Insights & Analyses

Finicity becomes latest Sovrin Foundation founding steward, promoting self-sovereign identity tech

April 11, 2018

Financial data aggregator Finicity announced on Wednesday that it has joined the Sovrin Foundation as a founding steward, and will provide intellectual and infrastructure resources toward the foundation’s decentralized identity network.

The Sorvrin Foundation is a private, international nonprofit that promotes digital self-sovereign identities. As a steward, Finicity will be tasked with operation and maintenance of the Sovrin platform.

Beyond the resources it offers, Finicity will also work with other Sovrin stewards to accelerate the adoption of SSI technologies. Sovrin relies on a blockchain distributed ledger to allow for the secure exchange of identity credentials for individuals, organizations, and connected devices.

“There has been no digital equivalent of a passport, driver’s license, birth certificate or other identity document that the owner exclusively possesses and uses to verify their rights and privileges in the online world,” Finicity President and Cofounder Nick Thomas said. “Instead, we have dozens of user names and passwords across a multitude of vulnerable databases. Supporting Sovrin’s efforts to solve this, and other identity issues, will bring about a tectonic shift in our digital lives as consumers are put back in control of their identities and data.”

The announcement comes just a few days after IBM joined the Sovrin Foundation, also as a founding steward. Big Blue has pledged to dedicate hardware, security and network capacity to assist in operation.

The Salt Lake City-based Finicity was founded in 1999 and now becomes one of more than 25 stewards with Sovrin. Other members include Deutsche Telekom, Brigham Young University, and law firm BakerHostler.

“As a leading consumer-permissioned financial services data platform, Finicity brings a unique perspective and exciting new use case to the Sovrin Network, since identity and data protection are at the core of their business,” Sovrin Foundation Chairman Dr. Phillip Windley said. “Our organizations share a common goal of empowering and protecting consumers through decentralized identity and data management and more trusting interactions.”

To date, Finicity has developed more than 16,000 bank integrations, most of which provide access to formatted bank data and improve information access and accuracy. The company was also awarded API World’s 2016 Finance API of the Year.