Finch releases CDR-compliant Open banking APIs

Financial technology and data intelligence company Finch, today has launched their CDR-compliant Open Banking APIs, providing Accredited Data Recipients (ADRs) with advanced data intelligence solutions helping ADRs deliver on the Open Banking promise of greater choice and personalisation for customers.

While Open Banking will introduce new levels of data access and control, low quality transaction data can be a challenge when trying to understand a customer’s financial position, spending behaviours and risk profile.

With over 180 million customer transactions enriched for clients every month, FinchXP’s Open Banking API leverages over $30 billion of transactional data intelligence to enrich raw transaction data for real-time categorisation, expense management, and credit assessment for a wide range of use cases.

The CDR-compliant API:

* Enriches transaction data with merchant name, location, category, and more
* Delivers up to 95% accuracy
* CDR-Compliant: Using de-identified and non-identifiable data fields only
* No Outsourced Service Provider (OSP) arrangement requirement
* Service level accuracy guarantee

Cofounder of Finch, Shahirah Gardner said:

“Data quality is at the core of all personalisation.”

“Open banking is a great opportunity to win new customers and make a great first impression with competitive and personalised experiences.”

“While many are looking to leverage transaction data to understand their customer’s financial behaviours, low quality data makes it difficult to extract meaningful insights.”

“We are excited to support ADRs with advanced data science capabilities that will help them deliver on the level of personalisation consumers will expect from Open Banking.”