect, use and store consumer data  
• requires banks to share data in a standardized format via safe and secure application programming interfaces (APIs) 
• seeks to empower consumers with their financial data 
• enables better access to financial products 
• and jump-starts competition between banks of all sizes, fintechs and other digital players 
  

What types of data are covered by the CFPB open banking rule? 

• Transaction information, including amounts, dates, payees, historical data, and fees. 
• Account balances 
• Account and routing numbers, both tokenized and non-tokenized 
• Terms and conditions, including fee schedules, rates, rewards terms and overdraft coverage 
• Information on upcoming bills, such as minimum payment amounts
• Basic account verification information, including names, mailing addresses, email addresses, and phone numbers. 
  

When does the open banking regulation take effect? 

While the CFPB hasn’t given an exact date, it has indicated that it will finalize the proposed rule toward the end of 2024, with a tiered compliance timeline to follow, which makes it even more important that financial service providers are prepared for the change. 

• First, the CFPB must finalize the rulemaking. 
  • While the bureau hasn’t given an exact date, CFPB Section 1033 is expected to be finalized in the second half of 2024, most likely in the fall. 
• Third parties must comply within 60 days.  
• For consumer-authorized third parties, the CFPB proposed rule becomes effective 60 days from the date of the final rulemaking.  
  • The proposed timeline for complying with the CFPB rule varies based on the size of the financial institution. Banks and other institutions that hold deposits will have between six months and four years to comply, based on their assets. Non-deposit institutions will have six or 12 months, depending on annual revenue. The CFPB has detailed this tiered approach as follows: 

Source: Consumer Finance Protection Bureau

How can Mastercard help? 

At Mastercard, we believe that consumers own their financial data; they should be in control of how and by whom it is used and should benefit from its use. Mastercard’s role is to protect this data and help data providers do the same.  

The CFPB proposed rule calls for secure permissioned data-sharing across developer interfaces, or APIs. Navigating this compliance is going to be complex, as financial institutions must decide to build APIs on their legacy infrastructure or outsource, as well as addressing other areas, including but not limited to consent management, info security, and third-party risk management.  

As trusted leaders with over 55 years of experience in helping partners navigate regulations and meet compliance, we’re here to guide you in meeting CFPB Section 1033 compliance — and in exceeding your customers’ expectations through new and improved financial experiences — as we shape the future of finance, side by side.  

Where can I learn more? 

Sign up here to attend our June 25 webinar, “Navigating CFPB’s 1033 open banking regulation,” and stay up to date on our service offerings around CFPB rulemaking here. 

Today’s consumers’ expectations for their financial interactions are changing. They require a digitally native, seamless, consistent, instantaneous experience with their financial provider right from the get-go. No longer are they willing to wait several days for identity verifications or for microdeposits to clear to start using their account.  

Yet, we know that everyday bad actors are finding new ways to break the system. As more people and businesses enter the digital economy, it’s critical that we keep them secure across all touchpoints with their accounts and beyond. Financial Institutions must protect their customers’ accounts from fraud to ultimately drive primacy, grow deposits and encourage top of wallet behaviors, thus helping them recoup the estimated $450 average cost of acquisition. 

Open banking is the thread connecting the ecosystem to make account opening faster, secure, and more frictionless. 

Here’s a common scenario that financial institutions deal with on a daily basis:  

• ‘John Doe’ opened a new checking account with ‘AcmeBank’ and is ready to fund it with another existing account he has with ‘Partnerbank’  

• How does AcmeBank know that John is the actual owner of the account at Partnerbank? Should Acmebank proceed with posting the ACH file to the Nacha (ACH) network, letting the transaction go through? If John Doe were a bad actor, and Acme bank allowed the payment to go through without doing appropriate checks, John Doe could move that money elsewhere and AcmeBank could get an unauthorized payment return from ‘Partnerbank’, resulting in fraud losses.  

• Similarly, some insurance companies simply ask for account and routing number verification before disbursing funds, not verifying the identity of the receiver. Here, John Doe can impersonate another person, and use his own personal details to re-direct an insurance payout or a payroll disbursement to his account.  

