Finicity CEO Steve Smith said in a press release on Wednesday (July 21) that the collaboration with Green Dot is “next in our data access agreements lineup,” and the companies align in offering “greater transparency to consumers to improve financial health and inclusion.”
Finicity’s direct API initially will be offered via Green Dot’s digital bank GO2bank and will enable users to connect their accounts to third-party apps that are part of Finicity’s secure data network.
“This integration enables customers to put their financial data to work for them by offering secure, seamless connections to tools and features that can have a meaningful impact,” said Green Dot SVP and GM for Direct to Consumer Products Abhijit Chaudhary.
“The majority of Americans, and particularly low- to moderate-income consumers, can benefit from tools that help them feel more in control and connected to their money, and our partnership with Finicity is an exciting step in that direction,” Chaudhary added.
The partnership will offer direct data access via Finicity’s API. The company has already cemented agreements with some of the biggest financial institutions, credit card firms, and wealth management companies in the country.
Finicity aims to assist households and businesses in making sound financial decisions via its access to data. Its open banking platform puts control of financial data in the hands of its users. The company teams with both influential banks and disruptive FinTech providers.
Mastercard inked an $825 million deal with Utah-headquartered Finicity last November in a move to strengthen its open banking platform. Finicity’s open banking platform enables third-party financial service providers to access consumer data from financial institutions.
The acquisition of Finicity by Mastercard also allows the company to extend additional choices for financial services.
Finicity partnered with payments processing firm Jack Henry in May to offer people a comprehensive picture of their finances. Jack Henry’s Banno Digital Toolkit gives customers the ability to control, access and share financial data.