A Canada-based wealth tracker this month announced what it describes as a “significant milestone” toward revolutionizing the financial technology landscape.
Montreal-born Wealthica has unveiled its Application Programming Interface, inviting other fintechs and banking institutions to integrate with the company’s tech.
“At Wealthica, we understand the power of financial connectivity,” stated Jeff Matte, managing director for Wealthica Business Solutions.
Matte believes that his company’s financial API launch “marks a pivotal moment for the Canadian fintech ecosystem.”
“By opening our bank API to external partners,” he says, “we aim to foster innovation, streamline processes, and boost a new wave of financial solutions tailored to the unique needs of the Canadian market.”
The API includes access to a network of 150 financial institutions in Canada, with Wealthica claiming “robust security measures” and regulatory compliance across its offerings, among other features.
For example, Wealthica cites the headache of transferring registered accounts between external institutions as a common pain point in the financial industry.
The fintech’s bank API can be used to retrieve client’s account numbers, positions, balances, securities, and other relevant details, the company says—which minimizes the complexity associated with account transfers and “enhances the overall client experience, reducing the likelihood of abandoned transfers and increasing Assets Under Management.”
More than 50,000 Canadians use Wealthica, which boasts $33 Billion in aggregated assets.
Last year, Wealthica launched a redesigned mobile application for iOS and Android devices alongside a subscription plan called Unlimited Connect.
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