Financial service platform Flinks teams up with Trask to boost Open Banking adoption across North America
Trask's Data-In Connector Transforms North American Banking
Trask Solutions, a leading European Open Banking player, has partnered with Flinks, a North American financial data connectivity and Open Banking solution provider. This partnership aims to significantly advance the digitization of banking products and services in North America by offering a seamless, FDX-aligned open banking data connectivity solution [1].
Key Benefits for Financial Institutions and Fintechs
The pre-integration with Flinks ensures robust and compliant data access, facilitating smoother onboarding, verification, and personalized financial services. This integration enables banks and fintechs to access and aggregate financial data securely, efficiently, and in compliance with open banking standards [1].
Some key benefits include:
- Streamlined financial data connectivity: The pre-integration with Flinks ensures a smooth and compliant data access, making onboarding and verification processes more efficient.
- Improved customer experience: By harnessing aggregated and accurate financial data, banks and fintechs can offer more personalized, faster, and more convenient digital banking products such as instant credit decisioning, enhanced financial management tools, and streamlined loan origination.
- Acceleration of digital transformation: The connector reduces the complexity and time required for banks to implement open banking capabilities, allowing rapid deployment of innovative services and better integration with fintech ecosystems.
Success Stories from Europe
While direct North American case studies are emerging, Trask and Flinks' model draws from proven European precedents where similar open banking data-in connectors have led to increased financial inclusion, faster lending processes, and enhanced product personalization [1].
For instance, several European banks have reduced loan approval times from days to minutes by using data-in connectors that aggregate transaction data for instant credit analysis. Financial service providers also utilize aggregated data to tailor savings plans, budgeting tools, and investment advice, improving user engagement and satisfaction.
Trask at Open Banking Expo Canada
Trask will be showcasing their innovative solutions at Stand 6 at the Open Banking Expo Canada on June 17 at the MTCC in Toronto. More information about Trask's instant Digital Loan powered by Open Banking can be found elsewhere [2].
Streamlining Invoice Factoring for SMEs
Trask's technology has also lowered the processing cost of invoice factoring to almost zero, enabling factoring offerings to Small and Medium Enterprises (SMEs) [3].
Ready-to-Use Open Banking Solutions
Trask Solutions offers ready-to-use Open Banking solutions to data recipients, including 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 [4].
In summary, Trask’s Data-In Connector with Flinks contributes to the digitization of North American banking by providing standardized, secure, and scalable access to financial data that enables faster innovation, better services, and financial inclusion — benefits already demonstrated through analogous implementations and success stories in Europe.
[1] Trask Solutions. (n.d.). Trask's Data-In Connector with Flinks. Retrieved from https://trasksolutions.com/trasks-data-in-connector-with-flinks/ [2] Trask Solutions. (n.d.). Trask at Open Banking Expo Canada. Retrieved from https://trasksolutions.com/trask-at-open-banking-expo-canada/ [3] Trask Solutions. (n.d.). Processing cost of invoice factoring lowered to almost zero with Trask's technology. Retrieved from https://trasksolutions.com/processing-cost-of-invoice-factoring-lowered-to-almost-zero-with-trasks-technology/ [4] Trask Solutions. (n.d.). Trask Solutions offers ready-to-use Open Banking solutions. Retrieved from https://trasksolutions.com/trask-solutions-offers-ready-to-use-open-banking-solutions/
- The partnership between Trask Solutions and Flinks at the expo will display Trask's technology, which offers various ready-to-use solutions for data recipients, ranging from online loans to multi-banking.
- Streamlined invoice factoring for Small and Medium Enterprises (SMEs) has been achieved through Trask's technology, reducing the processing cost almost to zero.
- Banks and fintechs can access and aggregate financial data securely and efficiently, thanks to the pre-integration with Flinks, which benefits from successful precedents in Europe and leads to increased financial inclusion.
- With the Open Banking data connectivity solution provided by Trask and Flinks, the technology industry dramatically accelerates the digitization of banking services and products, improving the customer experience in North America.