What is the ecosystem doing about it? 

New rules and guidelines are being published by Nacha – operator of ACH payments – that introduce additional risk management frameworks for ACH senders, as well as recipients. Ecosystem participants such as merchants, ecommerce platforms, lenders, and insurance providers may be required to include account verification and identity verification, multi-factor authentication, velocity tracking and KYC/KYB improvements. Mastercard is a Nacha Preferred Partner for Compliance and Risk and Fraud Prevention with a focus on account validation. 

In addition to more thorough fraud checks being conducted by originators, receivers now also must participate in fraud monitoring and flagging to reduce risk. In the above example, Acmebank, the receiving financial institution, will also need to perform additional fraud checks.  

What can you do? 

Mastercard Open Banking helps financial institutions identify, manage and tackle fraud risk on an ongoing basis.  Examples of our solutions include instant account details verification, device and identity verification. When used in conjunction with other customer fraud solutions, they help secure interactions that consumers have with their financial provider. 

Last year, Mastercard debuted Open Banking Identity Verification for the U.S. market and continues to invest in additional functionality that leverage our extensive fraud and identity networks. Before initiating a transaction, financial institutions can verify a number of factors, including: 

• Confirming account ownership information, including name, address, phone and email, in real-time 
• Validating identity profiles and quantifying identity risk  
• Examining the risk level of user activity patterns and associations to detect fraudulent behavior 
• Verifying device authenticity and capturing signals of device fraud 

Beyond Open Banking Identity Verification, Mastercard offers services to streamline account funding, including:  

• Account Owner Verification: A one-time API request that returns the account owner(s) name, address, email and phone number for a select account. This verifies that the bank account being linked is owned by the person opening a new account and complements KYC risk mitigation in real time. 
• Account Detail Verification: Instantly authenticates and verifies account details, including account and routing numbers, to help mitigate fraud, reduce manual entry errors and maximize confidence in payment transactions. 
• Account Balance Check: Easily determines account balance before moving funds to a new account. This ensures that the amount being moved to the new account is available with an accurate, real-time balance snapshot, and reduces costly NSF returns. 
• Payment Success Indicator: A score that predicts a transaction’s likelihood to settle for a specific consumer “today” and up to nine days in the future.  

Now let’s look the journey again with our solutions: 

• Consumer has opened a new checking account with ‘Acme Bank’ and is ready to fund it using existing bank account at ‘Partnerbank’ 
• Consumer agrees to T&Cs and gives permission through Mastercard’s Connect widget for their bank data to be accessed and shared with Acme bank   
• Consumer selects their Partnerbank account and enters banking login credentials (or biometrics where applicable) 
• Consumer selects funding account and amount 
• Acme bank calls our above APIs in the background to check account and identity details in real-time and proceeds with the processing the payment 

Get ahead and get prepared! Check out Mastercard Open Banking developer’s page for technical documentation or reach out to your Mastercard representatives to learn more. 

In partnership with Mastercard Open Banking, with services provided by Finicity, a Mastercard company, Fannie Mae continues to work toward improving access to affordable housing with secure banking-powered technologies, speeding up the application process for lenders and reducing the need for manual document preparation.

In addition to helping lenders validate assets and assess a borrower’s rent payment history and cash flow, Fannie Mae’s Desktop Underwriter® (DU®) validation service gives lenders the power to verify a borrowers’ income and employment information using a single 12-month asset report. This digital enhancement is saving lenders time while enhancing the borrower experience.   

Demand for a better mortgage process 

Traditionally, borrowers have been asked to manually collect and share stacks of sensitive income documents with mortgage loan officers, a time-consuming and less secure process that creates inefficiency for both the borrower and the lender. 

A complete digital verification solution for mortgage lenders 

DU provides a digital option that simplifies and removes friction from the application process. When applying for a mortgage, borrowers can access Finicity’s user-friendly Connect consent flow to link their bank accounts, enabling their data to be easily shared with the lender.  

