Flinks Supports OAuth Coverage to the Biggest Banks in the US

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We are thrilled to announce a significant milestone in our journey to transform financial data connectivity in the US. Flinks now supports direct OAuth coverage for nine of the 10 biggest banks in the United States!

This achievement comes at a pivotal time in the digital age where customer expectations have shifted towards having a seamless, efficient and secure experience while sharing financial data. At Flinks, we are committed to empowering organizations to provide exceptional user experience while keeping security and functionality at the forefront.

What is an OAuth bank connection?

Let’s define OAuth first. We cover this in more detail in our blog post on Open Banking, Open APIs, and OAuth: What Does It All Mean? In a sentence, OAuth acts as an automated security checkpoint between APIs to ensure the data being transferred between applications has been authorized by the end user. In fintech, OAuth plays a crucial role by providing a secure, direct and efficient way for users to connect their bank accounts to third-party financial applications. It enables users to grant applications limited access to their account information without having to share their sensitive login credentials.

By eliminating credential sharing, OAuth increases trust while providing stable connections that boast a +99% connection rate and near-zero downtime. With increased connectivity and security, organizations are able to offer a frictionless authentication and onboarding process for financial products. In turn, this increases conversion rates through better connections, higher user trust, and less errors.

Why are direct connections important?

Continued innovation in the fintech space, along with changing customer expectations, has almost mandated businesses to step up. The longer connection times and reduced security with older methods like screen scraping are now leading to lost business as the number of options for customers continues to increase.

To break it down, here are three reasons why direct bank connections are important:

1. Security and Data Control: As mentioned above, OAuth prioritizes user security by eliminating the need for companies to gain direct access to a user’s login credentials. By doing so, it also empowers users to access and manage their financial information in the manner that they wish to. This user experience, in comparison to older methods, is sizeably more lucrative for businesses, but more importantly for end-users.

2. Speed and Reliability: Direct connections allow users to onboard quickly and easily, streamlining the onboarding process. Once connected, users can authorize payments and other transactions directly from within financial applications, eliminating the need to switch between apps or manually enter account details.

3. Future Scalability: With its speed and security, OAuth is better suited for handling large volumes of transactions and can scale more efficiently than screen scraping. For businesses that are looking to expand operations, grow fast and enter international markets, OAuth can provide an easier gateway to success.

Flinks setting the standard for coverage and performance

Flinks isn’t just about offering OAuth connections; we’re committed to leading the industry in coverage and performance. Here’s what sets us apart:

Unmatched Coverage

Flinks boasts a comprehensive network of over 1,500 financial institutions across North America, with direct connections to 9 out of the top 10 US banks.

Exceptional Connection Rates

We deliver a staggering 99% successful connection rate, minimizing user frustration and maximizing efficiency.

Lightning-Fast Speed

On average, it takes less than 20 seconds for users to complete the authentication process and access their financial data.

Curious to see how Flinks can elevate your business? Speak to us today. Explore how we can help you unlock better services, build stronger customer relationships, and achieve higher conversions that drive your growth.