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The New Era Of Payments Interactions [ad_1] ANKARA, TURKEY - JULY 01: On this picture illustration, the emblem of MasterCard is displayed on a ... [+] laptop computer display screen and the emblem of Finicity is displayed on a sensible cellphone display screen in Ankara, Turkey on July 01, 2020. Ali Balikci / Anadolu Company Anadolu Company One other month, one other multi-billion deal in Cost Tec... #advent_international #bain_capital #finicity #first_data #fis #fiserv #hellman_amp_friedman #ingenico #mastercard #nets #nexi #payments #sia #worldpay

[nuadox]

Mastercard to acquire Finicity for US$825 million, strengthens open banking strategy

- By Nuadox Crew -

On June 23, Mastercard announced it has entered into an agreement to acquire Finicity, a North American provider of real-time access to financial data and insights. The price tag is a massive US$825 million.

The addition of Finicity’s complementary technology and teams strengthens the existing Mastercard open banking platform to enable and safeguard a greater choice of financial services, reinforcing the company’s long-standing partnerships with and commitment to financial institutions and fintechs across the globe.

Open banking gives people and businesses more control over their financial data. This includes determining how and where third parties – such as fintechs or other banks – can access that information to provide new services like money management programs or initiate payments on their behalf.

Mastercard has increasingly invested in this space over several years, including the 2019 launch of a set of comprehensive open banking solutions in Europe. The combination of these efforts with the Finicity technology powering platforms such as Quicken Loans Rocket Mortgage and Experian Boost has the potential to shape the next generation of open banking services.

“Open banking is a growing global trend and a strategically important space for us. With the addition of Finicity, we expect to not only advance our open banking strategy, but enhance how we support and accelerate today’s digital economy across several markets,” said Michael Miebach, president of Mastercard. “Finicity has a proven business, built on partnerships with thousands of banks and fintechs, similar to us. Finicity also shares our commitment to consumer-centric data practices, ensuring consumers have a say in how and where their information should be used. It’s through the use of next generation open banking APIs and clear consumer approvals that this financial information can deliver streamlined loan and mortgage processes, rapid account-based payment initiation and personal financial management solutions.”

“Since our founding, Nick Thomas and I have focused on developing industry-leading technology and building an organization that empowers consumers and organizations to better understand, manage and use their financial data to improve their financial lives,” said Steve Smith, chief executive officer and co-founder of Finicity. “Enabling people to access and control their data, while ensuring best practices to protect that data, will continue to drive tremendous innovation that increases financial literacy, inclusion and health. This partnership with Mastercard helps us accelerate this mission globally.”

Source: Mastercard Investor Relations

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Mastercard acquires Finicity data launch for $ 825 million 2020

Mastercard acquires Finicity data launch for $ 825 million 2020

Mastercard announced on Tuesday plans to acquire financial data startup Finicity for $ 825 million.

The deal will help Mastercard expand its open banking platform, which was launched in Europe last year.

Finicity's data exchange platform enables banks, fintechs and lenders to access financial data for credit decisions and payment authentication in real time.

Earlier this year, Visa announced…

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[nuadox]

Experian, FICO and Finicity introduce the UltraFICO credit score

- By Nuadox Crew -

Experian, FICO and Finicity announced a new US-based credit score today during the Money 20/20 USA conference. The new score, called “UltraFICO Score”, utilizes account aggregation technology and distribution capability from Experian and Finicity to help consumers improve access to credit by tapping into consumer-contributed data, such as checking, savings and money market account data, that reflects responsible financial management activity.

With UltraFICO™ Score, a consumer grants permission to contribute information from banking statements, including the length of time accounts have been open, frequency of activity, and evidence of saving, which can be electronically read by Finicity and combined with consumer credit information from Experian to provide an enhanced view of positive financial behavior.

Experian, FICO and Finicity estimate this new score has the potential to improve credit access for the majority of Americans and is particularly relevant for those who fall in the grey area in terms of credit scores (scores in the upper 500s to lower 600s) or fall just below a lender's score cut-off.  Consumers who are relatively new to credit with limited history or those with previous financial distress that are getting back on their feet stand to benefit the most.

...  The UltraFICO™ Score will launch as a pilot program in early 2019. The pilot is designed to validate the score and assess willingness of consumers to share financial data for a potentially higher score. Pilot participants were sourced across various lines of businesses.

The model developed by FICO will be implemented through Experian and integrated into a lender's existing operational workflow. Borrower data will be aggregated through Finicity. The UltraFICO™ Score builds off of the framework of the base FICO® Score, and is designed to reflect the same odds-to-score relationship so that the new score can be easily incorporated into lending strategies and origination, account management systems. The UltraFICO™ Score is slated to be broadly available to lenders mid-2019.

