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TL;DR - Finicity
- Mastercard-owned open banking platform
- Industry-leading verification products
- Strong focus on lending use cases
Pricing: Paid only
Best for: Enterprises & pros
Pros & Cons
Pros
- Best-in-class verification
- Strong lending focus
- Mastercard ownership
- Regulatory compliance
- High accuracy
Cons
- Enterprise pricing
- Lending-focused
- Less consumer fintech focus
- Complex integration
Key Features
Asset verification (VOA)Income verification (VOIE)16,000+ FI connectionsLending data solutionsCash flow analysisBank statement reportsConsumer consent frameworkMastercard backing
Pricing Plans
Enterprise
Custom
Contact sales
- VOA/VOIE access
- 16,000+ FI connections
- Cash flow analysis
- Dedicated support
- Compliance assistance
What is Finicity?
Finicity, now a Mastercard company (acquired in 2020), provides open banking APIs for financial data access, income and employment verification, and asset verification. The platform is particularly strong in lending use cases, helping lenders verify borrower information instantly. Finicity connects to over 16,000 financial institutions and is known for its verification accuracy and compliance focus. Their VOA (Verification of Assets) and VOIE (Verification of Income and Employment) products are industry standards.
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Finicity FAQ
What is Finicity used for?
Finicity is primarily used for financial verification in lending - verifying assets, income, and employment instantly using bank data. It's also used for general financial data aggregation.
Is Finicity owned by Mastercard?
Yes, Mastercard acquired Finicity in 2020 for $825 million. This backing provides stability and global reach for the platform.
How does Finicity compare to Plaid?
Finicity is stronger in verification use cases (lending, mortgages) while Plaid excels in general financial connectivity. Finicity has deeper lending-specific features; Plaid has broader developer adoption.
Source: finicity.com