CHARLOTTE, N.C., May 24, 2023 (Newswire.com) - Infinant, a leading technology provider empowering banks to create embedded products for the digital economy, today announced its collaboration with Envestnet Data and Analytics through Envestnet | Yodlee -- a leading data aggregation and analytics provider with 17,000 data sources serving 16 of the 20 largest U.S. banks and more than 700 fintech companies. This partnership allows end users of the bank's own digital app or the banks' embedded finance customers to instantly verify accounts and connect their account data across various financial institutions.
The digital economy continues to create economic connections among people, companies, banks and fintech, leading to the formation of new digital platforms, business models and economic strategies. This results in opportunities for companies and financial institutions to embed their products into one another's digital platforms to deliver more inclusive customer experiences.
It is this macro trend that led Infinant to offer a cloud-native platform directly to financial institutions to power their banking-as-a-service (BaaS) and embedded banking programs. Infinant's interlace platform grants banks the ability to launch their own BaaS Portal with pre-integrated connections to banking and fintech systems; offer embedded products through a white-label marketplace; and to do so with a cloud-first platform that can run above the legacy core.
The adoption of embedded finance and BaaS models has highlighted the need for consumer-permissioned, secure data transfer industry standards. As the financial services industry awaits the CFPB's guidance on personal financial data rights, Infinant and partners like Envestnet | Yodlee are already developing standards, policies and procedures that align to data protection and portability based on informed user consent.
"Infinant is a huge proponent of standardizing data interoperability in the financial services industry. In fact, that's why we are a member and align with the Financial Data Exchange (FDX) standards and are excited to partner with Envestnet | Yodlee in this regard," states CEO, Riaz Syed.
"Our partnership with Infinant further underscores Envestnet | Yodlee's commitment to providing reliable financial data transfer solutions for financial institutions and fintechs. By partnering with Infinant, we are not only embracing the opportunities created by the digital economy but also driving the adoption of open banking standards," said Doug Meads, Global Head of Enterprise, Tech & FinTech Vertical, Envestnet Data & Analytics.
Whether a bank is embedding financial products into an independent software vendor's (ISV) platform, or an ISV is embedding their products into the bank's digital platform, embedded opportunities abound. However, regardless of embedded experience, both Infinant and Envestnet | Yodlee agree that data protection, portability and security are a priority.
Charlotte, N.C.-based Infinant provides the technology platform and tools for banks to embed fintech in their applications and embed banking in partner applications with confidence and ease. The interlace platform differentiates by giving banks choice in their selection of features, fintech and processors for complete ownership of their ecosystem, so they can succeed with their customers, fintech and brands. To learn more about staying above-the-core, visit www.infinant.com.
Infinant and Envestnet are separate and unaffiliated firms. This release should not be construed as a recommendation or endorsement of any particular product, service, or firm.Contact Information:
VP & Account Director
+1 305 8747387
Original Source: Infinant Announces Partnership with Envestnet Data and Analytics to Empower Banks to Create Embedded Products for the Digital Economy