London based Fintify, a data insights driven money management app, has secured an approval from the Financial Conduct Authority (FCA) to operate as a Registered Account Information Service Provider (RAISP) this week.
The license permits Qbroot Financial Solutions Pvt. Ltd, which owns the brand ‘Fintify’, to provide aggregation and data analytics-based insights to users under the Open Banking guidelines.
Open Banking follows the PSD2 regulatory guidelines under the Payment Services Regulations 2017 for the provision of payment services.
The directive enables personal customers and small businesses to share their data securely with other banks and with third parties, allowing them to compare products on the basis of their own requirements and to manage their accounts using regulated third parties to provide new and innovative payment services.
The FCA approval for Fintify comes on the heels of their successful public beta launch in December 2018.
Fintify, a mobile-only experience, helps users to link and monitor their finances across multiple bank accounts, credit cards, investments, pensions, mortgages and insurance. Consumers benefit by being more aware of their money by being able to track investments, categorize spending, set budget and payment alerts and get deep insights into their insurance and loan portfolios while tracking key financial events in a personalized financial calendar.
“The current image of ‘finance’ intimidates people. People understand money. We want to break down the stiff-collared perception of finance and play the role of a money buddy who is vigilant, yet helpful. We don’t want to tell you to spend less on your morning coffee but instead make sure you aren’t losing money on bank charges and sub-standard financial products.” said Ameet Gaikwad, CEO and co-founder at Fintify.
“Our users should benefit from their financial data themselves rather than their banks mis-selling them a one-size-fits-all product” he added.
Fintify's global reach means users can link global accounts across multiple geographies on a single mobile-only platform. In the initial phase, Fintify will focus on providing personalized services to the large, yet heavily under-serviced, U.K - India wealth management corridor targeting the Indian diaspora with financial footprints in both United Kingdom and India.
Partnerships with financial service/ product firms in their home country, will give expats with cross border financial interests, a more informed and personalized array of products to choose from.
Javed Memon, the other co-founder at Fintify added, “Open Banking is a revolution in money management and Fintify will be at the forefront to offer truly personalized features based on user needs.”
As other geographies look to implement guidelines similar in spirit to those of Open Banking, a standardized cross border platform will offer the global citizen a truly unified view of his wealth and the means to manage it better.
All eyes then on Fintify, to see how its vision to make personal finance truly personal, changes the way we think of money management whether it is saving, borrowing or investments.