Finicity is part of the Mastercard family. Our open banking platform provides the financial data you need.

Payroll data is a tremendous resource upon which fintechs and financial services providers can build better experiences for consumers and, at the same time, enable consumers to benefit more from their financial data.

But enabling access to payroll data isn’t as easy as flipping a switch. And we can’t build better experiences without a simple and trusted process for consumers. This is where open banking comes in. Open banking platforms can unlock payroll data, but such data access has to be done the right way with a consumer-centric model that ensures successful connections and collection of data.

How to Leverage Payroll Data the Right Way

Payroll data is a beneficial resource, but how it’s accessed is central to enhancing the customer experience and ensuring successful data collection. Let’s look at this in greater detail. 

API Connections Vs Credentialed Access

In some cases, data providers look to access payroll data by using a consumer’s credentials. Unfortunately, this model is overly cumbersome for the consumer. Unlike digital banking, where consumers know the data source and have login credentials, consumers are largely unaware of their payroll provider, and in many cases haven’t even set up an account to access a payroll portal. Plus, many employers use a firewall-protected HR portal to enable employees to view paystubs and other income information, which means the employee never directly interacts with the payroll provider. That firewall also protects the payroll data from external access. 

These credentialed-access hurdles make it painful for employees to permission data access and significantly depress successful connections to payroll data. With a low hit rate, financial services innovators or others looking to leverage such data are left with an awkward, sub-par user experience at best and no data at worst.

The best way to leverage payroll data is to provide technology that enables the consumer to easily access their data, and protects them while they do so. This is achieved through direct API connections to payroll providers that eliminate the need for employees to have or know their credentials. It even eliminates the need to know who their employer is using as a payroll provider.

By connecting directly via an API, an open banking platform provider partners with payroll organizations that are equally committed to providing consumers with access to their financial data. The open banking platform can then connect the employee with their payroll provider for them, enabling the employee to more readily benefit from their payroll data and, should they choose, permission access of that data to a fintech or financial service provider. 

Finicity is already leveraging direct API connections to payroll providers and is quickly expanding those tested and proven connections to reach more employers and benefit more employees. We already provide direct connectivity that covers tens of millions of employees in the U.S. Finicity has a history of building partnerships with leading data sources, such as our  direct API connection with the largest payroll provider.

In the case of payroll data, direct API connections have created the best experiences and led to the best outcomes for both our partners and for consumers. This remains consistent with our market push on direct API connections to a broad range of financial institutions.

Consumer-Centric Means Consumer Protection: Operating as a CRA

It’s not enough to promise consumer-centric processes or protection in word only. After all, leveraging payroll data the right way also comes down to how the open banking platform handles the data and how they involve the consumer in that process. 

One of the primary uses of payroll data is in lending. Our Finicity Lend™ solution set, for example, currently leverages payroll data to enhance income and employment verifications necessary for credit decisioning. In this use case, consumers can gain additional protection and strengthen engagement through the Fair Credit Reporting Act (FCRA). These protections hold the data provider accountable for data accuracy and ensure the consumer has a mechanism to dispute the data in case of issues. 

While other data providers claim FCRA compliance, at Finicity we’re not just talk. Finicity operates as a Consumer Reporting Agency (CRA), which means we are legally required to adhere to FCRA requirements. When data providers are delivering income, asset, and/or employment data for the purpose of credit decisioning, operating as a CRA is not only the best way to provide the data, it’s the right way. 

But data access that truly empowers the consumer and keeps data secure doesn’t stop there. We also keep the consumer at the center of all our data-access experiences with our CATTS data principles: Control, Access, Transparency, Traceability, and Security. These principles inform our policies, our products, and ultimately our entire approach to empowering the consumer with their financial data.

It all comes back to trust. Consumer-centric principles, reinforced both in word and in deed, establish trust between data access providers and consumers, as well as with financial institutions, payroll providers, and other financial services providers.

How Can Open Banking Platforms Use Payroll Data?

Payroll data enables financial service innovators to leverage consumer data to improve decisioning and enhance lending processes, as well as create new financial services experiences.

While financial service providers have traditionally relied on ‘physical’ documents, such as bank statements, tax documents, paystubs, and more to verify information about consumers, digital payroll data via open banking provides quick access to all insights necessary to create next-gen financial experiences.

