Fintech Automation Integrates Finicity Open Banking Into BaaS Platform
On January 4, 2022, Fintech Automation (FTA) announced a partnership with Finicity, a Mastercard company, to embed open banking data capabilities into FTA's infrastructure-as-a-service platform. The integration allows FTA's fintech and bank clients to streamline account opening and funding processes using Finicity's open banking data connections. Consumers benefit from a holistic view of their finances across multiple accounts, improving the user experience for embedded financial products.
Finicity contributes its established open banking data network and Mastercard's backing, while FTA provides the BaaS infrastructure layer. The partnership exemplifies the growing trend of BaaS platforms layering in open banking capabilities to offer more complete embedded finance solutions. Financial terms of the agreement were not disclosed.
The deal is expected to enhance FTA's competitive positioning in the infrastructure-as-a-service space by offering richer data-driven financial services to its clients.
- Open banking data integration is becoming a standard feature expectation for BaaS infrastructure platforms
- Mastercard's involvement through Finicity signals major card networks deepening their embedded finance infrastructure play