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Finicity, Fiserv to increase consumer choice through secure data access

Thursday 31 March 2022 11:16 CET | News

Finicity, a Mastercard company, and Fiserv, both Open Banking providers, have partnered to provide their customers secure data sharing. 

A data access agreement between the companies will allow Fiserv financial institution clients to enable consumers to provide clear and explicit permission to securely share their account information with apps that use Finicity’s Open Banking platform, offering more payment choices, access to financial services experiences, and improved overall financial literacy and wellbeing. 

Finicity will access tokenized consumer data via AllData Connect from Fiserv, a secure portal through which consumers can consent to share their financial data with third-party apps. AllData Connect issues an identifying token in place of the consumer’s username and password, and the third party is then able to provide that token to the financial institution to access the consumer’s data.

Banks and credit unions can utilise AllData Connect to simplify the complexities of the consumer-permissioned data market and enable next-gen financial experiences through API access. This integration will further position these banks and credit unions to be supportive of their customers’ digital banking and financial management preferences, enabling customers to share their data with the apps and services they select. Through AllData Connect, financial institutions may also gain additional insights about their customers and the third-party apps they are accessing.


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Keywords: partnership, Fiserv, MasterCard, Open Banking, data sharing
Categories: Banking & Fintech
Companies:
Countries: United States
This article is part of category

Banking & Fintech