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Finicity forms direct data agreement with Charles Schwab

By Pavithra R

September 21, 2020

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Finicity, a leading provider of open banking solutions, has announced that the company has signed a direct data agreement with Charles Schwab

The engagement is designed to enhance the security of consumer-permissioned data through the use of an application programming interface (API). The API-based method of data sharing enables Schwab clients of third-parties and apps that use Finicity solutions to securely connect and allow direct access to their financial account data.

“Finicity is committed to delivering our clients superior data access, quality, and security so that they can change the way their customers interact and benefit from their own financial data. We are helping consumers to become more empowered with their financial data and utilize it in ways that improve their financial lives,” said Finicity CEO and Co-founder Steve Smith.

The API integration with Charles Schwab provides FinTech and financial services community with access to client-permissioned financial account data to deliver a variety of apps and services across financial management, lending, payments, and beyond through Finicity. The direct API experience will allow consumers, through their Schwab account relationships, to permit access to their account data.

Finicity & Charles Schwab both use the Financial Data Exchange (FDX) API specification leveraging Open Authorization (oAuth) technology while eliminating the need for the user to share credentials when providing access to their data.

Recently, Mastercard agreed to acquire North American Finicity to bolster open banking strategy.

Established since 2000, Finicity enables a financial data-sharing ecosystem that is secure, inclusive and innovative. The firm has a strong commitment to delivering best-in-class data management practices by partnering with banks and their customers to ensure reliable connectivity is established. The firm works with many of the popular Personal Financial Management (PFM) tools, and many of the largest lenders and most innovative payment providers, among other services.

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