BOSTON–(COMMERCIAL THREAD) – Akoya LLC today announced that Wells Fargo has joined the Akoya Data Access Network. Fintechs and data aggregators can now request application programming interface (API) -based access to Wells Fargo customer data for joint customers through Akoya.
“The addition of Wells Fargo to Akoya’s data access network is another signal of the industry’s transition to safer and more secure API-based data aggregation, especially as new financial technologies offer consumers a wide range of innovative services, ”said Stuart Rubinstein, CEO of Akoya. “This partnership dramatically increases the scale of our network for fintechs and aggregators: we now have agreements with financial institutions that make nearly half of all retail bank accounts in the United States available through our authorized API connections. . ”
Akoya implements the Financial Data Exchange API specification, which eliminates the need for bank customers to share their login credentials in order to allow third-party financial applications to access their financial data. Additionally, compared to credential-based data aggregation commonly known as “screenshot”, APIs improve the reliability of data access and reduce security risks.
“We believe that using APIs as a medium for data transfer is a model that the industry can use to create more reliable and secure data sharing,” said Ben Soccorsy, senior vice president of the Strategy group, digital and innovation from Wells Fargo. “As we continue to evolve towards what we see as a more secure, transparent and convenient method of exchanging data, our agreement with Akoya offers another implementation option for connecting with fintechs. ”
Wells Fargo previously announced plans to shift 99% of screen scraping from current third-party financial applications to API-based data exchange. As Wells Fargo completes integration with data exchange partners such as Akoya, customers will be able to more easily view and manage the financial data they share with these applications from Control Tower® in the Wells Fargo Mobile® Banking and Wells Fargo Online® Banking app.
Wells Fargo will begin making the data available to the network later this year, as customers allow Akoya-connected fintech applications and services to access their Wells Fargo account information. Wells Fargo will also continue to maintain direct API connections with fintech applications and third-party data aggregators that have signed data exchange agreements with the company.
Akoya was founded to eliminate the risks associated with data aggregation based on credentials. In February 2020, the clearinghouse recognized the value Akoya brings to the entire financial services industry. Thus, 11 of its member banks, including Wells Fargo, have invested in the independent company alongside Fidelity Investments.
Akoya is changing the way consumer financial data is viewed and shared. Through a single integration into Akoya’s data access network, data aggregators and fintechs can connect directly to financial institutions to securely obtain financial data authorized by consumers through APIs. Akoya manages these relationships and serves as an interoperable solution available to the entire financial services industry. The independent business is backed by 12 North American financial institutions.
For more information, please visit www.akoya.com | Twitter: @AkoyaNetwork.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company with approximately $ 1.9 trillion in assets and proudly serving one in three U.S. households and over 10% of all middle market businesses and small businesses in the United States. set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four operating segments to present: banking and consumer credit, commercial banking, corporate banking and investment and asset management and investment. Wells Fargo ranked No. 30 in the Fortune 2020 ranking of America’s Largest Companies. In the communities we serve, the business is focusing its social impact on building a sustainable and inclusive future for all by supporting housing affordability, small business growth, financial health and a low-emission economy. carbon. Wells Fargo news, ideas and insights are also available on Wells Fargo Stories.
Additional information can be found at www.wellsfargo.com | Twitter: @Wells Fargo.