Fintech Takes x SOLO Presents Source of Truth Episode 4: Wave a Magic Wand

Sep 12, 2025

Eric Woodward, CEO of FinatIQ and former Group President at Early Warning, dives into the world of financial data in this engaging discussion. He explores the complexities of data sharing among banks and fintech companies, advocating for competition and clearer consumer policies. The conversation unveils the challenges and potential of open banking while emphasizing the need for consumer control and a better data-sharing framework. Discover how a new model could reshape the financial ecosystem, ensuring all players, especially consumers, benefit from improved access and transparency.

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INSIGHT

Shared Fraud Data Enables Real-Time Trust

Early Warning built shared fraud data to let banks verify identities and accounts across institutions in real time.
That shared view enabled products like Zelle by resolving people, accounts, transactions, and devices for safer payments.

ADVICE

Make Data Pricing Transparent

Acknowledge that banks incur real costs to secure and serve customer data and open a conversation about fair pricing.
Use transparency (who hits APIs, frequency) to move from conflict to negotiated standards.

INSIGHT

Data As Competitive Moat

New entrants like BNPL resist furnishing because they see data as competitive value, not a free input to incumbents.
That tension repeats across models and explains why many modern providers avoid bureau-style data sharing.

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We’re at the finish line of Source of Truth, the new podcast miniseries from Fintech Takes, sponsored by our friends at SOLO.

And much like in a relay race, Eric Woodward (CEO at FinatIQ, who shaped one of the most successful digital payment platforms in the U.S. as the former Group President at Early Warning, the parent of Zelle) is the anchor that’s going to bring us home.

In this final episode on information asymmetry in financial services, we zoom out to the system level: who controls financial data, who pays for access, and what a healthier network could look like.

If we could wave a magic wand and start with a blank sheet of paper, how would we design data infrastructure (drawing from the lessons learned by credit bureaus, open banking data aggregators, and industry consortiums) to actually work best for the ecosystem?

Highlights include:

The tradeoffs of three models: credit bureaus, consortiums, and open banking

BNPL’s reluctance to furnish data (and what that means for consumers)

Why a better framework needs consumer control, broader furnishers, value-based pricing, full-file expectations, and clear network rules

Anchor leg, final lap: consumers in control. Furnishers compensated. Shared rules. Game on. Enjoy the finale of Source of Truth!

This miniseries is brought to you by SOLO.

SOLO resolves and connects customer data across silos — so teams stop rekeying the same customer info for the hundredth time and finally move forward.

Break the cycle at SOLO.one - That’s SOLO dot o-n-e.

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