Real-Time Financial Data Delivery Has Arrived with the Launch of TxPUSH.org
A new global financial industry initiative
Murray, Utah, May 12, 2015 /PRNewswire/ — Finicity Corp.™ (www.finicity.com), a leading technology platform provider for Financial Application developers, is excited to announce the launch of the TxPUSH Special Interest Group (SIG). The TxPUSH SIG (www.txpush.org) is a non-profit, non-stock 501(c)(6) corporation created to develop and promote Financial Institution data delivery standards based upon TxPUSH technology.
Dedicated to improving the way Financial Institutions, Financial Event Hubs, and Fintech Application Developers connect, the TxPUSH SIG seeks to align shared interests with the banking industry to improve the security model of the existing account aggregation ecosystem while promoting an industry standard for the real-time delivery of financial transaction data to account holders to the apps they choose.
“The availability of Financial Transaction and Account data, delivered instantly and anywhere the account holder wants it, will unlock Fintech innovation,” said Nick Thomas, President at Finicity. “TxPUSH will create for Fintech what Bluetooth did for the wireless industry. Through open collaboration, a shared Intellectual Property model, and product certification programs, we will come together to create a standard that the entire industry can rally around.”
The mission of the TxPUSH SIG is to:
- Democratize Financial Event Data. Applications will no longer have to “pull” or download transactions from each financial institution. Instead, transactions will be “pushed” to Financial Event Hubs or directly to Subscriber Apps as soon as they’re processed by the Financial Institution.
- Improve Financial Application Security. OAuth standards eliminate the need for consumer credential sharing with Fintech applications. In the future, tokenized access to financial account data will become standard.
- Unlock Financial Application Innovation. Data is always better when fresh. Fresh data, delivered to account owners instantly in a standardized way, will increase account security and enable better budgeting, accounting, expense reporting and other financial use cases.
Financial institutions, Fintech Developers, and Financial Aggregators are invited to register their interest in participating in this initiative at www.TxPUSH.org.
Finicity is a leading Financial Services company passionate about empowering people to eliminate debt and increase their personal savings through consumer and enterprise platforms and services. Finicity Data Services provides Financial Application developers an API to connect to Banks to help them create next generation financial applications. Finicity Financial Wellness helps families eliminate debt and increase savings using Mvelopes, our leading Personal Financial Management system, and Money4Life Coaching, our 9-step financial transformation program.
SOURCE Finicity Corp.