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Finicity introduces Finicity Lend; bolsters credit decisioning experience

By Pavithra R

September 29, 2020

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Finicity introduces Finicity Lend bolstering credit decisioning experience
Steve Smith, Finicity CEO and Co-founder

Finicity, a leading provider of open banking solutions, has announced the launch of Finicity Lend for credit-decisioning.

Finicity Lend, an integrated solution set of open banking data services, provides lenders, banks and FinTech developers with access to tools that enable their borrowers to directly permission data and insights into lending decisioning processes. It addresses for efficiency and accuracy, real-time insights, better risk management, and enhanced credit-decisioning by delivering consumer-permissioned financial data, automated & predictive analysis through powerful analytics, and expanded data sources.

Finicity Lend incorporates new data services with existing data services, as well as new capabilities in the Finicity open banking platform to create an integrated solution. This platform and Finicity’s APIs will provide the foundation for transforming the credit-decisioning process.

“The growing impact of the COVID economic crisis and the potential impact on consumer credit confirms an issue that has existed for some time now — a need for a deep evaluation of the credit review process and how consumers can become empowered to get more benefit from their own financial data. Our new Finicity Lend integrated solution set will complement the current credit rating system while leveraging the tremendous advantages of open banking to create an industry standard for assessing a borrower’s ability to manage a loan going forward. Real-time, permissioned data from multiple financial accounts is the lifeblood of our secure open banking platform, and empowers consumers to make better financial decisions, to mitigate risk for lenders and can increase overall financial inclusion,” said Finicity CEO and Co-founder Steve Smith.

Leveraging the Finicity open banking platform’s data intelligence layer, Finicity Lend is offering a new alternative data service, Cash Flow, that analyzes financial account data delivering a wide set of cash flow attributes. This helps to give lenders more accurate insights into a small business or individual’s creditworthiness. The use of this alternative data is supported by the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Consumer Financial Protection Bureau, and Office of the Comptroller of the Currency.

Finicity Lend integrated solution set includes the data services includes services such as assets, income, employment, transaction data, statement data, cash flow, and scoring attributes. 

Recently, Finicity formed direct data agreement with Charles Schwab.

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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