Finicity, a Mastercard company, and PayTech company Fiserv has teamed up to boost open finance through secure data sharing.
Their agreement will allow thousands of Fiserv financial institution clients to give clear and permission to share their account information with apps that use Finicity’s open banking platform.
Finicity will access tokenised consumer data via AllData Connect from Fiserv, a secure portal through which consumers can consent to share their financial data with third-party apps. AllData Connect issues an identifying token in place of a consumer’s username and password, and the third-party is able to provide that token to the financial institution to access the customer’s data.
Fiserv head of product for digital payments Justin Jackson said, “Banking relationships remain central to most peoples’ financial lives, yet they also expect to access their financial data when and where they want.
“Direct connections via APIs eliminate the need for consumers to share usernames and passwords with third parties, providing convenient and simplified access to their data in a more secure way.”
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