Finicity announces data access agreement with BMO Harris Bank
By Pavithra R
The data access agreement defines common rules on how Finicity and BMO will communicate and exchange financial data. The deal signals a commitment to empowering consumers with more control and secure sharing of their financial data. Under the agreement, BMO’s customers will have secure and convenient access to their financial data, empowering them to access capital, manage their finances, and make financial progress.
Established since 2000, Finicity enables a financial data-sharing ecosystem that is secure, inclusive and innovative. The FinTech embraces 5 core consumer-permissioned data sharing principles: access, control, transparency, traceability and security. As consumer-permissioned data sharing continues to stregthen, these principles can empower consumers with control and awareness of which parties will access to their financial data, what aspects of financial data they want to share, and how to modify the access. Customers retain ownership of their data and have the ability to consent to which data will be shared.
“It’s important for our customers to be in control of their financial lives. This partnership with Finicity not only empowers our customers with more control over their financial data, it also creates an environment for them to meet their goals built on transparency and security,” said Hugh McKee, head of BMO Partners.
BMO customers can also take advantage of Finicity’s open banking platform to permit access to their financial data for their own benefit across a variety of apps and services.
“Finicity continues to be at the forefront of partnerships with financial institutions to provide the most robust and secure data sharing environment through our open banking platform. Working with forward-thinking organizations like BMO Harris will have a real impact on driving better financial outcomes for consumers, including financial literacy and financial inclusion,” said Finicity CEO and Co-founder Steve Smith.
Established since 1882, BMO Harris Bank provides a broad range of personal banking products and solutions. Its commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the United States.
IBSi Daily News Analysis
August 18, 2022
Why is India a front-runner in the field of digital lending?Read More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage