Finicity, a financial data aggregation and insight platform, has partnered with Capital One for secure data exchanging.
The data sharing agreement will bolster Capital One’s customer transaction API to give its customers more security when sharing financial data with third-party apps and services. Capital One customers can directly interact with financial tools and services that are connected through the Finicity financial data API.
This deal will see the API integration of Finicity with Capital One, and will enable FinTech and financial services to automate data collection from the bank in a secure manner. The bank’s consumers will also be able to have more control of their data and how it is used.
Open authorisation technology will be used to remove the need of user’s sharing their banking credentials with third-party apps, and instead uses a tokenised access via direct authentication from Capital One.
Finicity is a credit decision solution to help lenders improve accuracy and lower fraud, while providing clients with a paper-free solution that tracks transaction data directly from financial institutions. Its data-sharing ecosystem provides solutions for financial management, payments, expense reporting, tax management, loan analysis and credit decisioning in mortgage lending.
Capital One managing vice president Becky Heironimus said, “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. 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.”
Last month, Finicity partnered with Cre8tech Labs to accelerate decisions for mortgage lending. The initial stage of the partnership will see the integration of Finicity’s Verification of Assets solution with Cre8tech’s Lender Price Digital Lending platform. Through this, Cre8tech hopes to improve the digitisation of the mortgage process of lenders and borrowers.
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