Ninth Wave, an Open Finance connectivity solutions provider, has launched Ninth Wave Portal, utilised along with its Open Finance direct connection platform.
The portal monitors and measures all aspects of Open Finance data, offering institutions control over data sharing while providing deeper insights into security and usage patterns, enabling financial institutions to modernise data sharing and create new revenue streams.
Measures to monetise data
According to some reports, JP Morgan Chase plans to charge fintechs for access to customer banking account data, and this pushes the entire industry to reconsider how to participate in this new revenue stream. For this, institutions will need software capable of precisely measuring and controlling usage.
Ninth Wave believes that the future of finance is permissioned, embedded, and bank-led. As banks regain control over data sharing, the company’s portal allows them to manage and monetise permissioned data through value-added services, unlocking new revenue streams.
By controlling data flows and protecting against threats, banks remain central to customer trust, ensuring that data interactions are securely integrated, permissioned, and compliant with privacy requirements. Financial institutions can spot business opportunities based on which third-party use cases their customers use, and charge fintechs and other third-party users of their data.
The Ninth Wave Portal’s Analytics and Intelligence feature indicates all data requests originating from external applications made on behalf of financial institutions’ customers. It identifies which applications are accessing data, what the volume of requests per application is, how many customers are taking advantage of the connectivity, and what the performance statistics for the Open Finance APIs are.
The portal’s Fintech Registry capability allows institutions to manage risk across the fintech network and offers a complete image of who and how data is being shared. If they detect suspicious activity, they can revoke access for a person, business, fintech application, or ecosystem partner. This is key for maintaining data security, privacy, and control, protecting against financial crime. The feature also delivers additional functions to monitor fintech activity and ensure that data exchange between customers and firms is securely integrated and permissioned.
