Finicity, a Mastercard company and provider of open banking solutions, announced on Thursday it has signed a data access agreement with U.S. fintech Brex. Finicity repeated that through the partnership, it is extending its leadership in direct data access through the use of an application programming interface (API) to fintechs as data stewards.
“Brex customers will now be able to securely link their accounts to apps that use Finicity’s secure data network. For example, a Brex customer may direct their accounting app to automatically receive their Brex account transactions, or even permission a review of their cash flow to establish a line of credit to grow their business.”
Finicity further revealed that it and Brex use the Financial Data Exchange (FDX) API standard, which leverages OAuth 2, a standard for securely authenticating and authorizing account access. OAuth eliminates the need for account holders to share their login credentials with third parties when permissioning the use of their data. Yelena Reznikova, Director of Product Partnerships at Brex, shared more details about the partnership by stating:
“Growing companies need to move fast, which requires the ability to integrate their financial accounts with their external software. We partnered with Finicity so that our customers can seamlessly connect their Brex accounts to their existing software stack and scale their business faster.”
Finicity CEO and Co-founder, Steve Smith, added:
“Finicity has been collaborating in earnest with financial institutions in signing data access agreements with banks and other traditional financial institutions. With our agreement with Brex, we are now extending our approach to fintechs. We look forward to working with Brex in pioneering the way financial data is utilized to help businesses grow and achieve their goals.”