Mastercard’s Finicity Signs Open Banking Data Agreement With Pentadata
In less than one week, DCA member company Pentadata, Inc. disclosed a second major open banking data agreement with fellow DCA member company Mastercard and its Finicity division. The partnership enables developers to create platforms that both respect consumers’ privacy and optimize program benefits—giving consumers control.
This announcement and the one prior show Pentadata has achieved its goal of providing multiple, redundant access to substantially all bank accounts and payment card financial data in North America through secure API-based connections to banks, payment networks, payment processors, and data platforms. Getting consumers’ permission to access their data; making opt-out easy; and not storing financial information are core tenets of the new partnerships—forged to counter the widespread, unauthorized access of consumer usernames and passwords through screen scraping.