Finicity payroll partnerships provide access that enable or enhance various use cases, such as:

And where Finicity has been leading the market, the market is following. Along with an increasing number of financial institutions and other financial service providers, more payroll providers are recognizing that consumers can benefit from the data they hold. As a result, these providers are adopting API connections to open banking platforms that expand the use of financial data. 

Employees aren’t the only ones who benefit from consumer-permissioned data. Payroll providers ensure greater security when specific data is only shared with third parties for the use case, rather than released on a large, broad scale. They retain greater control in their role as data stewards.

Payroll data goes even further in delivering a more complete view of a consumer’s financial story when it’s paired with other open banking capabilities, such as validating information with bank transactions and, in appropriate cases, with digitized paystubs—another area where Finicity has led the market. 

Consumers own their payroll data, and they should be able to benefit from it. But to ensure the best experience for the consumer and the financial services innovators looking to use such data, enabling access to that data must be done right. See in action how Finicity is leveraging partnerships with payroll providers and financial institutions to provide technology that empowers consumers to benefit from their financial data and improve their lives.

The FinTech Breakthrough Awards is the premier awards program founded to recognize the FinTech innovators, leaders and visionaries from around the world. This year, Finicity was recognized as the best Consumer Lending Platform.

Read the full press release. 

Finicity was named to the Women Tech Council (WTC) 2021 Shatter list. The list names the technology and innovation companies that are enacting impactful programs and inclusive cultures to accelerate removing the glass ceiling for women in tech.

Read the full press release.

FinLedger discusses account connectivity, data aggregation and what the future looks like after screen scraping. Ultimately, the success of APIs and open banking comes down to consumer control, access to consumer data, and whether it’s highly secure.

You can read the full article here.

The traditional mortgage process can feel cumbersome to borrowers and loan officers, especially when the digital solutions dominating our lives have us accustomed to fast, convenient, and simple processes. Slow and complex mortgage workflows are more than inconvenient and unfortunately all too common. They require input at every step, back and forth between multiple partners even for some of the simplest tasks. Traditional, manual mortgage processes can also hinder lenders from reaching the full potential of their organizations.

Fortunately, Finicity Lend’s Mortgage Verification Service (MVS) enables lenders to build a simple, streamlined mortgage verification experience with the flexibility to adapt to different mortgage lending use cases and enhance the lending experience for all.

The Drawbacks of Yesterday’s Mortgage Process

Gathering documents, calling employers, and conducting manual verifications add time to the origination process and can be a source of stress for prospective borrowers who have to hunt down paperwork. All that paper shuffling can also increase the chance of fraud and risk for lenders. High-friction lending experiences are frustrating for borrowers who have become accustomed to digital experiences in all aspects of their lives.

And while adopting a digital mortgage solution can simplify this otherwise cumbersome process, adapting digital solutions can be daunting when your organization is accustomed to a particular traditional workflow. Do you have to ditch everything about your current process? Are the returns of a digital mortgage solution worth the time and resources to transform your organization?

Let’s find out.

Finicity MVS: The Simple and Flexible Mortgage Verification Experience

Finicity Lend’s Mortgage Verification Service addresses these problems with traditional mortgage lending and the concerns lenders face when confronted with the thought of changing their workflow. It comes down to two key components that have been core to MVS’s development from the beginning: simplicity and flexibility.

MVS Simplicity

Thanks to Finicity’s open-banking platform, MVS can deliver the financial data necessary for accurate, GSE-accepted, reliable verification of assets, income, and employment. And it gets better: MVS enables lenders to receive the verifications they need with only a single permissioning experience by the consumer, from multiple data sources. Even adding paystub data to bank and payroll data for a more comprehensive picture of income can still only take one permissioning experience that feels right at home in the digital lifestyle of today’s borrowers.

Data-driven verifications cut the risk of manual verifications and toss out the paper chase that came with ‘paper-based’ (from actual paper to digital documents) processes. The all-in-one, one-touch experience further streamlines and simplifies the lending process and improves the overall experience for both borrowers and lenders, potentially cutting up to 12 days off the origination timeframe.

MVS Flexibility

Every lending scenario is as different as the borrowers that come to you. These unique scenarios mean that there can’t be a one-size-fits-all digital mortgage solution. It needs to be flexible. MVS is flexible enough to adapt to unique mortgage lending use cases and workflows and balance the appropriate level of borrower friction, optimizing the overall process.

