The company has opened operations in London to support its growth in the United Kingdom and the European Economic Area
LONDON, Nov. 14, 2018 /PRNewswire/ -- Quovo, a data platform providing connectivity to financial accounts, today announced it has become a Registered Account Information Service Provider (RAISP), regulated by the Financial Conduct Authority. The registration, which is applicable across all European Economic Area (EEA) states, makes Quovo the first US-based financial account data provider to join the Open Banking regime. To support its growth in the region, the company has opened an office in London.
As an RAISP, Quovo serves as a third party provider that enables consumers to share their financial data, permissioned by their explicit consent, with banks and fintech companies. Leading US fintech companies, including Betterment, SoFi, Stash, and Wealthfront, rely on Quovo to provide the data and insights they need to offer customers more intuitive, inclusive, and personalized services. Similar to the company's operations in North America, Quovo will now offer account connectivity and data insights to fintech companies and financial institutions in the UK and across the EEA.
"Giving consumers the ability to access and control financial data is a critical component of Open Banking, and Quovo's connectivity facilitates that access. Unlike many other RAISPs, Quovo is uniquely positioned between consumers, fintech apps, and financial institutions," said Lowell Putnam, CEO and Co-founder of Quovo. "As banks across the UK and the EU continue to develop their technology to make customers' financial data portable, we're looking forward to partnering with more of the region's incumbent institutions in the CMA9 and startup newcomers alike."
Quovo retrieves customers' financial account data, including account balances, holdings and transactions, cash flow patterns, and account holder details, to provide a holistic view of their finances. The platform can access consumer financial data at all banks with Open Banking-compliant APIs, which include those of the CMA9 (Santander, Royal Bank of Scotland Group, Lloyds Banking Group, HSBC, Barclays, Allied Irish Bank, Bank of Ireland, Danske, and Nationwide Building Society) and UK-based challenger banks, Starling and Monzo.
"Over the coming months, PSD2 regulations will continue to take effect and being an RAISP will support Quovo's expansion beyond the United Kingdom," said UK Country Manager Kelley Byrnes. "Our connectivity has the potential to enrich the financial lives of millions of consumers across the EEA."
Quovo is a data platform that provides connectivity to financial accounts. Quovo centralizes, organizes, and enriches data from millions of accounts across more than 14,000 institutions to provide businesses with a comprehensive picture of each customers' financial identity. With industry-specific solutions, clients from emerging fintech startups to Fortune 500 companies rely on Quovo for its seamless technology and rich data insights to deliver more personalized and frictionless customer experiences. Quovo's unparalleled coverage of the financial ecosystem, powerful data analytics, and flexible deployment options propels businesses in uncovering opportunities to grow their customer relationships.
To learn more about Quovo, please visit www.quovo.com.
Contact: Natalie Giannangeli, Quovo