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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.