With MVS, lenders can request only the data they need to validate income, assets, or employment, or they can request all the verifications at once. No need to sort through unnecessary information to assess a borrower’s risk. For example, a refinancing may not require the asset verification necessary with a new home purchase. MVS provides what you need, when you need it, and in the best, most simplified way with clean, easy-to-read reports.

And while MVS’s one-touch experience is ideal, some use cases or customer experiences require more than one permissioning experience with the borrower. Some consumer flows, for example, only require asset data in one step, and then request income data separately. Or, your flow may attempt a complete verification from transactions only, and you may return to the borrower for a second permissioning experience for paystub data later. MVS can as easily adapt to these two-touch scenarios as the one-touch experience, enhancing lender flow rather than replacing it, and allowing lenders to balance friction with borrowers on their own terms.

Regardless of the permissioning experiences required for accurate and reliable risk assessment, borrowers and lenders will always enjoy a streamlined, fast, secure permissioning process through Finicity Connect for less friction and more time saved. Thanks to this flexibility, MVS helps lenders balance what you believe is the best experience for the borrowers with the tools you need to get the highest possible verification success rate.

With Finicity’s MVS, you can enjoy the benefits of a streamlined, simplified, and flexible digital mortgage experience without sacrificing what makes your lending process unique to your organization. And to top it all off, you get the most accurate data, courtesy of open banking and consumer permissioning. Enhance your lending with Finicity Lend’s MVS.

Bloomberg Law discusses the expectations that the CFPB should create regulations for consumers’ safe sharing of their bank data with finance apps.

The Consumer Financial Protection Bureau has to decide how to apply dated consumer finance laws—aimed at protecting consumers from data breaches, flawed credit reports, and fraudulent transactions—to the new world of open banking.

Read the full analysis ($) here.

 

2020 accelerated the adoption of many remote and digital solutions across nearly every industry. And while mortgage lending has some catch-up to play relative to some other industries in adopting digital solutions, change is happening, and it’s happening fast. Even if you’re not adopting digital mortgage solutions, many of your competitors are. 

But digital adoption can certainly come with its own challenges. These barriers, however, are not impenetrable, and a targeted approach to overcoming barriers to digital adoption can set you on your way to enjoying all the benefits of a digital mortgage experience. 

Why Adopt Digital Mortgage Solutions?

Digital adoption in mortgage lending involves integrating a digital mortgage solution, such as a digital verification of assets, or transforming a traditional workflow to a digital-first model. Digital solutions enable lenders to verify income, assets, and employment without the high-friction interactions with borrowers that were complicated by pandemic restrictions. 

As digital mortgage solutions have proven during the pandemic, digital adoption enables mortgage lenders to be more nimble and adapt to unexpected disruption in the market. Digital adoption also streamlines the origination process. Fannie Mae found that digital verifications can reduce cycle time by up to 12 days. And that real-time data is more accurate and helps mitigate fraud and credit risk. Digital adoption has also picked up traction as it better satisfies the expectations of today’s digital consumers.

So what’s keeping more mortgage lenders from adopting digital solutions? 

Barriers to Digital Adoption

Changing a mortgage lending workflow is no light task. Even if you see the benefits to digital mortgage adoption, it’s another issue entirely to actually implement digital solutions and strategies. Understanding the barriers standing between you and a successful digital adoption is the first step toward targeting and overcoming these challenges and enjoying the many returns of a digital mortgage process. Let’s take a look at some of the most common barriers to digital adoption.

1. Apprehensive Teammates and Borrowers

Frequently, the barrier to digital adoption isn’t so much technical as it is about the apprehension of the teammates who will be using the solutions and the prospective borrowers who will give their trust to the solutions. Although many consumers already share their financial data digitally, allowing access to bank account data can be intimidating for borrowers. The fact is, loan officers, processors, underwriters, and other team members may just be more comfortable with their well-worn traditional workflow. 

Overcoming this barrier will require showing teammates that the returns of digital adoption far outweigh the growing pains, and assuring borrowers that the secure consumer-permissioning process actually empowers them with greater control over their financial data. It also helps to integrate a simple-to-use verification technology like Finicity’s Mortgage Verification Service (MVS) that simplifies the entire verification process into a one-touch experience.

2. Integrating Technology with Traditional Systems and Workflows

At the core of digital adoption is leveraging innovative technology and solutions that enhance the mortgage experience. Adapting to new technology, however, can become a barrier when you’ve been relying on the same traditional solutions for decades. Technology must also be able to integrate with a lender’s loan origination software. 

