Finicity first to ink data exchange deal with Wells Fargo
Wells Fargo and data aggregation provider Finicity have signed a deal that provides an API-based method for sharing Wells Fargo customer information with the financial apps and services that Finicity supports.
Finicity says it is the first among its peers “to enter into a data exchange agreement with Wells Fargo, enabling third-party applications to access Wells Fargo customer data”.
It believes the deal “benefits the broader financial application developer community by allowing the apps and services that rely on Finicity’s APIs to access Wells Fargo customer-permissioned data once the proper authorisations are obtained”.
Another benefit of this data exchange is security, Finicity says. “A direct-access relationship eliminates the need for the user to provide credentials through third-party apps,” the vendor explains. “Instead, this is replaced with direct authorisation through Wells Fargo and subsequent authentication through tokenised access.”
The project to introduce API-based method of data sharing will be completed in summer. Wells Fargo’s customers will then be able to connect with the bank “directly and securely” while using financial management tools that use the Finicity financial data API.
Finicity will access Wells Fargo’s data exchange API on Wells Fargo’s Gateway Channel developer portal, which was launched last year. It offers APIs that allow commercial and corporate banking customers to integrate Wells Fargo products, services and information into their own digital environments.