Agreement strengthens data access and sharing for Wells Fargo customers of popular apps

SAN FRANCISCO – April 4, 2017 – Wells Fargo & Company (NYSE: WFC) and Finicity, a leading provider of real-time financial data aggregation and insights, have signed an agreement that provides an application programming interface (API)-based method for sharing Wells Fargo customer information with the financial apps and services that Finicity supports.

Finicity is the first data aggregation provider to enter into a data exchange agreement with Wells Fargo enabling third-party applications to access Wells Fargo customer data. This agreement benefits the broader financial application developer community by allowing the apps and services that rely on Finicity’s APIs to access Wells Fargo customer-permissioned data once the proper authorizations are obtained.

“We’re continually implementing strategies that ensure the highest levels of data quality, speed and uptime in our industry,” said Finicity CEO Steve Smith. “This agreement will provide Wells Fargo customers using Finicity API partner apps and services greater control over their financial information.”

Another key component of this data exchange is security. A direct-access relationship eliminates the need for the user to provide credentials through third-party apps. Instead, this is replaced with direct authorization through Wells Fargo and subsequent authentication through tokenized access.

“Establishing a data-sharing process with a provider like Finicity creates a much better experience for our customers,” said Brett Pitts, Head of Digital for Wells Fargo Virtual Channels. “This allows our customers to choose where and how to use their financial data, while also maintaining the privacy of their user credentials.”

Finicity has established relationships with a variety of service and application providers that allow individuals and organizations to manage financial processes. This includes providing data aggregation for several of the most popular personal financial management (PFM) tools available on the market today. Once the API-based method of data sharing is in place, expected to occur this summer, Wells Fargo customers can directly and securely connect with Wells Fargo, while using financial management tools that use the Finicity financial data API.

Finicity will access Wells Fargo’s data exchange API on Wells Fargo’s Gateway Channel developer portal, which was launched in September of 2016. Wells Fargo Gateway offers APIs that allow commercial and corporate banking customers to integrate Wells Fargo products, services and information into their own digital environments.

Today marks a major landmark for Finicity, and frankly for the lending marketplace.  Today we announced a solution partnership with Experian, the world’s largest credit bureau and a notable market innovator, to reimagine the lending experience through digital transformation.

We live in a time of incredible change, and that change is occurring at a pace never before seen.  And it’s largely driven by the technological leaps we’ve recently experienced.  Cloud.  Mobility.  Big data.  With these advancements we’ve experienced dramatic shifts in how we shop, travel, consume entertainment, and even order pizza.  And yet, the lending space hasn’t experienced quite the same transformation.  Until now.

Finicity has long been in the business of providing financial insights through state-of-the-art aggregation of financial transactions and records. Now we’re applying that know-how to the credit decisioning process, starting with verification of assets and income.  This verification process has remained virtually unchanged for decades.  It’s essentially a paper chase.  Borrowers still have to track down verification of income and assets by compiling a series of financial statements and pay stubs.  I’m pretty sure my parents had to do the same when they bought their first house.

Together with Experian, we will provide a digital experience, integrated into the loan process.  For borrowers, they are now able to harness the power of data by simply permissioning access to transactions in the accounts of their choosing. There’s no more looking for statements, downloading, printing, emailing, scanning, calling, etc.  For lenders, the process is faster, efficient and more accurate.

Becoming more efficient doesn’t only save time, it saves money too. This is a serious consideration for lenders, as the cost of loan origination is rising. According to the Mortgage Bankers Association, it jumped from $5,779 in 2013 to $7,845 in 2016. Meanwhile, the net income per loan dropped from $1,772 to $825

Another advantage for lenders? Finicity is currently piloting its asset verification report solution with Fannie Mae as a final step toward receiving Day 1 CertaintyTM report supplier approval. Fannie Mae’s new Day 1 Certainty initiative is a landmark advancement within mortgage lending in which lenders can validate loan application data upfront. The benefits include freedom from representations and warranties, more efficient risk management and a streamlined process.

Our relationship with Experian is really a series of firsts.  We are the first core aggregator to work with a major credit bureau to deliver such solutions and to pilot with Fannie Mae to become an eligible asset verification report supplier for the DU® validation service, part of Fannie Mae’s Day 1 Certainty offerings.  Experian is the first credit bureau digitizing the loan asset and income verification steps of the underwriting process for consumers and lenders – delivered through their Decisioning as a Service platform.

And yet, while there are many firsts, we don’t expect this to be the last you hear from us.  The ability for consumers to use their transaction data and financial records to benefit in the lending process is just beginning.  As we move forward the power of data will, we believe, enhance credit inclusion and improve the financial well being of millions.

Again, we are very excited to work with Experian to meaningfully innovate an industry and empower individuals.

Intuit names Finicity choice data aggregation provider for seamless API integration

Finicity, an industry leading user-permissioned financial data access platform, launched today its Facade API in partnership with the Intuit Developer Group. The Facade API serves as a true replica of Intuit’s Financial Data API, allowing developers to easily migrate their data aggregation services from Intuit to Finicity.

Finicity understands the importance of financial data aggregation to Intuit products and third-party applications alike, which is why the leading data aggregator created the Facade API to minimize code changes and ease the transition for developers. The Facade API will translate Intuit-structured API calls into Finicity-structured API calls, so the only change developers must make is to begin calling the new Finicity endpoint and re-authenticate their users.

“The entire Finicity team is working tirelessly to complete a smooth transition from the Financial Data API for Intuit CAD Developers,” said Nick Thomas, president and co-founder of Finicity. “The Intuit developer community continues to drive digital financial innovation and we’re thrilled to provide the data aggregation tools needed for continued business success.”

In addition to the Facade API for Intuit, Finicity continues to be a provider of API services for account aggregation, cash-flow verification and account-ownership verification. The leading financial data aggregator is also the maker of the TxPUSH API, which makes it easier for developers to use the Finicity API platform to receive account and transaction data instantly.

For more information about the Facade API via Finicity, visit www.finicity.com/IntuitTransition.