Financial technology company Flinks teams up with Trask to speed up the adoption of Open Banking across North America
In a groundbreaking move, Trask Solutions, a leading European Open Banking player, has partnered with Flinks, a renowned financial data connectivity and Open Banking solution provider, to bring its innovative solutions to North America. This partnership marks a significant step forward in the region's open banking landscape.
Trask's Data-In Connector, already deployed for numerous European clients, is now localized for use in Canada. This connector, aligned with the Financial Data Exchange (FDX) standard, offers numerous benefits to data recipients in North America, particularly in the financial sector.
The FDX-aligned open banking connectivity facilitates secure and standardized data sharing across financial institutions and services in North America. This alignment enhances interoperability and trust between data providers and recipients, ensuring a seamless data transfer specific to the region's regulatory and market environment.
Data recipients such as fintech companies, banks, and financial service providers can use Trask’s connector to access consumer financial data efficiently and securely. This enables them to better serve customers by integrating real-time data into their platforms for credit decisioning, personal finance management, and other applications.
Trask's technology stack has proven to be a game-changer, having enabled European financial institutions to fully roll out data-in capabilities in just three months. It has also been instrumental in reducing loan approval time from days to seconds, and in lowering the processing cost of invoice factoring to almost zero, enabling factoring offerings to SMEs.
The Data-In Connector supports a wide range of financial services and innovations, including online loans, transaction-based loan adjudication mechanisms, online account opening for retail and commercial clients, mortgage process automation, financial management and advisory, investment dashboards, and multi-banking.
Trask's pre-integration with Flinks provides a powerful accelerator for clients wishing to save money and increase speed to market. The Flinks and Trask teams work seamlessly to support their clients, ensuring a smooth transition into the open banking era.
Trask will be showcasing its solutions at Stand 6 at the Open Banking Expo Canada on June 17 at the MTCC in Toronto. For more information about the event, including the agenda, speakers, and exhibition floor, click here.
In summary, Trask’s Data-In Connector enables North American data recipients to securely and efficiently access standardized financial data compliant with FDX protocols, supporting a wide range of financial services and innovations. This positions it as a valuable tool in the expanding open banking ecosystem in North America.
- Trask's Data-In Connector, localized for use in Canada, will be on display at the Open Banking Expo Canada on June 17, at the MTCC in Toronto.
- By partnering with Flinks, Trask Solutions aims to bring its innovative Open Banking solutions to the North American financial industry, enhancing interoperability and trust in the region.
- With the FDX-aligned Data-In Connector, fintech companies, banks, and financial service providers can securely and efficiently access consumer financial data, facilitating the development of various financial services and innovations.
- Trask's Data-In Connector, already proven effective in Europe, has the potential to revolutionize the North American open banking landscape by reducing processing costs and approval times, while offering support for a wide range of financial services and innovations.