With one report from Finicity, DU can help lenders validate a borrower’s asset, income and employment information while simultaneously analyzing cash flow and rent payment history to help approve more potential homeowners.  

All the verifications needed to process a mortgage application can be conducted on the spot, without paperwork.  

Fannie Mae’s latest innovation leverages Mortgage Verification Service (MVS) from Finicity as a leading report supplier to power the verifications needed to process a mortgage application.  

• Fannie Mae’s Digital Verification Solution requires an asset report of 12 months or more to run
• Lenders must request that this feature be turned on

“With Desktop Underwriter® (DU®), lenders can now get even more benefits from using a single 12-month asset report. We continue to look for ways to help lenders streamline their validation processes and improve the borrower experience, and this latest enhancement helps them do just that.” 

Peter Skarnulis, Fannie Mae Vice President, Business Account Management Solutions

Want to elevate your efficiency while enhancing the customer lending journey? Get started today. 

The next generation wants control over their data for a more transparent lending experience

Having grown up with the internet, smart phones, and social media, young Millennials and Gen-Z borrowers are particularly savvy about using their digital footprints for their own benefit.  

They embrace technology to streamline everyday tasks and they want to make informed decisions about transactions. As they increase their presence in the workforce, they are becoming the generations poised to drive the future of lending.  

When Mastercard surveyed 7,600 consumers across the United States, Canada, the United Kingdom, Australia, France, Germany and Spain about their recent financial experiences, young people’s voices came through: They want a more transparent, simpler, digitally-enabled lending process.  

And open banking can make this a reality. Using secure APIs, advanced data analytics, and machine learning, open banking technology allows consumers to safely share their financial data, giving a more up-to-date and holistic view of their ability to repay a loan or afford a line of credit.

Most borrowers are already on board. According to our survey, 77% of those ages 45 to 60 and 68% of those over 60 are willing to grant access to their banking data to secure a credit or loan. Among respondents 18 to 29, the number shoots up to 84%.   

Nearly 60% of younger customers have already linked their accounts while applying for a loan. And, as digital natives, nine out of ten would prefer a loan option with a digital application or approval process.

The consumer base is changing, opening a window for the industry to evolve in step. Today’s borrowers are calling for a new, digital-first era of lending, giving applicants more control over the information used to determine their creditworthiness.   

By allowing consumers to share access to their financial data, open banking can provides a current view of their ability to repay a loan or afford a line of credit for more transparent lending decisions – and a more financially inclusive economy.

Younger borrowers are embracing digital lending

Read more about the future of lending in Mastercard’s Lend Report here.  

How open banking paints a more nuanced picture of borrowers 

Even in the best economic circumstances, loans are often a necessity, especially for critical purchases like homes and cars.   

 For some insight into the lending landscape, Mastercard surveyed 7,600 consumers across the United States, Canada, the United Kingdom, Australia, France, Germany and Spain about their recent financial experiences.   

The upshot: 89% have been adversely affected by economic pressures, and nearly half are struggling to get the loans and credit they need.  

Traditional credit scores do not always reflect an applicant’s ability to make payments. Individuals with thin or no credit history can struggle to qualify for credit. Young adults on their own for the first time, gig workers who deal mostly in cash, new Americans and retirees with a single credit card and no loans can struggle to qualify for leases, credit cards and mobile phone contracts. 

To most consumers, change is overdue — 87% believe the decisioning process should make it easier for responsible borrowers to prove their ability to repay. 

Open banking could help provide that missing piece. By choosing to share their bank account data, applicants can paint a more complete picture of who they are. Real-time insights into their accounts — such as a thin credit borrower’s biweekly deposits, cash flow or consistent payments for bills like utilities — offer an up to date, more comprehensive view of their financial health.  

This shift in consumer mindset opens new horizons for lenders, allowing them to champion more inclusive processes.  

Open banking has the potential to accommodate millions of thin-credit applicants who have previously had difficulties accessing the benefits of the financial system. Consumers have spoken. They want the next evolution of lending to prioritize transparency, accessibility and empowerment for consumers worldwide to build a more inclusive digital economy where everyone thrives.  