Fortunately, while any adoption involves some learning curve MVS is built to be intuitive and quick to integrate. And as a one-touch solution for mortgage verifications, MVS makes adaptation easy. No more using multiple processes to get the necessary information. Everything you need is in one streamlined process.

3. Changing Trusted Processes

Trust is an integral element of mortgage lending. Borrowers trust lenders with personal information and with the hope and stress of one of the most significant decisions of their lives. And you trust your tried-and-true process to deliver a low-risk, accurate origination. Traditional processes may be out-of-date, slower, and potentially higher-risk than newer processes, but it can nonetheless be difficult to leave that familiar process behind. 

Fortunately, digital adoption doesn’t necessarily involve abandoning everything about familiar processes. Instead, adoption enhances those processes. For example, Prosperity Home Mortgage has implemented a hybrid lending model. They leverage Finicity’s digital verification solutions for a streamlined, competitive experience, but they also still prioritize in-person guidance for borrowers to personalize their lending experience. Prosperity maintained trusted, familiar priorities while augmenting their overall process with digital solutions.

Solutions like MVS also ease the enhancement of trusted processes by enabling a single process to verify assets, income, and employment. That process is also built to satisfy and exceed the expectations of today’s digital borrowers, which means this new verification solution will feel more comfortable and seamless than traditional paper-based processes.

4. Disjointed Strategy and Poor Change Management

Some lenders may have already overcome the other adoption barriers and may be on their way to integrate digital mortgage solutions. However, a disjointed adoption strategy or poor change management can become another barrier to successful adoption. Weak buy-in to the digital adoption at different levels in the organization can slow down the adoption process and prevent proper training and effective synergy between teams. 

A cohesive digital adoption strategy and effective change management involves demonstrating the benefits of digital adoption from the top of your organization on down. Successful adoption requires commitment and coordination from all. MVS can smooth out that commitment and coordination by reducing the amount of change being instituted with a single simple process, making the overall adoption easier to manage.

Target these digital adoption barriers and you’ll be on your way to a successful digital adoption and all the benefits that come from digital mortgage. Finicity’s Mortgage Verification Service can help you do just that.

Consumers know all too well how time consuming it can be to set up financial services or products. The last thing consumers want is to wait for microdeposits or other verifying procedures to clear so they can get access to their accounts or money in a new app. Consumers deserve a better experience, whether they’re accessing financial services or applying for a loan.

With instant account verification, consumers can connect to their financial accounts and apply for loans more quickly without having to jump through several hoops along the way. Let’s dive into further details about what instant bank account verification is, how consumers can use it to open a new bank account or get that loan they need, and the benefits of using Finicity’s AI-driven open banking technology. 

What Is Instant Bank Account Verification and When Do Consumers Use It?

Instant account verification (IAV) is a convenient and automated method that helps consumers connect to and fund new accounts. By enabling lenders and financial service providers to verify and access bank account data in a matter of seconds, IAV allows consumers to open accounts more quickly. These accounts may include a new online bank account, a new app that connects to a bank account, or even a loan application. 

Setting up accounts and applying for loans once took days to complete from start to finish. Now consumers can set them up in minutes. All that’s necessary is for the consumer to permission access to the specific accounts so they can direct how third parties use their data.

IAV is useful for those who want to use a new organization to either open an account or use one of their services. It can also be particularly helpful in situations where individuals already have a relationship with a financial institution and want to move money into their account or need a loan. For example, instant account verification may be used when applying for a personal loan to expedite the process and get the money into their account as quickly as possible.

At Finicity, we know digital verifications are invaluable to the loan process. With our open banking platform and its AI-driven analytic insights, we enable lenders to screen consumer credit history and consider eligibility quickly. That efficiency enables borrowers to get the loan they need without the hassle of finding and bringing in a paper trail of their historical data. Finicity uses instant account verification to provide a seamless user experience that enables consumers to take full charge of their finances. No matter what they’re trying to accomplish.

How Consumers Can Connect Their Accounts Online and Track Financial Data

Using our Finicity Connect widget as part of financial apps or services, connecting to bank accounts online is simple and quick. All the consumer needs to do is log into their financial institution(s) with their username and password. Then, they can choose what accounts and data they want to give access to. With Connect, consumers can benefit from their financial data by easily permissioning data and accessing new apps, accounts, or other financial services in minutes.

