Martin Cole
Key Takeaways:
– Citi is creating a marketplace of third-party fintech apps by signing data access agreements with eight startups and data aggregators.
– Through the use of API token-based technology, Citi customers will be able to permission and share their account information with financial apps and services.
– The goal is to provide a seamless and secure data sharing experience for customers.
– The first companies covered by the data sharing agreement include BillGO, eMoney, Envestnet Yodlee, Expensify, Finicity, Intuit, MX, and Xero.
– Citi has been actively collaborating with fintech companies since 2016 through its API Developer Portal, which currently houses over 120 APIs.
Introduction
In today’s digital age, financial institutions are increasingly partnering with fintech startups to provide innovative solutions to their customers. Citi, one of the leading global banks, is taking this collaboration to the next level by creating a marketplace of third-party fintech apps. By signing data access agreements with eight startups and data aggregators, Citi aims to offer its customers a wide range of financial apps and services that can enhance their banking experience. In this article, we will explore the concept of the Citi marketplace and how it is revolutionizing the way customers interact with their financial data.
The Citi Marketplace
The Citi marketplace is a platform that allows customers to connect their Citi accounts with third-party fintech apps. Through the use of API token-based technology, customers can securely permission and share their account information with these apps. This enables customers to access a variety of financial services, such as budgeting tools, expense trackers, investment platforms, and more, all from within their Citi banking app.
Seamless and Secure Data Sharing
One of the key advantages of the Citi marketplace is the seamless and secure data sharing experience it provides for customers. With the use of API tokens, customers can grant permission to specific apps to access their account information, such as transaction history, balances, and account details. This eliminates the need for customers to manually input their financial data into multiple apps, saving them time and effort. Additionally, the use of API tokens ensures that the data is securely transmitted and protected, giving customers peace of mind knowing that their information is safe.
Partnering with Fintech Startups
To build its marketplace, Citi has signed data access agreements with eight fintech startups and data aggregators. These companies have proven expertise in developing innovative financial apps and services that can add value to Citi’s customers. The first companies covered by the data sharing agreement include BillGO, eMoney, Envestnet Yodlee, Expensify, Finicity, Intuit, MX, and Xero. Each of these companies offers unique solutions that cater to different financial needs, ranging from bill payment and expense tracking to investment management and accounting.
Collaboration through API Developer Portal
Citi has been actively collaborating with fintech companies since 2016 through its API Developer Portal. This portal serves as a hub for developers to access Citi’s APIs and build innovative financial apps and services. Currently, the API Developer Portal houses over 120 APIs, covering a wide range of functionalities, including account information, payments, transfers, and more. By providing developers with the tools and resources they need, Citi is fostering a vibrant ecosystem of fintech innovation.
Conclusion
The Citi marketplace is revolutionizing the way customers interact with their financial data. By creating a platform that allows customers to connect their Citi accounts with third-party fintech apps, Citi is providing a seamless and secure data sharing experience. Through partnerships with fintech startups and data aggregators, Citi is able to offer a wide range of financial apps and services that cater to different customer needs. With its API Developer Portal, Citi is actively collaborating with developers to drive fintech innovation. The future of banking is here, and it is all about creating a marketplace of financial apps that empower customers to take control of their finances.