Digital lending is on the rise

The data revealed in Mastercard’s Lend Report shows global consumer support for a more transparent, digital-first approach to lending. Read more about the future of lending in Mastercard’s Lend Report here.

The future of digital finance is evolving, and it’s happening just in time

Over the last few years, the move to digital finance has accelerated. Consumers are adopting emerging financial apps and services, empowering them to take control of their financial health. The same technological leaps that are enhancing payments, financial management and banking are also changing lending for the better, and they couldn’t have come at a more opportune time. 

That’s because consumers are feeling the impact of economic uncertainty and worry about the effect that it may have on them. In a 2023 survey, Mastercard spoke to 7,600 consumers across the United States, Canada, the U.K., Australia, France, Germany and Spain about their recent financial experiences.  

 Over 89% of respondents say that they’ve been negatively affected by economic uncertainty.  

At the same time, whether they’re making big purchases like homes or handling everyday needs like transportation or food, consumers worry that they won’t be able to borrow what they need.  

Open banking data can help consumers get to the bottom of these challenges.   

For starters, open banking allows consumers to permission access to their bank account, allowing lenders to augment their credit decisioning models with real time information that gives a better view of the consumer’s ability to repay a loan. That’s important because 95% of those who have been denied a loan in the past two years want more insights into the lending process. People are willing to share secure access to their bank account data, if it means better interest rates, instant approval for a loan, improved chances of being approved for a credit card or to secure an increase in the limit on a credit card.    

Lenders benefit, too. By augmenting traditional credit models with open banking, they can improve operational efficiencies, lower costs and create innovative new lending models that can give consumers the credit they deserve, when they need it.   

The world is going digital

The data revealed in Mastercard’s Lend Report shows global consumer support for a more transparent, digital-first approach to lending. Read more about the future of lending in Mastercard’s Lend Report here.

Mastercard provides open banking technology to support leading partners across the ecosystem with safe, flexible and secure lending and payments experiences, partnering with leading players across the ecosystem. Our partnerships with Worldpay from FIS, the merchant solutions business of global financial services technology provider FIS, Zip and J.P. Morgan Payments are driving innovation in billing, lending and payment choice as we scale our global network.

Read more here.

J.P. Morgan Payments’ Pay-by-bank solution, which provides billers with the ability to allow their customers to pay bills directly from their bank account, is now live. Leveraging Mastercard’s open banking technology to enhance J.P. Morgan Payments’ ACH capabilities, Pay-by-bank offers payment choice and provides a simple, secure and frictionless experience for billers to offer to their customers.

For consumers, Pay-by-bank elevates the checkout experience, allowing billers to provide their customers with the option for a new, secure way to pay. The solution uses the consumer’s existing authentication protocols with their bank, including technologies such as biometrics, to retrieve all necessary information to execute a payment. As a result, they can securely make payments like rent, utilities, tuition, insurance, and healthcare.

J.P. Morgan Payments is a global leader, processing more than $9 trillion in payments daily, operating in over 160 countries and over 120 currencies.

Read more about this innovative new solution here.

For over 45 million Americans, the weight of unyielding student loan debt is a major cause of stress and anxiety, a barrier to homeownership and can be a lifelong impediment to building wealth. Nationwide, the total student debt level stands at a staggering $1.7 trillion. Managing that debt has proven to be complicated and inefficient for borrowers and lenders alike.

Bottom line: Access to consumer-permissioned student loan data presents a unique opportunity. Innovators can step in and create apps and build better services that leverage student loan data through Finicity’s open banking platform, to help consumers with student loan debt.

Introducing Normalized Student Loan Data

For fintech innovators, lenders, refinancers, employers and institutions of higher education, working with student loan data has been challenging. Until now, the data hasn’t been normalized. Higher learning institutions have used different naming conventions for data fields, making documentation harder to read, compare or translate. Lenders and servicers have to navigate a forest of screenshots, phone calls with lengthy hold times and unsecure paper documents in their efforts to verify loan information.