The entire digital verification process can be broken down into five easy steps:

  1. When it’s time to connect to the bank account, the app or service requests that the consumer permission access to their accounts and provides the terms of the data sharing.
  2. The consumer selects the financial institutions that they want to use and permission the specific accounts to use.
  3. Data is aggregated from the bank or payroll provider and is passed along for its specific use.
  4. Transaction data is intelligently analyzed, summarized, and used by the app or service to verify consumer assets, income, and employment, or account details are used to verify ownership, current balance, or provide account and routing numbers for payment.
  5. For certain use cases, ongoing aggregation of data or refresh of the data to keep data current can also be included.

Why Finicity AI Technology Keeps Consumer Information Up-to-Date and Secure

Data security has become a critical issue, and it will only continue to grow more important as technology evolves. With the constant threat of bad actors, it is paramount to protect consumer information at all times. While the convenience of technology is a great perk, it doesn’t matter if a consumer’s data isn’t safe from security threats.

This is why Finicity is equipped to not only connect to consumer accounts quickly and easily, but to keep their data updated and safe as well. Because financial data is pulled directly from the bank, it isn’t stored by Finicity and only the data permissioned is accessed when it’s needed, minimizing how much data is used and stored. Additionally, our technology does not store consumer information—it grants access to it. This enables consumers to take permission away just as easily as they allowed it. 

On top of data protection, Finicity also encrypts data when it’s in transit and at rest. All of the consumer’s data is protected throughout the process as it would be at the financial institution. 

Instant account verification helps consumers and lenders make wiser financial decisions more quickly and efficiently. To learn more about how Finicity’s services can help streamline financial experiences, read more about our solutions.

If you’re a lender, landlord, or employer, you know this to be true: it’s crucial to have up-to-date, verified information about applicants. You don’t want to underwrite a mortgage, provide a car loan, or rent an apartment to someone you don’t have needed information on. You want to make sure applicants can do what they’re promising.

We’re talking about verification of income and employment, and it’s what makes many significant transactions or agreements possible. It allows businesses to take wise risks and helps consumers make financial decisions that are right for them. Let’s take a closer look at what employment and income verification services are, how they work, and how businesses can leverage Finicity Lend™ for more streamlined and accurate verification experiences.

What Is Income and Employment Verification?

Income and employment verification—or verification of income and employment (VOIE)—is just what it sounds like: a way to ensure that someone’s stated income and employment are accurate. Employers and lenders typically use VOIE for more significant purchases or agreements. Lenders might use VOIE for preparing a mortgage or other loan, landlords for tenant screening, and employers for background checks.

If, say, a lender completed a VOIE for a potential borrower, what would they see?

How Does Online Income and Employment Verification Work?

Verifying income and employment can be pretty simple using consumer-permissioned data. For example, at Finicity, here’s how it works:

First, the consumer grants permission for their data to be used either from their financial institution or a payroll provider. They can upload a pay stub, if needed, or other income data.

Second, we digitally extract and verify the income and employment data you need. We’ll analyze the data and add insights to provide a historical view of income and/or employment and confirm the current employer and/or income level by cross verifying employment data with transactions in their bank account.

Finally, we provide a thorough, but easy-to-read report or just the specific data you need.

Other services typically don’t connect directly to banks and use lagging data like database solutions or manual verifications that request information directly from the applicant’s employer or even the IRS, for example. That can take a long time, though (some documents may take months to make it to you), so it’s worth it to go with a service that can automate employment and income verification. It’ll do the heavy lifting for you in minutes, making your life simpler.

The Benefits of Using Finicity’s Open Banking Platform for VOIE

When choosing an online income and employment verification service, you don’t just want a simple process. You also want accurate information and the assurance that the service is keeping your data secure. Finicity’s open banking platform is provides those important benefits, plus some nice perks:

Additionally, Finicity’s solutions mitigate risk for lenders and reduce liability for prospective employers. We act as a consumer reporting agency (CRA), so we follow strict standards that maintain the highest data accuracy and consumer protection.

First, our data meets and exceeds the demanding data quality requirements of investors and GSEs like Fannie Mae and Freddie Mac. In fact, our data is used for high-dollar decisioning governed by strict regulatory oversight, so it’s ready to be leveraged in any use case.

Second, we use consumer permissioning, which means that borrowers have control over how their data is shared and used. That’s a win-win for consumers, lenders, landlords, and employers. 