Source: Experian, FICO

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Finicity and Capsilon Partner to Modernize and Digitize Mortgage Origination

New Post has been published on https://is.gd/3zxscP

Finicity and Capsilon Partner to Modernize and Digitize Mortgage Origination

SALT LAKE CITY AND SAN FRANCISCO/ SEPTEMBER 18, 2018 (STL.News)

Finicity, a leading provider of real-time financial data aggregation and insights, announced today an integration agreement with Capsilon, a leading provider of intelligent process automation software for the mortgage industry. Under the agreement, Finicity’s Verification of Assets (VoA) solution has been integrated into the Capsilon platform to improve the speed, user experience and economics of the mortgage process.

Finicity’s VoA solution provides bank-validated insights into borrower assets, enabling reports to be generated in only minutes. The solution reduces fraud, frees up resources, shortens time to close and is now integrated with Capsilon borrower and loan officer workspaces to automate asset verification. This further streamlines the loan application process — borrowers no longer need to search for bank statements, and loan officers have more time to focus on higher value activities, such as getting more loans.

“We’re excited to work alongside Capsilon with the shared goal of transforming the difficult manual mortgage origination processes of today into a modern and digital experience of the future,” said Steve Smith, Finicity CEO. “Finicity’s VoA reports are a key part of the next-generation mortgage process.”

Capsilon builds intelligent tools that transform the way mortgage companies work. The end-to-end platform uses data and AI to automate manual tasks and enable better, faster decision-making.

“The mortgage industry is undergoing radical transformation driven by technology. Those who invest in the right technology now will gain a competitive advantage to help them minimize risk and accelerate growth as the market changes,” said Jim Obsitnik, Chief Operating Officer of Capsilon. “We’re thrilled to partner with Finicity to help mortgage companies speed up the application process and deliver better borrower and loan officer experiences.”

Both Finicity’s asset and income solutions are delivered under the CRA framework, which allows borrowers to directly obtain information on reports or submit disputes. Finicity’s status as a registered CRA is a symbol of its commitment to safeguarding consumer privacy and dedication to the mortgage lending space.

Finicity is an authorized, integrated provider of asset verification reports within Fannie Mae’s Desktop Underwriter® (DU®). This gives lenders a validated asset report through Fannie Mae’s Day 1 Certainty™ initiative. Finicity is also part of the Single Source Validation (SSV) pilot, meaning Fannie Mae will utilize transaction data from Finicity reports to validate assets, income and employment. A broader rollout of SSV is planned later this year and will build on Fannie Mae’s Day 1 Certainty initiative.

Finicity is also an authorized Freddie Mac asset validation report provider, and Freddie Mac and Finicity are working together on new methods to validate income from payroll deposit data from bank statements.

To stay up to date on all Finicity company and product announcements, visit the website at http://www.finicity.com.

About Finicity: Finicity’s mission is to help individuals, families and organizations make smarter financial decisions through safe and secure access to fast, high-quality data. The company, which launched its first financial product in 2000 and has since grown to provide financial data APIs, credit decisioning tools and financial wellness solutions, partners with influential financial institutions and disruptive fintech providers alike to give consumers a leg up in a complicated financial world. Finicity was awarded API World’s 2016 Finance API of the Year and is a 2018 HousingWire Tech100 winner. To learn more or test drive its API, visit http://www.finicity.com.

About Capsilon: Capsilon builds products that transform the way mortgage companies work, making mortgages easier and less expensive for everyone. Capsilon uses data and AI to automate manual tasks and enable better, faster decision-making, delivering an average customer ROI of 400%. More than 160 of the mortgage industry’s most innovative companies use Capsilon’s enterprise SaaS solutions, including 3 of the 10 largest U.S. residential mortgage companies. Capsilon touches fifteen percent of all U.S. mortgages and, in 2017, $400 billion in mortgage loans went through Capsilon’s platform. The company is headquartered in San Francisco and has more than 450 employees worldwide. For more information, visit http://www.capsilon.com.

_____ SOURCE: https://www.prweb.com/releases/finicity_and_capsilon_partner_to_modernize_and_digitize_mortgage_origination/prweb15768181.htm

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New Post has been published on Mortgage

JPMorgan Chase and Finicity reach data-sharing agreemen... - http://bit.ly/2lC7FJ9 - #Agreemen, #BreakingNews, #Chase, #Datasharing, #Finicity, #JPMorgan, #Mortgage, #Reach