These time-consuming manual processes incur labor costs to lenders and servicers. This can cause stress, revenue loss, time loss and negatively impact the lender’s operational efficiency.  

Finicity has normalized the data across data fields, vocabulary, naming conventions and applications of rules, resulting in a modernized ecosystem for all stakeholders through its open banking platform. This significantly reduces the time to market for your student loan solutions.

Innovation Platform Using Student Loan Data

Student loan data doesn’t have to be confusing or complicated. With Mastercard Open Banking (some services provided by Finicity, a Mastercard company), an optimized API call can help reduce costs, and is delivered in a formation that doesn’t require additional coding. Our API endpoints can yield the complete loan details, and the full payment details of a student loan account, including up to 24 months of transaction history.

99% Data Coverage 

• Normalized, comprehensive data covering most student loan accounts. It’s delivered through our open banking platform, with connections to student loan accounts that include federal Direct Loans, FFEL & Perkins, and some of the largest private lenders and servicers (e.g. Aidvantage, Navient, Nelnet, Sallie Mae, Discover, Firstmark, Commonbond, LendKey, etc).

Quality of Data

• Extensive Loan Account Details:  API calls to the Finicity open banking platform can yield a primary account, transactions by account, loan payment details, statements, account owner and much more. Data is aggregated at the three largest levels of the student loan hierarchy; student loan, student loan group and student loan account, while also being able to provide customer & institution-level details.
• Transaction lookback period has been extended to one year in order to accurately capture transaction additions or changes. Up to twenty-four months of transactions can be offered for an extended view of account history.
• Complementary data insight solutions with analytics of a borrower’s credits, debits and balances to deliver smarter credit decisioning.
• Reliable Uptime Data Monitoring: Multi-tier data integrity and student loan-specific data monitoring.

Create Winning Borrower Experiences

Innovators can quickly develop and scale new and improved financial services with Finicity’s open banking platform. Student loans are the second-largest debt sector in the United States. There is a massive opportunity to develop new apps and services to help individuals with student loan debt. Through partnering with our clients, Finicity’s open banking platform is powering solutions to help over 45 million Americans who carry student loan balances. 

Some of the ways innovators can upgrade the borrower experience, using permissioned student loan data:

• Create frictionless onboarding and account setup for borrowers to apply for loans, set up accounts, manage repayment and distribute funding to students.
• Better data for better credit decisioning. It’s pretty simple. Student loan borrowers want a better experience. Lenders want the most accurate and real-time data for better credit decisioning. So we’ve combined the best data with smart insights to transform the lending experience.
• Finicity data powers leading personal finance management (PFM) apps. These tools allow borrowers to view, monitor and manage their debt in near real time by pulling smart, categorized and permissioned loan data into the app. If borrowers can easily understand their financial position and repayment options, they may reduce stress and more effectively manage their debt. 
• Attracting and retaining the best talent in today’s job market is a challenge for any company. Leveraging permissioned student loan data, some employers are taking advantage of the SECURE 2.0 Act, creating benefits like 401k accounts that match student loan payments and direct matching of student loan payments back to the student loan.
• By using the account details endpoint, it’s possible to verify that a student is enrolled in at least half-time coursework by the National Student Loan Data System. Using this data, a rich field of possibility opens up for student-specific benefits. Discounts, rewards and loyalty programs can be built specifically for current students.
• Even the more administrative aspects of student loans can be modernized by open banking technology. Student borrowers can be offered the ability to easily and securely apply for federal programs like Public Service Loan Forgiveness or an Income-Driven Repayment plan. No wading through W2s, paystubs and long, frustrating calls to student loan servicers. Quick and secure.

Step Into the Future

Break out of the spider web of paper documents, screenshots, phone calls and mismatched data. Replace countless lost hours of productivity with optimized API calls that offer the comprehensive, relevant, normalized data to build solutions on.

Innovate with us to create knowledge-based services that empower students, so they can manage, consolidate, refinance and repay their obligations with the level of transparency that they deserve. 

Click here to learn more about our Student Loan Data.  If you are ready to see this data in action, click here to request a demo.