Mastercard FinTech company Finicity announced on Thursday (August 26) an expansion of its one-touch mortgage verification service, which will now be integrated with ICE Mortgage Technology, by Press release. Software integration allows borrowers to grant authorization seamlessly to ensure lenders can get timely verification of assets, income and employment.
ICE Mortgage Technology is a component of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of market data, technology and infrastructure, the release said.
The joint effort is aimed at dramatically reducing lead times and improving the borrower’s experience. Both Freddie Mac and Fannie Mae can accept digital verification.
“Our goals are to reduce risk for lenders, create an improved overall experience for consumers, and ultimately simplify the mortgage lending process for everyone by helping borrowers prove their creditworthiness in a better way. robust but streamlined, ”said Steve Smith, head of Mastercard’s global openness. banking.
Thursday’s announcement follows Finicity’s recent data access agreement signed with digital banking platform Green Dot. As part of this joint venture, Finicity’s direct API will be offered through Green Dot’s GO2bank digital bank and will allow customers to connect their accounts to third-party applications in Finicity’s secure data network.
Finicity, as an open banking platform that strives to help households and businesses make sound financial decisions through access to data, has already made deals with some of the largest financial institutions, corporations credit card and wealth management companies.
Read more: Mastercard’s Finicity Partners with Green Dot to Advance Data Access
Open banking is becoming more and more popular, as even traditional banks embrace the idea of sharing consumers’ financial data more easily. According to PYMNTS, a majority of consumers surveyed said they would open bank accounts, especially with tech giants like Amazon and Google.
Part of the shift to open banking is being pushed forward by the Biden administration, which issued an executive order setting out suggestions that the Consumer Financial Protection Bureau should issue rules around data access.
Related News: Latest Plaid Funding Shows Open Banking Leading In The United States