Fiserv and Akoya announce data sharing agreement

According to the official press release, the collaboration between the technology provider and the API-only network for the consumer-permissioned sharing of financial data seeks to facilitate secure data sharing between financial institutions, their customers, and the third parties that they do business with. 

The new data-sharing accord is expected to address a pain point in the industry, as more and more consumers with financial institution-issued accounts want to access their financial information via merchants and third-party apps. Following this agreement, consumers will be able to permit the sharing of their data with the apps of their choosing.

More details about the agreement

The new accord seeks to enable direct access to data and, consequently, facilitate a more integrated digital experience for consumers, especially given the current demand for digitalisation. 

As outlined in the official press release, via this joint venture, Fiserv will have direct API access to consumer data from Akoya’s network of financial institutions and brokerage firms, whilst Akoya will use Fiserv’s AllData Connect to access consumer data from over 2,800 financial institutions. 

AllData Connect is a product developed by Fiserv and consists of a portal where customers give their consent to share financial data with third-party apps, without also having to share their log-in credentials. Instead of credentials, AllData Connect reportedly validates the consumer via their bank or credit union and issues a token that the third party then uses to access and update consumer data.

Given that the data is shared directly between Fiserv and Akoya on behalf of their clients, as directed by the customers, consumers will no longer need to divulge their banking credentials to third parties. This is expected to enhance the security of the consumers’ data, whilst providing them with control over access to it.

As also indicated in the official statement, the rise of API-based data access solutions, such as the one leveraged as part of this collaboration, enables the financial services industry to shift away from the alternative of allowing unregulated entities to store large amounts of financial data, including consumer credentials.