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

Tuesday 17 November 2020 08:37 CET | News

Akoya – an API-based network enabling access to consumer financial data – and U.S. Bank have announced that the US-based bank will be the first owner-bank to integrate with the Akoya Data Access Network. 

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.

U.S. Bank was one of 12 North American financial institutions to invest in Akoya in February 2020. The Akoya Data Access Network is available to data providers and recipients and serves as an interoperable solution for the entire financial services industry.

 


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Keywords: Akoya, U.S. Bank, financial data, fintech, payments , banking, API
Categories: Banking & Fintech
Companies:
Countries: United States
This article is part of category

Banking & Fintech