Akoya – a new API-based network enabling access to consumer financial data – and U.S. Bank announced that the Minneapolis-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.
Read More: Worldline Welcomes Ingenico, Creating a New World-Class Leader in Payment 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.
“Customers want their experiences to be fast, easy and secure,” said Gareth Gaston, U.S. Bank chief digital officer for platforms and capabilities. “Our work with Akoya allows us to quickly deliver on all of that for our customers and give them an industry-leading experience.”
U.S. Bank customers will be able to grant, monitor, and revoke access to financial data they want to share. More importantly, unlike other financial data aggregation, all consumer-permissioned data that passes through the Akoya Data Access Network is not copied or stored by the intermediary.
“People should be empowered to connect their financial data with fintech apps that provide them valuable services without fear of their login information or personal data getting misused,” said Stuart Rubinstein, CEO of Akoya. “Our goal is to make financial data access as easy and secure as possible by creating a standards-based, interoperable solution. With U.S. Bank on the Akoya Data Access Network, we are closer to transforming the way consumer financial data is accessed and shared.”
Read More: PayBito Experiences Rapid Increase in Franchise Owners Worldwide
