Citi builds fintech marketplace

Citi is building a marketplace of third party fintech apps, signing data access agreements to customer-approved accounts with eight startups and data aggregators.

Citi customers will be provided with a way to permission and share their account information with financial apps and services through the use of API token-based technology.

“At Citi, we believe in giving our customers choice, convenience and control of their financial data,” says Mike Naggar, chief digital officer, Citi’s US Consumer Bank. “Through the use of APIs, these agreements will help provide a seamless and secure data sharing experience for Citi customers who choose to share their financial data with third party apps and services.”

The first companies covered by the data sharing agreement include, BillGO, eMoney, Envestnet Yodlee, Expensify, Finicity, Intuit, MX, and Xero.

Citi was among the first banks to launch a global API Developer Portal in 2016 to spur collaboration with fintech companies, developers and consumer brands. The API catalogue currently houses over 120 APIs and thousands of users in 16 markets.

The annual Finextra Fintech Outlook survey, developed in association with Smith & Williamson, seeks to gather the views and opinions of founders and senior management of the Fintech community in the UK with regards to business confidence, talent, tax, funding and the outlook for the future. Click here to participate.

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