Another day, another huge bank signs up with the Akoya Data Gain access to Network to bring higher monetary information aggregation to banking consumers.
“The addition of Wells Fargo to the Akoya Data Gain access to Network is yet another signal marking the market’s shift towards more secure and more safe API-based information aggregation, particularly as brand-new fintechs use customers a vast array of ingenious services,” Akoya CEO Stuart Rubinstein stated.
Wells Fargo’s relocation indicates that fintechs and information aggregators will have the ability to demand API-based access to Wells Fargo client information for shared consumers through the Akoya Data Gain Access To Network. The Network was spun off from Fidelity Investments in February 2020, and has actually because protected assistance from a lots banks, consisting of Wells Fargo. Akoya executes Financial Data Exchange API requirements, which allow bank consumers to supply third-party monetary apps with access to their monetary information without needing to share their login qualifications. Akoya’s API-based method compares positively to screen-scraping or “credential-based information aggregation,” particularly in regards to information gain access to dependability and security.
Bank of America, Chase, Fidelity, and U.S. Bank currently have actually signed up with the Akoya Data Gain Access To Network. This indicates that, according to Rubinstein, “almost half of all U.S. retail banking accounts (are) offered through our licensed API connections.”
Wells Fargo will make its information offered on the network later on this year, providing consumers time to license Akoya-connected fintech apps and service to access their Wells Fargo account information. The bank stated it will preserve its direct API connections with third-party fintech partners who have actually signed information exchange arrangements with the business.
“Our company believe that utilizing APIs as a way of information transfer is a design the market can utilize to develop more dependable and more safe information sharing,” Ben Soccorsy, SVP of Wells Fargo’s Technique, Digital and Development group, stated. “As we continue to approach what we view as a more safe, transparent and hassle-free technique of information exchange, our arrangement with Akoya provides another application alternative for getting in touch with fintechs.”
With $1.9 trillion in possessions, Wells Fargo serves one in 3 families in the U.S., and more than 10% of all middle market business and small companies in the U.S. The business is ranked #30 on Fortune’s 2020 lineup of America’s biggest corporations.