Finicity Inks Secure Data Exchange Agreement with Capital One

More data sharing and more security are the goals of a new secure data exchange agreement signed between Capital One Financial and real-time financial data aggregation and insights specialist Finicity. The announcement follows the company’s July data sharing agreement with USAA.

“Finicity is hyper-focused on delivering the data insights our partners need to drive their services and enable their customers to make better financial decisions,” Finicity CEO Steve Smith said. He called Capital One Financial an “excellent partner in pursuing these common goals of empowering consumers to have more access to their financial data and better manage their financial health.”

The agreement leverages Capital One’s Customer Transactions API to enable Capital One customers to securely 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 said. 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 real-time financial data aggregation and insights platform provides FIs with financial management, payment initiation, and credit decisioning solutions. The company seeks to empower account owners by democratizing financial event data, improving the security of data delivery, and driving innovation by making it easier for consumers to access the fintech solutions they want most.

Founded in 1999 and based in Salt Lake City, Utah, Finicity demonstrated its Credit Decisioning solution at FinovateFall 2017. The company is also an alum of our developers conference, having presented The Frictionless Aggregation Experience at FinDEVr New York 2017.

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 fellow Finovate alum Mortgage Cadence.

Awarded API World’s 2016 Finance API of the Year and named to the 2018 HousingWire Tech100, Finicity has developed more than 16,000 bank integrations. The company has raised more than $50 million in funding, and includes fellow Finovate alum Experian and Bridge Bank among its investors.

Finovate Alumni News

On Finovate.com

  • Algomi Picks Up Investment from Euroclear.

Around the web

  • YUKKA Lab selected to participate in the Swiss Kickstart Accelerator.
  • Finicity announces integration with SimpleNexus’ enterprise digital mortgage platform and mobile app.
  • Diebold Nixdorf teams up with Progress Systems to bring self-service cash withdraw and deposit services to credit unions in Ireland.
  • Lending Club appoints Ronnie Momen as Chief Lending Officer.
  • Kabbage appoints Scott Rosenberg as CFO.
  • BeSmartee integrates with Equifax to automate service options.
  • Crowdfund Insider: OurCrowd celebrates 5 years with $750 million raised, 160 companies & 21 exits.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finicity and Cre8tech Labs’ Lender Price Partner to Streamline Digital Lending

With the goal of streamlining and improving the customer experience in mortgage lending, real-time financial data aggregation innovator Finicity has announced a new collaboration with financial services technology provider Cre8tech Labs. The first step in the partnership will integrate Finicity’s Verification of Assets (VoA) solution into Cre8tech’s Lender Price Digital Lending platform.

“Consumers understandably want the most accurate information when making a life-altering purchase like a new house,” CEO and co-founder of Finicity Steve Smith said. “Lenders want to meet those expectations while improving efficiency and profitability.” Smith praised Lender Price as a “disruptor” that was “enhancing the mortgage lending experience for borrowers and lenders with a smart, digital solution.”

The new digital lending experience will combine the improvements in accuracy and fraud reduction from Finicity’s credit decisioning technology with Lender Price’s pricing and eligibility engine. Borrowers benefit from a seamless, paper-free process that draws financial information directly from financial institutions, and a digital application experience that supports collaboration between the loan officer and borrower.

Cindy Douglas, Mountain West Financial implementation and onboarding specialist, praised the technology for improving efficiency for loan officers and reducing time to close. “We’re excited to provide our borrowers with the exceptional customer experience of automated VoA reports,” Douglas said. She added, “improvements to our digital mortgage process are crucial to making homeownership a reality for our communities.”

Founded in 1999, Finicity demonstrated its Credit Decisioning technology at FinovateFall 2017. In addition to unveiling a new status page for administrators and developers (status.finicity.com) to enable visibility into real-time API and FI connection uptime, the company demonstrated its Finicity Reports product. Finicity Reports is an online portal that enables lenders to order consumer financial reports that leverage consumer-permissioned data.

Finicity is also a veteran of our developers conference, having most recently presented The Frictionless Aggregation Experience at FinDEVr New York 2017.

Headquartered in Salt Lake City, Utah, Finicity has raised more than $50 million in funding, and includes Bridge Bank and fellow Finovate alum Experian among its investors. The company acquired Aurora Financial Systems – also a Finovate alum – in 2015.

