Akoya, U.S. Bank accelerate consumer-permissioned financial data access

The agreement will give customers more control if they choose to connect their banking accounts to third-party services.

In a recent survey of more than 700 global business leaders about fintech trends, nearly half consider cybersecurity to be the biggest threat to the adoption of online financial services. By connecting with Akoya, U.S. Bank helps further mitigate this risk by enabling customers to connect their financial account information with fintech and payment apps without having to share their usernames and passwords with anyone but U.S. Bank.

U.S. Bank customers will be able to grant, monitor, and revoke access to financial data they want to share. More importantly, all consumer-permissioned data that passes through the Akoya Data Access Network is not copied or stored by the intermediary.

Akoya facilitates direct API connections by providing a single point of integration for both data providers (financial institutions) and data recipients (aggregators and fintechs). In addition, Akoya implements Financial Data Exchange API specifications as well as legal and security standards.