Finicity, a Mastercard company which provides open banking solutions has announced an agreement with Brex to enable data access. They both use the Financial Data Exchange (FDX) API standard which uses OAuth 2 and means secure authentication when logging into an account. Finicity’s agreement with Brex marks its expansion to working with fintechs on data access in addition to banks and financial institutions.
UK-based fintech Yayzy is helping consumers off-set carbon emissions using payments data. Consumers can use the open banking-enabled app to aggregate their bank accounts in one place. Yayzy then helps users to assess their carbon impact based on their spending habits and offers advice on how to off-set it. Yayzy plans to offer this service to banks and fintechs in the long-term.
Experian has announced a partnership with Invers to provide open banking solutions. Their platform brings together Invers’ account aggregation and transaction data with Experian’s credit analytics to help companies improve the services they offer to customers and make better decisions based on real-time information.
The London-based fintech GoCardless has raised $95 million in Series F funding bringing the total amount so far to $240 million. GoCardless provides open banking solutions that enable consumers around the world to make recurring payments. The funding follows a 46% year-on-year growth driven by increased online payments during the pandemic. It will use the funding to speed up its open banking strategy.