Finicity Launches TxPUSH to Create Financial Data Aggregation Standard

  • JJ Hornblass
  • March 30, 2016
  • 1

canstockphoto10256387Think of TxPUSH as the middleware of financial data.

Finicity yesterday at FinDEVr here in New York launched TxPUSH to create a standard for financial data aggregation.

Finicity, launched in 1999, is one of the main purveyors of financial data, along with Envestnet Yodlee. The TxPUSH initiative is part of Finicity’s efforts to be “the Switzerland of Financial Data,” said President Nicholas A. Thomas.

Officially, TxPUSH Special Interest Group (SIG) is a not-for-profit, non-stock corporation intended to “empower its member companies to collaborate, innovate and guide TxPUSH technology.” But TxPUSH is certainly Finicity’s brainchild, and the company is obviously spearheading its efforts. Like Finicity, TxPUSH SIG is based in Utah.

The TxPUSH site does not yet list any members.

As Thomas explained it, the hope is that TxPUSH will eliminate the need for batch data transfers, and give users — apps, consumers, financial institutions — access to data in real-time or nearly real-time.

“The availability of Financial Transaction and Account data, delivered instantly and anywhere the account holder wants it, will unlock Fintech innovation,” Thomas said in an announcement. “TxPUSH will create for Fintech what Bluetooth did for the wireless industry.”

We’re not sure about that, but the need for an alternative to batch data transfer is clearly needed, and with Intuit abandoning third-party data aggregation, Finicity is as likely as any service provider to foster the development of the necessary financial data protocol.

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JJ started the first iteration of Bank Innovation back in 2007, and has been working on it ever since. He also serves as President & Chief Executive Officer of Royal Media, Bank Innovation’s parent. He founded Royal in 1995 and oversees all aspects of the New York-based diversified media company. Prior to forming Royal, JJ was on the editorial staff of American Banker, the daily newspaper, and worked as an editor of a business magazine in Hong Kong. As a reporter and editor, he has won journalism awards from the National Press Foundation, Newsletter & Electronic Publishers Foundation, and the Reader’s Digest Foundation. He has a BS in Economics from Yeshiva University and a Master’s from the Columbia University Graduate School of Journalism. He was also a Fellow at the University of Wisconsin-Madison Graduate School of Banking. He lives in New York City with his wife, two daughters, and son. He counts among his accomplishments one New York City Marathon, two New York City Triathlons and the 2010 Father’s Day 5K, the first race he ever ran with his daughters. He can be reached at hornblass@gmail.com or 212-564-8972.

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