One other day, one other huge financial institution joins the Akoya Knowledge Entry Community to deliver higher monetary knowledge aggregation to banking prospects.
“The addition of Wells Fargo to the Akoya Knowledge Entry Community is one more sign marking the trade’s shift towards safer and safer API-based knowledge aggregation, particularly as new fintechs supply shoppers a variety of modern providers,” Akoya CEO Stuart Rubinstein mentioned.
Wells Fargo’s transfer implies that fintechs and knowledge aggregators will have the ability to request API-based entry to Wells Fargo buyer knowledge for mutual prospects by means of the Akoya Knowledge Entry Community. The Community was spun off from Constancy Investments in February 2020, and has since secured assist from a dozen monetary establishments, together with Wells Fargo. Akoya implements Monetary Knowledge Trade API specs, which allow financial institution prospects to offer third-party monetary apps with entry to their monetary knowledge with out having to share their login credentials. Akoya’s API-based method compares favorably to screen-scraping or “credential-based knowledge aggregation,” particularly when it comes to knowledge entry reliability and safety.
Financial institution of America, Chase, Constancy, and U.S. Financial institution have already got joined the Akoya Knowledge Entry Community. Which means, in keeping with Rubinstein, “almost half of all U.S. retail banking accounts (are) obtainable by means of our approved API connections.”
Wells Fargo will make its knowledge obtainable on the community later this 12 months, giving prospects time to authorize Akoya-connected fintech apps and repair to entry their Wells Fargo account knowledge. The financial institution mentioned it would keep its direct API connections with third-party fintech companions who’ve signed knowledge change agreements with the corporate.
“We imagine that utilizing APIs as a method of knowledge switch is a mannequin the trade can use to create extra dependable and safer knowledge sharing,” Ben Soccorsy, SVP of Wells Fargo’s Technique, Digital and Innovation group, mentioned. “As we proceed to maneuver towards what we see as a safer, clear and handy methodology of knowledge change, our settlement with Akoya presents one other implementation choice for connecting with fintechs.”
With $1.9 trillion in belongings, Wells Fargo serves one in three households within the U.S., and greater than 10% of all center market corporations and small companies within the U.S. The corporate is ranked #30 on Fortune’s 2020 roster of America’s largest companies.