Canada-based fintech Flinks has enhanced its 'Outbound' Open Banking solution with two new features for easy launch by Canadian financial institutions.
The new ‘core out-of-the-box’ features, ‘Hosted Consent Management’ and ‘Analytics Dashboard’, have been introduced to Flinks’ Outbound Open Banking solution. The features are designed to help credit unions and small- to mid-sized financial institutions overcome some of the challenges they face, as the Canadian Government prepares to legislate consumer-driven banking, with an Open Banking framework that is due to go live by 2025.
The company’s officials said that these improvement have come after through extensive discussions with leaders in Canadian financial institutions and their hands-on experience assisting key clients in the launch of their Open Banking APIs, where they identified the main challenge: limited budget and resources. This challenge is particularly acute for small- to medium-sized financial institutions striving to develop and maintain new and existing infrastructures, like complying with Open Banking requirements.
Flinks’ Hosted Consent Management is described as a fully-customisable and white-labelled ‘portal’ that integrates into an institution’s banking platform, enabling their customers to view, manage, and revoke consent, as well as provide an overview of their historical activity.
The new Analytics Dashboard provides institutions with instant insights into customer behaviour, such as ‘who, when, and what accounts customers are connecting and sharing their data with.
FirstOntario Credit Union – one of the country’s biggest credit unions – has already chosen Flinks and Everlink Payment Services to deliver its Open Banking functionality.
At the end of 2023, small business accounting platform Xero partnered with Flinks to give its North American small business customers access to direct and secure bank feeds, including with the National Bank of Canada and EQ Bank.
In November 2021, SideDrawer has partnered with Flinks to further improve the productivity of advisors and planners on the SideDrawer platform.
Flinks’ North American connections and ability to secure active bank, credit, and loan statements for individuals and companies was an important factor for SideDrawer as its offering expands to US financial institutions and their clients.
The SideDrawer platform is used by financial advisors, planners, concierges, and other professionals to securely collaborate with clients and their trusted professionals over sensitive data and documents. Flinks’ data aggregation capability will be available to SideDrawer’s professional users in January 2022.
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