API Integration Will Provide Consumers Enhanced Control and Security Over How Their Data is Shared With Third-Party Apps and Services
Finicity, a leading provider of open banking solutions, announced that it has signed a direct data agreement with Charles Schwab. This engagement is designed to enhance security of consumer-permissioned data through the use of an application programming interface (API).
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“We are helping consumers to become more empowered with their financial data and utilize it in ways that improve their financial lives.”
Through the API-based method of data sharing, Schwab clients of third-parties and apps that use Finicity solutions can more securely connect to and allow direct access to their financial account data.
“Finicity is committed to delivering our clients superior data access, quality, and security so that they can change the way their customers interact and benefit from their own financial data,” said Finicity CEO and Co-founder Steve Smith. “We are helping consumers to become more empowered with their financial data and utilize it in ways that improve their financial lives.”
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This API integration with Charles Schwab provides the broader fintech and financial services community with access, through Finicity, to client-permissioned financial account data to deliver a variety of apps and services across financial management, payments, lending and beyond. The result is improved data stability and accuracy.
The direct API experience will allow consumers, through their Schwab account relationships, to permission access to their account data.
Finicity and Charles Schwab both use the Financial Data Exchange (FDX) API specification leveraging Open Authorization (oAuth) technology, while eliminating the need for the user to share credentials when providing access to 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, saving and borrowing to transacting, investing and lending. Finicity works with many of the most popular PFM (personal financial management) tools, and many of the largest lenders and most innovative payment providers, among other services.
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