Finite Prepares Financial Institutions for Open Banking

Posted byMargy GibsonPosted inBlog

Finite Prepares Financial Institutions for Open Banking

Atlanta, GA: Open banking is an important regulation update for financial institutions throughout the United States. The update is imminent. Per the requirements of the Consumer Financial Protection Bureau (CFPB), financial institutions (FI) will be required to securely expose client data on demand, via API connectivity*.

Finite provides real-time integration to any fintech product , focused on a core agnostic gateway, securely and stacked at scale. Finite now supports FDX 5.1, which means it abides by the requirements of the pending open banking regulatory initiative, and can expose any banking system of record using the FDX standards.

Open banking will boost competition significantly because it will enable data to be shared with third parties, with ease. Finite clients will benefit from this by being able to efficiently differentiate on the personalizations that matter to their business, attracting new customers.

Customer information is highly sensitive and treated with care. Each instance can manage allowed connections and make real-time adjustments as needed.

Fintech providers like Plaid and Intuit already support FDX, allowing Finite customers to immediately provide integration for Quickens and Plaid to leverage Finite for real-time integration with the banking system of record.

Data accessibility is an additional benefit to investing in Finite. Data lakes and databases can plug into the Finite Hub to aggregate all of the data that flows through Finite.

Preparing for a merger? Finite creates efficiencies for both the acquiring and acquired institutions by having consistent data attributes across ecosystems. Additionally, multiple systems of record can be connected to aggregate multiple relevant data elements in real-time.

Learn more about the opportunities Finite can unlock for you here: trexis.net/finite

Contact us to get more information about Finite: trexis.net/contact/finite-form/

Download a .pdf version of this Press Release here

About Finite:

Finite is a cloud-deployed service that allows any fintech product to integrate with any banking system of record. For fintechs, this means one simple integration to Finite gives you access to any core like Fiserv, FIS, Jack Henry, Mambu and others using FDX. For banks and credit unions, it means you can begin your journey to a cloud-native future today knowing your investment in fintech products like digital banking, online account opening and loan origination are protected and will work seamlessly with whatever core provider you choose.

The Finite Hub normalizes and translates data into a unified format that standardizes all connected integrations. By connecting multiple systems, Finite provides streamlined access to all important data elements, from a single hub. This is critical for efficiency, maintenance and upgradeability across the entire ecosystem.

CFPB timeline:

  • 1/25/23 – final day for regulatory feedback.
  • Q1 2023 – a report will be published about the input received, which will inform the proposed rule that Chopra plans to issue later in 2023. According to the timeline laid out by Chopra, the CFPB will move forward with implementation.
  • 2024 – final ruling issued.

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