Finicity Launches TxPUSH to Create Financial Data Aggregation Standard

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.