Payments processing services firm Jack Henry & Associates on Wednesday (May 5) announced a partnership with financial data provider Finicity, an arrangement the two companies say will give customers a greater picture of their financial well-being.
Fincity’s integration with Jack Henry’s Banno Digital Toolkit will give customers at community financial institutions (FIs) the ability to control, access and share financial data, per a press release announcing the partnership.
More than 400 financial institutions use the Banno platform, and will be able to give consumers this experience “through secure API access to third-party financial institutions, fintechs and financial partners of their choice at zero lift and zero cost,” the announcement said.
“At its core, open banking is a philosophy centered on empowering the consumer — as a result, it elevates the position of the financial institution providing the access,” Finicity CEO Steve Smith said. “Finicity and Jack Henry share a goal of providing the industry with open banking standards that enable consumers to access, use, and benefit from their financial data.”
Finicity, a Mastercard company, is a founder member of FDX, a nonprofit organization dedicated to unifying the financial industry around a common, interoperable and royalty-free standard for the secure access of consumer-permissioned financial data. Jack Henry joined FDX to support the standard through this integration with Finicity and throughout more of the Banno Digital Toolkit.
“Our FDX-compliant integration with Jack Henry encourages safe and open access to data for the industry at large,” Smith said in the news release. “The association needs adoption by leaders like Jack Henry in order to change the ecosystem, and we’re proud to be partnered with them under these standards.”
Mastercard purchased Finicity last year for $825 million. In a PMNTS interview last June, Mastercard’s Craig Vosburg discussed the company’s approach to open banking.
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