Finicity, a provider of real-time financial data aggregation and insights, has signed a data sharing agreement with Capital One.
The deal enhances access and security through Capital One’s Customer Transactions application programming interface (API), and as a result, Capital One customers will now be able to more securely share financial data with the third-party apps and services that Finicity supports.
Establishing a formalised API integration with the bank allows the broader FinTech and financial services community to more securely automate needed financial account data while delivering a variety of apps and services for financial management. This results in significant time savings, added stability and greater accuracy. Customers will also have increased control over how and when their data is used.
“Technology is enabling us to bring waves of new financial tools into the marketplace,” said Becky Heironimus, managing vice president of enterprise digital products and data connections at Capital One. “We know many of our customers actively use and rely on third-party services to help them manage and track their finances, and we appreciate the value these services provide. Our agreement with Finicity helps our mutual customers take full advantage of their platform.”
The API used leverages Open Authorisation (oAuth) technology to eliminate the need for the user to share their banking credentials with third-party apps. Instead, it is replaced with secure, tokenized access providing direct authorization through Capital One.
“Through the API, our mutual customers can securely connect with thousands of leading fintech applications and enable access to accurate account information that gives them control and transparency over how and when they choose to share their Capital One financial data,” Heironimus added.
Once the API-based method of data sharing is in place – customer migrations are expected to start in Q1 of 2019 – Capital One customers can directly and securely connect with financial tools and services that use the Finicity financial data API.
Founded in 1999 and based in Salt Lake City, Utah, Finicity’s real-time financial data aggregation and insights platform provides FIs with financial management, payment initiation, and credit decisioning solutions. The company looks to to empower account owners by democratising financial event data, improving the security of data delivery, and driving innovation by making it easier for consumers to access the fintech solutions they want most.
Last month, Finicity entered into a direct data-sharing agreement with USAA which will allow their members to more easily and more securely access and use their financial data in third party apps and services. The agreement gave USAA members greater control of their financial information, and provide a more seamless, secure and transparent exchange of data.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
