Financial solutions provider Flinks collaborates with Trask to hasten the acceptance of Open Banking in North America
In the rapidly evolving landscape of digital banking, Trask Solutions is making significant strides in North America, leveraging its successful European experience to provide Open Banking solutions that offer numerous benefits.
Trask's Data-In Connector, a key component of its technology stack, provides secure, standardized, and FDX-aligned data connectivity. This enables seamless sharing of financial data between banks and third-party developers, facilitating compliance with emerging open banking protocols and enhancing data security through end-to-end encryption, OAuth-controlled access, and granular permissions management.
The Data-In Connector is instrumental in helping North American fintechs and financial institutions align with the Financial Data Exchange (FDX) API standards. These standards ensure secure and standardized data sharing, similar to the open banking approaches successfully implemented in Europe. This encourages safer personalization without data exploitation, maintains user control over data context, and guards against monopolistic data access, as seen in European practices.
Trask's technology has demonstrated impressive results. New digital banking products have been delivered in as little as eight months using Trask's technology, and loan approval time has been reduced from days to seconds. The quality of new-to-bank loans has been increased to be on-par with the loans to existing clients, and the processing cost of invoice factoring has been lowered to almost zero, enabling factoring offerings to Small and Medium-sized Enterprises (SMEs).
Moreover, Trask's technology has doubled conversion rates and increased sales by 30% by offering hyper-personalized offers to both existing and new clients, leveraging Open Banking data sources. The company's pre-integration with Flinks, a financial data connectivity and Open Banking solution provider, provides a powerful accelerator for clients wishing to save money and increase speed to market.
Trask Solutions offers ready-to-use Open Banking solutions to data recipients, including assets, accelerators, and platforms that use Open Banking data for digitizing banking products and services such as 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.
The company's Data-In Connector, which has been successfully deployed in Europe, is now localized for use in Canada. Trask Solutions is expanding its operations to North America and will be exhibiting at Stand 6 at Open Banking Expo Canada on June 17 at the MTCC in Toronto.
European financial institutions have achieved significant benefits with Trask's technology stack, including full rollout of data-in capabilities in just three months. The collaboration between Flinks and Trask Solutions is proving to be fruitful, with the teams working seamlessly to support their clients.
In a nutshell, Trask's solutions offer enhanced security, standardization, interoperability, compliance with evolving open banking regulations, and improved user trust and control, all of which European institutions have tangibly demonstrated in their open banking ecosystems. For North American fintechs and financial institutions looking to embrace the Open Banking revolution, Trask Solutions presents a compelling option.
- Trask Solutions leverages its European experience to provide Open Banking solutions, offering data-in connectivity that adheres to FDX API standards, ensuring secure and standardized data sharing in North America.
- The Data-In Connector from Trask Solutions empowers fintechs and financial institutions to comply with emerging open banking protocols, enhancing data security through end-to-end encryption, OAuth-controlled access, and granular permissions management.
- Utilizing Trask's Data-In Connector, new digital banking products can be delivered in as little as eight months, loan approval time can be reduced from days to seconds, and the processing cost of invoice factoring can be lowered to almost zero for Small and Medium-sized Enterprises (SMEs).
- Trask Solutions boosts conversion rates and increases sales by 30% by offering hyper-personalized offers to clients, leveraging Open Banking data sources and pre-integrating with FinTech providers like Flinks.
- Trask Solutions provides ready-to-use Open Banking solutions to data recipients, enabling the digitization of banking products and services such as online loans, account opening, mortgage process automation, financial management and advisory, investment dashboards, and multi-banking.
- Expanding its operations to North America, Trask Solutions will exhibit at Stand 6 at the Open Banking Expo Canada on June 17 at the MTCC in Toronto, showcasing its technology that has proven beneficial for European financial institutions.
