Agreement strengthens data access and sharing for Wells Fargo customers of popular apps
Wells Fargo & Company (NYSE:WFC) and Finicity, a leading provider of
real-time financial data aggregation and insights, have signed an
agreement that provides an application programming interface (API)-based
method for sharing Wells Fargo customer information with the financial
apps and services that Finicity supports.
Finicity is the first data aggregation provider to enter into a data
exchange agreement with Wells Fargo, enabling third-party applications
to access Wells Fargo customer data. This agreement benefits the broader
financial application developer community by allowing the apps and
services that rely on Finicity’s APIs to access Wells Fargo
customer-permissioned data once the proper authorizations are obtained.
“We’re continually implementing strategies that ensure the highest
levels of data quality, speed and uptime in our industry,” said Finicity
CEO Steve Smith. “This agreement will provide Wells Fargo customers
using Finicity API partner apps and services greater control over their
financial information.”
Another key component of this data exchange is security. A direct-access
relationship eliminates the need for the user to provide credentials
through third-party apps. Instead, this is replaced with direct
authorization through Wells Fargo and subsequent authentication through
tokenized access.
“Establishing a data-sharing process with a provider like Finicity
creates a much better experience for our customers,” said Brett Pitts,
Head of Digital for Wells Fargo Virtual Channels. “This allows our
customers to choose where and how to use their financial data, while
also maintaining the privacy of their user credentials.”
Finicity has established relationships with a variety of service and
application providers that allow individuals and organizations to manage
financial processes. This includes providing data aggregation for
several of the most popular personal financial management (PFM) tools
available on the market today. Once the API-based method of data sharing
is in place, expected to occur this summer, Wells Fargo customers can
directly and securely connect with Wells Fargo, while using financial
management tools that use the Finicity financial data API.
Finicity will access Wells Fargo’s data exchange API on Wells Fargo’s
Gateway Channel developer portal, which was launched in September of
2016. Wells Fargo Gateway offers APIs that allow commercial and
corporate banking customers to integrate Wells Fargo products, services
and information into their own digital environments.
About Finicity
Finicity enables a financial data-sharing ecosystem that is secure,
inclusive and innovative. Through its real-time financial data
aggregation and insights platform, Finicity provides solutions for
financial management, payments and credit decisioning. It is also
leading the development and promotion of industry standards. The company
has developed more than 16,000 bank integrations, with the vast majority
through connections that provide access to formatted bank data,
improving information access and accuracy. Finicity is the winner of API
World’s 2016 Finance API of the Year. To learn more and test-run the
rock-solid API today, visit www.finicity.com.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Founded in 1852
and headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial finance
through more than 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com)
and mobile banking, and has offices in 42 countries and territories to
support customers who conduct business in the global economy. With
approximately 269,000 team members, Wells Fargo serves one in three
households in the United States. Wells Fargo & Company was ranked No. 27
on Fortune’s 2016 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy our customers’ financial needs and help
them succeed financially. News, insights and perspectives from Wells
Fargo are also available at Wells
Fargo Stories.
