Mastercard’s Finicity signs data access agreement with Brex
By Pavithra R
Under the deal, Finicity is extending its leadership in direct data access through the use of an application programming interface (API) to FinTechs as data stewards. The firm recently finalized data access agreement with BMO Harris Bank.
“Finicity has been collaborating in earnest with financial institutions in signing data access agreements with banks and other traditional financial institutions. With our agreement with Brex, we are now extending our approach to fintechs. We look forward to working with Brex in pioneering the way financial data is utilized to help businesses grow and achieve their goals,” said Finicity CEO and Co-founder Steve Smith.
Brex customers can now securely link their accounts to apps that use Finicity’s secure data network. Both Finicity and Brex use the Financial Data Exchange (FDX) API standard, which leverages OAuth 2, an industry-standard protocol for securely authenticating and authorizing account access. OAuth removes the need for account holders to share their login credentials with third parties when permissioning the use of their data.
“Growing companies need to move fast, which requires the ability to integrate their financial accounts with their external software. We partnered with Finicity so that our customers can seamlessly connect their Brex accounts to their existing software stack and scale their business faster,” said Yelena Reznikova, Director of Product Partnerships at Brex.
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. It 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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