The API-driven solution enables greater control and faster connectivity of embedded finance and customer data portability.
“Akoya is excited to work with Axway to streamline the integration between financial institutions and fintech applications”
Akoya is proud to announce its partnership with Axway to transform the way customer information is shared with third-party applications. Both companies have standardized their APIs to the Financial Data Exchange (FDX) standard, which allows for customer data sharing in a secure and transparent way.
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Akoya allows businesses to manage their finances within a unified interface that allows for budgeting, payments, tax planning, and investment management. “Akoya is excited to work with Axway to streamline the integration between financial institutions and fintech applications,” said Anil Mahalaha, Chief Evangelist at Akoya “We’re focused on giving consumers more visibility into where and how their financial data is used and we’re dedicated to 100% of those data requests going through APIs.”
Amplify Open Banking, built on Axway’s industry leading Amplify Platform, leverages universal API management and modern marketplace capabilities to publish and facilitate third-party adoption of standardized APIs that drive the open finance economy.
In the past, “screen scraping” – where customers provide their credentials to a third-party, which accesses the information directly from their banking portal with their permission – was the most expedient way to offer data portability.
Now, a common FDX API standard is becoming more widely available, allowing financial institutions to share discrete data elements more easily and directly. Fine-grained permissions keep the customer in control and provide faster, more secure connectivity.
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“The Axway-Akoya partnership removes the friction of accessing critical customer data that drives business,” said Laurent Van Huffel, Axway VP of Financial Services. “Axway enables financial institutions to stay in control of their destiny by providing them with an FDX-ready platform, including consent management and integration with their core banking applications, to become an open banking provider, while Akoya securely consumes the FDX APIs published in the Amplify digital portal to present the data to the fintech aggregator community.”
The Consumer Financial Protection Bureau is currently talking about a common standard to pave the way forward to a more dynamic, competitive financial services market that keeps the consumer at its center. In October 2022, CFPB Director Rohit Chopra announced the rulemaking process that will require financial institutions to give consumers consistent control over their data.
As North America prepares for upcoming regulation, Akoya and Axway are poised to help financial institutions tap into the power of the open finance ecosystem and unlock new business models.
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