Open banking technology companies Fiserv and Finicity, which is owned by Mastercard, have entered into a data-sharing partnership.
The tie-up will allow sharing of Fiserv clients’ consumer account information with apps that use Finicity’s open banking platform. The exchange will only be enabled following explicit permission from the consumers.
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Finicity will use Fiserv’s AllData Connect to access consumer data.
The AllData Connect portal issues an identifying token in place of the consumer’s username and password. This token can be used by the financial institution to access consumer data.
Fiserv noted that banks and credit unions can use AllData Connect to ‘simplify’ the complexities of the consumer-permission data market and offer financial services via APIs.
The integration will also enable banks and credit unions to cater to customers’ digital banking and financial management needs while gaining insight into their preferences.
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By GlobalDataMastercard data access partnerships SVP Ryan Christiansen said: “This data access agreement complements Mastercard’s longstanding partnership with Fiserv, demonstrated by our aligned missions to empower consumers and organisations to permit the use of their financial data for their benefit.
“The strong payments connectivity between Mastercard and Fiserv via tokenisation, traditional processing and beyond extends across infrastructure, applications and services to the secure and highly reliable API connections we are enabling through open banking.”
Fiserv head of product for digital payments Justin Jackson said: “Banking relationships remain central to most peoples’ financial lives, yet they also expect to access their financial data when and where they want.
“Direct connections via APIs eliminate the need for consumers to share usernames and passwords with third parties, providing convenient and simplified access to their data in a more secure way.”
Last month, Fiserv brokered a deal to buy the remaining stake in Finxact, a cloud-native banking solution developer, for $650m.
