Akoya has accelerated Open Finance by driving the adoption of application programming interfaces (APIs) for financial data aggregation
BOSTON–(BUSINESS WIRE)–#APIs–Akoya LLC wrapped up 2021 by signing agreements with Huntington National Bank, M&T Bank, and Truist in December. Fintechs and data aggregators will be able to access financial data from customers of these banks through Akoya.
In total, Akoya now offers consumer-permissioned, API-based data access covering a large portion of the United States, including 57 percent of demand deposit accounts, a third of retail brokerage accounts, and a quarter of defined contribution accounts, as well as nearly half of credit cards issued. A number of the world’s largest financial institutions and financial software providers share financial data through Akoya, including:
Bank of America
Huntington National Bank
Jack Henry & Associates, Inc.
TD Bank, U.S.
“Akoya has been a positive force for Open Finance in the United States by increasing the pace in which the data aggregation industry has transitioned to API-based consumer data access from credential-based access and screen scraping,” said Stuart Rubinstein, CEO of Akoya. “In 2022, we plan to accelerate our journey to make APIs ubiquitous across banking, investing, lending, and more in order to create an environment for consumers and small businesses to safely share their financial data.”
“We have worked very hard over the past year to create uniform APIs that serve numerous use cases across financial services, including budgeting, investment management, payment enablement, account opening, credit enhancement, and more,” said Wilson D’Souza, CTO of Akoya. “This provides fintechs, financial institutions, and data aggregators with reliable and consistent access to the critical consumer-permissioned financial data they need to develop and deliver new products and services.”
Akoya is changing the way consumer financial data is accessed and shared. Through a single integration with Akoya, data aggregators and fintechs can directly connect with financial institutions to securely obtain consumer-permissioned financial data through APIs. Akoya manages these relationships and serves as an interoperable solution that is available to the entire financial services industry.
Shawn Singh Ghuman, Akoya