Third, we implement best-in-class physical, technological, and procedural security safeguards similar to those used by major banks, credit card companies, and trading firms. As security threats evolve, we evolve to stay ahead of the curve. 

How Finicity Is 3x More Successful Than the Leading Automated Verification Company

Currently, most businesses conduct verification of income and employment manually. For example, mortgage lenders contact employers directly to request income information and other documents. They’ll ask for verbal confirmation, or they may need to wait for fax or email verification. Sounds pretty old-fashioned, but that’s still the way a lot of this business is done.

Even some forms of online income verification may be slower or less secure than they could be. In today’s fast-paced, threat-laden business world, that’s bad news. Finicity’s VOIE solution was designed with these issues in mind, and our solution is three times more successful than the leading automated verification company. 

Employment and income verification services help businesses and consumers take wiser financial risks. To learn more about how Finicity’s VOIE service can help you make smart decisions, request a demo of our income and employment solutions.

It’s a good thing our phones remember our passwords because there are an awful lot of them to keep track of these days. A consumer’s bank account, investment app, lending company, and more are often separate entities providing different information about aspects of the consumer’s financial health.

So what if an individual needs to have access to all of this information at the same time? That’s where account aggregation software comes in. Let’s talk about what this software is, why consumers need it, and how to pick the best one.

What Is Account Aggregation Software?

Account aggregation software collects an individual’s financial data from multiple accounts and consolidates it into a single platform. This means that clients and financial institutions can see bank, credit card, investment data, and other consumer or business accounts all at once. With this holistic view, it’s easy to analyze an individual’s financial situation.

How does it work? While account aggregation may only include data held within a specific financial institution, it can also pull information from outside the institution if the account holder gives permission. Data has historically been collected through screen scraping with a secure login, but increasingly data is aggregated using direct API connections to the financial institution that provides cleaner data and is more secure thanks to tokenized (rather than credentialed) access. While aggregators are moving in that direction, Finicity is already pulling 60% of its data through direct API connections.

Why Consumers Need Account Aggregation Software to Manage Their Financial Data

It’s Personal Finance 101: Consumers need to be able to see the big picture so they can make the best choices, big or small. That’s especially true when it comes to financial planning and management. Account holders and financial institutions alike need to see what’s going on in every aspect of the individual’s finances so that they can make the wisest financial decisions.

Account aggregation can help with financial management and planning. For example, with their financial data all in one place, an account holder can see that their investments are giving them a good return, but their credit card debt is counteracting that progress, making it difficult to achieve their goal of saving for a downpayment on a house. With that holistic picture, consumers can see clearly what they need to change to reach their financial goals.

Account aggregation is also important, for example, for families with multiple financial goals. They might be saving for retirement, college funds, and paying down their mortgage all at once. Having all of this data in one place makes it easier to keep track of each of those goals and their progress.

Other benefits of financial aggregation software include the following:

For account holders and financial institutions, data is key to making the best financial decisions. Account aggregation is a huge step toward collecting and using that data in a way that leads to those wise decisions. What makes this possible? Account aggregation APIs.

Eight Things to Look for in an Account Aggregation API 

While an account aggregation API may not be on an account holder’s radar, it’s crucial for financial institutions, fintechs, and other financial service providers to pick the best one for their clients. Here are eight features individuals and financial institutions should look for in an account aggregation API:

  1. Provides accurate, clean data 
  2. Integrates with all the applications you need it to 
  3. Is compatible with the institutions most often used
  4. Has user-friendly features
  5. Has customizable data aggregation 
  6. Has a low cost to value
  7. Provides robust compliance and security features
  8. Offers great customer care and service 

Finicity provides transaction aggregation that uses an award-winning data access and insights API. This API functions as the building block of consumer-permissioned data, which is then presented to consumers in a user-friendly format. This data comes straight from financial institutions, so it’s accurate and ready to go.

Additionally, if you’re using it for lending, our transaction and statement aggregation is an FCRA-compliant solution that empowers the consumer to make sure it’s accurate. The key account information presented includes the following:

With all of this information visible with a single look, account holders and financial institutions can make better-informed financial decisions.

These days, there are a lot of financial services and accounts we need to access: bank accounts, investment apps, debt consolidation services, lending companies, and the list goes on. Since having a holistic view of our personal finances is crucial for making the best decisions, account aggregation software is a game-changer! Finicity offers account aggregation software that helps both consumers and financial service providers see that crucial holistic view. To try a demo and check out our data access and insights API for yourself, click here.