In recent months, Finicity forged a data sharing agreement with USAA, and announced a new partnership with Mortgage Cadence to integrate its Verification of Assets solution into Mortgage Cadence’s loan origination platform. This spring, the company integrated its VoA technology with digital mortgage marketplace provider BeSmartee, and teamed up with borrower-centric digital lending platform MortgageHippo.

Finovate Alumni News

On Finovate.com

  • Baker Hill Inks Loan Origination Deal with West Texas State Bank.
  • Finicity and Cre8tech Labs’ Lender Price Partner to Streamline Digital Lending.

Around the web

  • LendInvest partners with Onfido to bring identity verification to LendInvest’s Buy-to-Let digital applications.
  • Malauzai and Somerset Trust Company declare August 20th as National Fintech Day.
  • Thomson Reuters launches Compliance Management solution, an addition to its Connected Risk platform.
  • Ripple announces the transition of David Schwartz from Chief Cryptographer to Chief Technical Officer.
  • Identity verification startup Sedicii earns a finalist spot in BBVA’s Open Talent competition.
  • Barclays to deploy Finastra’s Fusion Loan IQ system.
  • AlphaPoint wins Best Distributed Ledger Technology Provider by the 2018 Water Technology customer survey.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate

  • Additiv Partners with Orange Business to Bring Digital Wealth Management to FIs.
  • Zopa’s Record Lending Figures Suggest a Healthy U.K. P2P Lending Sector.

Around the web

  • Iraq’s Banque Liban-Francaise completes upgrade to Temenos’ T24 core banking system.
  • P2P lender Zopa announces 40% revenue growth and a return to profitability.
  • Ohpen signs LeasePlan Bank as its latest customer.
  • Efigence implements technological side of Alior Bank open banking project.
  • Open Bank Project collaborates with Citizens Bank hackathon.
  • The World Economic Forum names Neener Analytics as a Technology for Integrity 2018.
  • YellowDog wins Business Innovation Award at inaugural Best New Business Awards.
  • Finicity forges data sharing agreement with USAA.
  • MapD debuts MapD 4.0 for interactive location intelligence at scale.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • PayPal Acquires Simility for $120 Million.
  • Finovate Favorites: A Baker’s Dozen of Best of Show Winners.
  • Touché, OCBC Bank Bring Fingerprint Authentication to In-Person Commerce.
  • P2Binvestor Earns $17+ Million in Funding.
  • Veridium Earns $150,000 Grant.
  • Newchip Lands $2 Million in Seed Funding.

Around the web

  • Experian secures FCA accreditation to supply Open Banking and PSD2 services.
  • Finn AI is the latest fintech to join Temenos Marketplace.
  • CFSI names financial health leaders: Envestnet | Yodlee, Finicity, Handle Financial, Lendstreet, Lend Up, Lending Club, Moven, and Simple.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finicity Forges New Partnership with Mortgage Cadence

Financial data aggregator and insights provider Finicity continues to make moves in mortgagetech by partnering with fellow Finovate alum, Mortgage Cadence. The two have teamed up to integrate Finicity’s Verification of Assets (VoA) solution into Mortgage Cadence’s loan origination platform.

“Our goal as a financial data aggregator is to find best-in-class partners who are also committed to data access, quality, and insights, and ultimately a better experience for borrowers,” Finicity CEO Steve Smith said. “We are excited to work with Mortgage Cadence to accelerate and improve the digital loan process.”

A short online process lets borrowers give consent to have their financial data accessed, enabling lenders using Mortgage Cadence with the VoA integration to generate a verification report with a single click. This, according to Finicity, can cut the traditional closing time by as much as six days.

Finicity’s VoA solution provides bank-validated insight into the borrower’s assets including information on accounts at multiple financial institutions, account types, balances, and detailed transactions, as well as the account owner(s) and address(es). Available via a simple API integration, the technology enables lenders to digitize and streamline asset verification.

“Our agreement with Finicity simplifies yet another important step in the mortgage process for both borrowers and lenders, getting everyone involved in the transaction to the closing table more quickly and with fewer steps,” executive managers of Services Center for Mortgage Cadence Brian Benson said.

Finicity demonstrated its Verification of Income (VoI) and Verification of Assets (VoA) credit decisioning solutions at FinovateFall 2017. Founded in 1999 and headquartered in Salt Lake City, Utah, Finicity has raised more than $50 million in funding and includes fellow Finovate alum Experian among its investors. The company has also been a contributor to our developers conference, FinDEVr, presenting “The Frictionless Aggregation Experience” at FinDEVr New York 2017.

