One other day, one other large financial institution joins the Akoya Information Entry Community to deliver larger monetary information aggregation to banking prospects.
“The addition of Wells Fargo to the Akoya Information Entry Community is one more sign marking the trade’s shift towards safer and safer API-based information aggregation, particularly as new fintechs supply customers a variety of revolutionary companies,” Akoya CEO Stuart Rubinstein mentioned.
Wells Fargo’s transfer implies that fintechs and information aggregators will be capable of request API-based entry to Wells Fargo buyer information for mutual prospects via the Akoya Information Entry Community. The Community was spun off from Constancy Investments in February 2020, and has since secured help from a dozen monetary establishments, together with Wells Fargo. Akoya implements Monetary Information Alternate API specs, which allow financial institution prospects to offer third-party monetary apps with entry to their monetary information with out having to share their login credentials. Akoya’s API-based method compares favorably to screen-scraping or “credential-based information aggregation,” particularly by way of information entry reliability and safety.
Financial institution of America, Chase, Constancy, and U.S. Financial institution have already got joined the Akoya Information Entry Community. Because of this, in response to Rubinstein, “practically half of all U.S. retail banking accounts (are) accessible via our approved API connections.”
Wells Fargo will make its information accessible on the community later this 12 months, giving prospects time to authorize Akoya-connected fintech apps and repair to entry their Wells Fargo account information. The financial institution mentioned it’ll preserve its direct API connections with third-party fintech companions who’ve signed information trade agreements with the corporate.
“We imagine that utilizing APIs as a way of knowledge switch is a mannequin the trade can use to create extra dependable and safer information sharing,” Ben Soccorsy, SVP of Wells Fargo’s Technique, Digital and Innovation group, mentioned. “As we proceed to maneuver towards what we see as a safer, clear and handy methodology of knowledge trade, our settlement with Akoya affords one other implementation possibility for connecting with fintechs.”
With $1.9 trillion in property, Wells Fargo serves one in three households within the U.S., and greater than 10% of all center market firms and small companies within the U.S. The corporate is ranked #30 on Fortune’s 2020 roster of America’s largest firms.