Pioneering Data Sharing Standards with U.S. Bank

Congresswoman Anna Eshoo once said, “Innovation is the calling card of the future.” Finicity operates with a similar eye to the future, each new data solution taking us closer to the future that we imagine. Our vision includes truly empowered consumers with full control over their personal data and common data sharing standards that facilitate creative problem solving within secure frameworks. Our work with the Financial Data Exchange (FDX) is evidence of our investment in this future. We know that the work we do today will impact the world we live in tomorrow. 

We are, therefore, pleased to have entered into a direct data agreement with U.S. Bank. Finicity and U.S. Bank share an unwavering commitment to consumers and to protecting their personal financial data. This agreement is the result of a collaborative partnership focused on designing superior consumer experiences and on setting the stage for the future of data sharing. 

This represents our continued efforts in leading the development of next-gen data access solutions and it will translate into multiple meaningful benefits for U.S. Bank customers. These benefits include increased security, reliability, and control. For U.S. Bank customers, permissioning their data will now be easier and more secure, the ultimate in customer experience. The relationship centers on an application programming interface (API) that provides rapid access to data through a secure tokenized process. Because of this tokenization, U.S. Bank customers will not have to share their credentials with anyone other than U.S. Bank.

Integration will require minimal effort for U.S. Bank customers. The direct API experience will simply redirect them to a familiar login experience from U.S. Bank. Emphasizing the importance of consumer control, each customer will ultimately have access to a permissioning portal where they can access, manage, and restrict the sharing of their financial data. Consumer education and consent are at the core of this data sharing agreement and inform each aspect of implementation.

Finicity is leading the financial data access market by entering into these data-sharing agreements (see our announcements with USAA, Wells Fargo, Fidelity, Capital One, and JPMorgan Chase). We currently maintain market coverage of approximately 95% of U.S. deposits and investments under management and, at this writing, 40% of that coverage will be based on direct API access. Our leadership in the direct data agreement space reflects our commitment to partnering with banks to provide the best data and the best experience for our shared customers.

While this agreement with U.S. Bank comes after much research, thought, and dialogue, it is not the end of the journey. Rather, it is the beginning—a gateway to new opportunities, new products, and new possibilities.