Winning the FinTech Breakthrough Awards’ Best Personal Budgeting Service category earlier this month for its Mvelopes solution, Finicity partnered with digital mortgage marketplace provider BeSmartee in March, integrating its Verification of Assets solution into BeSmartee’s point-of-sale mortgage origination platform. The same month, Finicity announced that its asset verification technology would be integrated with Ellie Mae’s Encompass digital mortgage solution.

Making its Finovate debut at FinovateFall 2017 last year, Mortgage Cadence demonstrated its Collaboration Center. The platform provides lenders with a secure, multi-party communications portal that brings all parties, their workflow and information for the loan into a single, secure location.

Mortgage Cadence’s deal with Finicity is the company’s latest initiative to enhance its platform’s asset verification capabilities. In April, Mortgage Cadence integrated FormFree’s AccountCheck asset verification service into its Enterprise Lending Center. In terms of partnerships, the company secured the largest credit union in Oklahoma, Tinker Federal Credit Union with more than $3.6 billion in assets and 360,000+ members, as a technology partner in March.

Founded in 1999 and with offices in Denver, Colorado, and Minneapolis, Minnesota, Mortgage Cadence is a wholly owned subsidiary of Accenture, and serves more than 600 lenders across the U.S.

Finovate Alumni News

On Finovate.com

  • Arxan Brings its App Protection Technology to Android.
  • BondIT Integrates Bond Portfolio Solution with FIIG Securities.
  • Dwolla Launches Start, a Pay-as-You-Go Payment Solution.
  • Intelligent Environments Rebrands as ieDigital.
  • Finicity Forges New Partnership with Mortgage Cadence.

Around the web

  • Low-code development specialist OutSystems launches OutSystems Sentry, a new proactive security monitoring service for the company’s PaaS clients.
  • PayPal acquires Jetlore, an AI-powered prediction engine for retailers.
  • Halma partners with OurCrowd for life protection technologies.
  • CNP Awards recognizes ThreatMetrix for ThreatMetrix ID.
  • EY names Flywire CEO Entrepreneur of the Year finalist in New England.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alums Take Top Honors at FinTech Breakthrough Awards

Dedicated to recognizing “the top companies and products in the financial services and technology industry today,” FinTech Breakthrough has announced its FinTech Breakthrough Award Winners for 2018. This marks the second year the independent organization has sponsored the fintech awards event, recognizing fintech startups and veterans from a wide variety of categories including payments, lending, investing, and regtech.

“The FinTech Breakthrough Awards serve as a testament to the passion, skill and vision of individuals and teams that are truly setting the standard for innovation in the global FinTech industry,” Managing Director for FinTech Breakthrough James Johnson said in 2017 during the Awards’ inaugural year. “We are thrilled to recognize all of the FinTech Breakthrough Award winners for their well-deserved industry recognition as they drive the global FinTech market forward.”

This year featured 20 Finovate alums earning top honors from FinTech Breakthrough. The names and Finovate demo dates for each winning alum – as well as the category they won – are featured below. For a complete list of 2018 FinTech Breakthrough Award Winners, visit the company’s awards announcement page.

Leadership

Consumer Lending

  • Innovation Award for Consumer Lending – Text for Credit by Experian (FF17)

Business Lending

Wealth Management

Payments

Investments

Consumer Banking

Financial Research and Data

Fraud Prevention and Transaction Security

This marks the second time both eMoney Advisor and ThreatMetrix have been honored by the FinTech Breakthrough Awards. Among last year’s winners were a significant number of Finovate alums including: Sindeo, BizFi, DriveWealth, Quovo, Jumio, Trulioo, Qumram, and Xero.

Finovate Alumni News

On Finovate.com

  • Avoka Partners with Alpine Bank to Provide Custom Account Opening Experiences.
  • Fidor’s New Partnership Takes Aim at Financial Inclusion.

Around the web

  • Telia Finance to deploy core banking solution from Temenos.
  • Fidor signs memorandum of understanding with International Finance Corporation (IFC) to expand services to reach the underbanked in Africa and Latin America.
  • Town Square Bank of Ashland, Kentucky chooses Jack Henry’s SilverLake System to support its commercial and retail growth.
  • Cherokee Strip Credit Union hires Insuritas to launch member-owned, digital insurance agency.
  • Finicity to support push for self-sovereign identity as founding steward and data aggregator for the Sovrin Foundation.
  • CardFlight introduces countertop payment terminal for small businesses.
  • AirTM partners with IdentityMind Global to help Venezuelans access stable money that holds its value.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.