A new agreement between Finicity and JPMorgan Chase will give bank customers the ability to take advantage of a wide range of third-party financial apps without having to disclose their bank login credentials. APIs will enable secure information sharing between Finicity-supported apps and services, with tokenization supporting a frictionless experience for the consumer whose login data remains with the bank.
Head of Chase Digital Banking Bill Wallace echoed this point in a statement accompanying the announcement, saying, “Working with Finicity, we will enable our customers to make informed decisions while protecting their Chase banking credentials.” Locating customer financial data “at the center of a superior experience with financial apps and services,” Finicity CEO Steve Smith added praise for JPMorgan’s “commitment to helping customers better manage their finances through data access, quality, and intelligence.”
Pictured (left to right): Co-founder and President Nick Thomas and Director of Engineering Jessie Morris demonstrating Finicity’s Verification of Income/Verification of Assets solutions at FinovateSpring 2017.
The news from Finicity is a Big Fintech Deal in the world of data aggregation and data sharing, and shows how Finicity’s unique relationships with FIs and service providers enable the company to provide data aggregation for a range of PFM, digital asset and income verification solutions. The agreement follows on the heels of Finicity’s data sharing deal with Wells Fargo announced earlier this year. In addition to Wells Fargo and now JPMorgan Chase, Finicity has also teamed up with Intuit and fellow Finovate alum, Experian. The later partner is also an investor; Finicity closed a $42 million Series B round led by Experian late last year.
Founded in 1999 and headquartered in Salt Lake City, Utah, Finicity demonstrated its Verification of Income (VoI)/Verification of Assets (VoA) solutions at FinovateSpring 2017. VoI and VoA are part of a suite of tools the company has developed designed to leverage consumer-permissioned data to improve the credit decisioning process. The company is also a veteran of our developers conference, having presented “The Frictionless Aggregation Experience” at FinDEVr New York 2017.