FINTECH

Finicity signs Data Access Agreement with Brex

Finicity, Brex | December 23, 2020

Finicity, a Mastercard company and driving supplier of open banking solutions, declared today that it has consented to a data access arrangement with Brex, a company that is rethinking financial systems so every developing business can understand their maximum capacity. Through this agreement, Finicity is expanding its authority in direct data access using an application programming interface (API) to fintechs as data stewards.

Brex customers will presently have the option to safely interface their records to apps that utilization Finicity's safe data organization. For instance, a Brex customer may coordinate their accounting app to automatically get their Brex account exchanges, or even authorization a survey of their income to build up a credit extension to develop their business.

“Finicity has been collaborating in earnest with financial institutions in signing data access agreements with banks and other traditional financial institutions. With our agreement with Brex, we are now extending our approach to fintechs,” said Finicity CEO and Co-founder Steve Smith. “We look forward to working with Brex in pioneering the way financial data is utilized to help businesses grow and achieve their goals.”

Finicity and Brex utilize the Financial Data Exchange (FDX) API standard, which use OAuth 2, a standard for safely verifying and approving record access. OAuth takes out the requirement for account holders to share their login certifications with outsiders while permissioning the utilization of their data.

“Growing companies need to move fast, which requires the ability to integrate their financial accounts with their external software,” said Yelena Reznikova, Director of Product Partnerships at Brex. “We partnered with Finicity so that our customers can seamlessly connect their Brex accounts to their existing software stack and scale their business faster.”

Finicity has set up associations with a wide assortment of administration and application suppliers that permit people and associations to all the more likely understand, oversee, and control financial cycles everything from budgeting, payments, and borrowing to transacting, investing, and lending. Finicity works with a considerable lot of the most famous PFM (personal financial management) tools accessible available today, just as a significant number of the biggest moneylenders and imaginative installment suppliers, among a wide assortment of different administrations.

About Finicity
Finicity, a Mastercard company, helps individuals, families, and organizations make smarter financial decisions through its safe and secure access to fast, high-quality data. The company provides a proven and trusted open banking platform that puts consumers in control of their financial data, transforming the way we experience money for everything from budgeting and payments to investing and lending. Finicity partners with influential financial institutions and disruptive fintech providers alike to give consumers a leg up in a complicated financial world, helping to improve financial literacy, expanding financial inclusion, and ultimately leading to better financial outcomes. Finicity is headquartered in Salt Lake City, Utah.

Spotlight

Struggling to grow market share amid increased fintech pressure, banking and financial services organizations need a blueprint for building modern digital capabilities from the get-go — while significantly reducing legacy technical debt and accelerating data center cost-cutting via cloud migration. Here are some practical strategies for achieving these goals, as well as a look at some financial services organizations achieving success.

Spotlight

Struggling to grow market share amid increased fintech pressure, banking and financial services organizations need a blueprint for building modern digital capabilities from the get-go — while significantly reducing legacy technical debt and accelerating data center cost-cutting via cloud migration. Here are some practical strategies for achieving these goals, as well as a look at some financial services organizations achieving success.

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