SOLO has joined the American Fintech Council (AFC), according to an announcement from the industry association. The move comes after SOLO’s recent launch of its Customer Data Clearinghouse, a network that allows consumer-consented data sharing between banks and fintech companies.
Phil Goldfeder, CEO of the American Fintech Council, said, “AFC’s mission is to champion partnership between banks and fintech companies in service of consumers, and the foundation of open banking should be governed the same way. SOLO is changing the way innovative banks and fintech companies can share consumer-permissioned data. We look forward to partnering with SOLO as they continue to support banks and fintechs in delivering smarter, more responsive services.”
The platform developed by SOLO enables banks and lenders to collect and use customer data for onboarding, underwriting, compliance, and servicing workflows. Supported by over 100 community and regional bank partners through BankTech Ventures fund, SOLO currently processes $400 million in monthly loan volume within the banking ecosystem. The new Clearinghouse expands this infrastructure for broader industry data sharing.
SOLO’s membership supports AFC’s goal of fostering collaboration between financial technology firms and traditional banks as part of its commitment to responsible innovation in financial services.
Georgina Merhom, Data Scientist & Founder at SOLO, stated: “The future of open baking should require collaboration and partnership and not be vulnerable to a single monopoly. It requires resilient, shared infrastructure grounded in trust, collaboration, and accountability. SOLO’s Customer Data Clearinghouse is exactly that — a network that rewards the institutions and fintechs doing the work and puts consumers at the center of access. We are proud to partner with AFC as we work together towards a more competitive, resilient fintech ecosystem.”
AFC represents leading financial technology companies and innovative banks providing embedded finance solutions. Its mission includes promoting transparency, inclusivity, customer focus in finance systems while encouraging sound public policy.
SOLO describes itself as a bureau built for scale as a network supporting real-time customer data collection for banks and lenders. Its newly launched Customer Data Clearinghouse is positioned as the first large-scale consumer-consented data sharing network designed for secure portability across institutions.
For more information about SOLO’s offerings or its recent initiatives visit https://solo.one.