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Akoya partners with Envestnet|Yodlee

Wednesday 20 September 2023 15:49 CET | News

US-based Akoya has partnered with Envestnet|Yodlee to provide consumers with an API-driven experience.

Through the collaboration, the two companies want to support clients in efficiently managing their finances by offering them increased choice, control, and convenience in sharing the data from their financial applications. 

US-based Akoya has partnered with Envestnet|Yodlee to provide consumers with an API-driven experience.

The partnership’s offering

Akoya provides clients with a secure and reliable network-based option for sharing their financial data, while exclusively using OAuth API connections to access consumer-consented data. The company’s API connections do not rely on consumers sharing their login credentials with third parties outside of their bank or financial institution. Akoya’s data access network attends organisations within the financial services industry, including fintechs, data aggregators, small and large banks, and credit unions.

According to officials, by collaborating with Envestnet|Yodlee, Akoya aims to offer consumers more choice and visibility into where and how their data is being used. Moreover, the agreement supports the company’s commitment to make data sharing more open and accessible for all consumers. Moreover, Envestnet|Yodlee plans to make Akoya’s network connection available to its client base by the end of 2023.

Akoya’s latest developments

By integrating Akoya Data Access Network, data aggregators and fintechs can directly connect with financial institutions to securely obtain consumer-allowed financial data through APIs. Back in August 2023, Fiserv entered a data sharing agreement with Akoya. The collaboration seeks to facilitate secure data sharing between financial institutions, their customers, and the third parties that they conduct business with.

During the same period, Akoya secured three US patents for tokenisation and consumer data control, aimed at helping the company in its mission for consumer data privacy and control. The patent awards incorporate the systems and methods for managing tokens and filtering data for permissioned data access.  

About Envestnet|Yodlee

Envestnet|Yodlee’s main objective is to transform the way financial advice is delivered via an ecosystem of technology, solutions, and intelligence. Since the beginning of 2023, the company entered multiple partnerships, including one with Paycepaid. The collaboration aims to supply synchronised data for holistic customer financial hardship assessment. Under the agreement, Paycepaid leveraged consumer-consented financial data provided by Envestnet|Yodlee under Australia’s Consumer Data Right (CDR) to support its customers.

Furthermore, in June 2023, American Express partnered with Envestnet|Yodlee to offer customers additional digital banking options. The API-based integration allows American Express clients to have security, control, and transparency over the shared financial data with their service providers. The new solutions aim to eliminate the risk of compromising the client’s account security.

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Keywords: partnership, digital banking, fintech, data protection, financial institutions, API
Categories: Banking & Fintech
Companies: Akoya, Envestnet | Yodlee
Countries: World
This article is part of category

Banking & Fintech

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Akoya

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Envestnet | Yodlee

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