Finicity, a U.S.-based online banking solutions provider, announced on Monday the launch of Finicity Lend, which is described as an integrated solution set of open banking data services that provides banks, lenders, and fintech developers access to tools that enable their borrowers to directly permission data and insights into lending decisioning processes.
“Finicity Lend addresses the need for more efficiency and accuracy, better risk management, real-time insights, and enhanced credit-decisioning by delivering consumer-permissioned financial data, automated and predictive analysis through powerful analytics, and expanded data sources.”
Finicity also noted that Finicity Lend incorporates several new data services with existing data services along with new capabilities in the Finicity open banking platform. Finicity CEO and Co-founder Steve Smith, further explained:
“Our new Finicity Lend integrated solution set will complement the current credit rating system while leveraging the tremendous advantages of open banking to create an industry standard for assessing a borrower’s ability to manage a loan going forward.”
Finicity Lend integrated solution set includes the following data services:
- Transaction data
- Statement data
- Cash Flow
- Scoring Attributes
Founded in 2000, Finicity shared it enables a financial data-sharing ecosystem that is secure, inclusive, and innovative. Through its real-time financial data aggregation and insights platform, the company provides solutions for financial management, payments and credit decisioning.