Finicity Adds Automation To Lending Software

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Finicity, a Mastercard Finicity company, on Thursday (Aug 26) announced the expansion of its one-touch mortgage verification service, which will now be integrated into ICE Mortgage Technology, according to Press release… Software integration allows borrowers to seamlessly grant authorization to ensure lenders can receive timely verification of assets, income, and employment.

ICE Mortgage Technology is part of Intercontinental Exchange, Inc. (NYSE: ICE), the world’s leading provider of data, technology and market infrastructure, said in a statement.

The joint efforts are aimed at dramatically reducing processing time and improving the quality of service for borrowers. Freddie Mac and Fannie Mae can accept digital verification.

“Our goals are to reduce the risk for lenders, improve the overall consumer experience, and ultimately make the mortgage process easier for everyone by helping borrowers prove their creditworthiness in a more reliable but streamlined way,” said Steve Smith, Global Open Head of Banking.

Thursday’s announcement follows the recent data access agreement Finicity signed with digital banking platform Green Dot. As part of this joint venture, the direct Finicity API will be offered through the GO2bank Green Dot digital bank and will allow customers to connect their accounts to third-party applications on Finicity’s secure data network.

Finicity, as an open banking platform that seeks to help households and businesses make informed financial decisions through access to data, has already entered into agreements with some of the largest financial institutions, credit card companies, and asset management companies.

More details: Finicity Mastercard Green Dot Commands to Enhance Data Access

Open banking is becoming more and more popular as even traditional banks advocate the idea of ​​easier exchange of consumer financial data. According to PYMNTS, the majority of consumers surveyed said they would subscribe to open bank accounts, especially at tech giants like Amazon and Google.

Part of the move to open banking is being handled by the Biden administration, which issued a directive outlining proposals that the Consumer Financial Protection Bureau should issue rules related to data access.

Related news: Plaid’s latest funding shows open banking is at the forefront and in the spotlight in the US

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