Business
Jack Henry, Finicity Partner to Empower Community Financial Institutions with Open Banking Capabilities
- Finicity, a Mastercard Company, is an industry leader in financial data sharing, security, and standards that reaches more than 95% of U.S. financial
About this update from Jack Henry & Associates, Inc.
[{"type":"text","content":"- Finicity, a Mastercard Company, is an industry leader in financial data sharing, security, and standards that reaches more than 95% of U.S. financial accounts through connections with more than 10,000 financial institutions.\n - Finicity's direct integration into the Banno Digital Platform provides more than 4.8 million consumers with safe, reliable control of their financial data and how it is accessed, allowing them to aggregate finances within community financial institutions.\n - The integration will support Financial Data Exchange (FDX) standards, establishing broader industry alignment for open banking.\n\n\nMONETT, Mo., May 5, 2021 /PRNewswire/ -- Jack Henry & Associates, Inc.® (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Jack Henry announced today that it has partnered with Finicity, a Mastercard® company. \nFinicity's integration to the Banno Digital ToolkitSM enables community financial institutions to provide consumers with the freedom to control, access, and share their financial data, creating a real-time picture of their financial health. The more than 400 community financial institutions using the Banno Digital Platform will be able to deliver this holistic financial experience to consumers through secure API access to third-party financial institutions, fintechs and financial partners of their choice at zero lift and zero cost. \nSteve Smith, Head of Global Open Banking at Mastercard and CEO of Finicity, commented, \"At its core, open banking is a philosophy centered on empowering the consumer – as a result, it elevates the position of the financial institution providing the access. Finicity and Jack Henry share a goal of providing the industry with open banking standards that enable consumers to access, use, and benefit from their financial data. As highly regulated and highly connected companies, we're in a position to help consumers make more informed financial decisions and improve their financial health.\" \nFinicity is a founding member of FDX, a nonprofit organization dedicated to unifying the financial industry around a common, interoperable and royalty-free standard for the secure access of consumer-permissioned financial data. Jack Henry joined FDX to support the standard through this integration with Finici...