Finicity, a Mastercard company and leading provider of open banking solutions, announced today that it has signed a data access agreement with Brex, a company that is reimagining financial systems so every growing business can realize their full potential. Through this agreement, Finicity is extending its leadership in direct data access through the use of an application programming interface (API) to fintechs as data stewards.
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Brex customers will now be able to securely link their accounts to apps that use Finicity’s secure data network. For example, a Brex customer may direct their accounting app to automatically receive their Brex account transactions, or even permission a review of their cash flow to establish a line of credit to grow their business.
“Finicity has been collaborating in earnest with financial institutions in signing data access agreements with banks and other traditional financial institutions. With our agreement with Brex, we are now extending our approach to fintechs,” said Finicity CEO and Co-founder Steve Smith. “We look forward to working with Brex in pioneering the way financial data is utilized to help businesses grow and achieve their goals.”
Finicity and Brex use the Financial Data Exchange (FDX) API standard, which leverages OAuth 2, a standard for securely authenticating and authorizing account access. OAuth eliminates the need for account holders to share their login credentials with third parties when permissioning the use of their data.
Finicity has established relationships with a wide variety of service and application providers that allow individuals and organizations to better understand, manage, and control financial processes—everything from budgeting, payments, and borrowing to transacting, investing, and lending. Finicity works with many of the most popular PFM (personal financial management) tools available on the market today, as well as many of the largest lenders and innovative payment providers, among a wide variety of other services.
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