Finicity inks data exchange deal with Capital One
More data sharing and more security are the goals of a new exchange agreement signed between Capital One Financial and real-time financial data aggregation and insights firm Finicity. The announcement follows the company’s July data sharing agreement with USAA, reports David Penn at Finovate.
The agreement uses Capital One’s Customer Transactions API to enable its customers to share financial data with Finicity-supported third-party solutions and services.
In addition to being able to access a broader range of resources for financial management, customers also will benefit from having increased control over how and when their data is used.
The partnership with Finicity, according to Capital One, was in many ways spurred by the firm’s customers, whose demand for fintech solutions encouraged the bank’s decision.
“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,” managing VP of Enterprise Digital Products and Data Connections at Capital One Becky Heironimus says.
Customer migrations are expected to begin in the first quarter of 2019. At that time, Capital One customers will be able to connect with the financial solutions that use Finicity’s financial data API.
Finicity’s platform provides FIs with financial management, payment initiation, and credit decisioning solutions.
Last month, Finicity announced a pair of new partnerships. The company integrated with SimpleNexus’ enterprise digital mortgage platform and mobile app to automate the borrower asset verification process for lenders.
Finicity also integrated its asset verification technology into Cre8tech’s Lender Price Digital Lending platform. Other major partnerships this year include collaborations with digital lender Blue Sage and Mortgage Cadence.
Finicity has developed more than 16,000 bank integrations. The company has raised more than $50 million in funding, and includes Experian and Bridge Bank among its investors.