US-based embedded fintech ASA has created the collaborative banking movement, a form of Open Banking in which banks maintain ownership of customer data in a secure environment. ASA’s collaborative banking movement is a new form of Open Banking in which banks and credit unions maintain ownership and control of customer data in a safe, secure environment and provide financial empowerment through individualised choice.

 More than 25 community financial institutions, such as Pyramid FCU, University Credit Union, and fintechs have partnered with ASA, delivering one-click access to the innovative technology for customers and members, all without ever having to share PII data, enabling banks and credit unions to be the gateway to the technology their account holders want. Enabling connectivity between financial institutions In 2022, ASA launched its patent-approved app, ASA Vault, in the Apple App and Google Play Stores, enabling partnership at scale by connecting financial institutions with customer-facing fintechs. The full pilot version will be released in February 2023, including an asset tracker that centralises and aggregates all relevant accounts, assets, debt, and identity data into a single location.

Such functionality drives stronger and more frequent engagement with partner banks and credit unions. ASA’s innovation also attracted several industry figures, including officials from JP Morgan Chase and BECU to its board of directors. A former ABA executive has joined the company as chief strategy officer, helping drive the organisation’s strategy, innovation and growth.

Representatives from ASA said that their collaborative banking movement allows banks and credit unions to be at the centre of providing customers with control of their data while facilitating secure connections with technology that fits customers’ unique needs. The momentum they experienced in 2022 reinforces that their model is resonating, and they look forward to helping more institutions and fintechs reinvent how they approach partnership, all for the end user’s financial empowerment. What does ASA do? ASA is an embedded fintech platform that connects financial institutions with customer-facing fintechs in a secure, compliant, and easy to implement marketplace.

With ASA, banks and credit unions are innovating more quickly, fintechs are scaling more easily, and end users are empowered to take control of their data and finances. .