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Pentadata Announces Open Finance Integration with Akoya

Pentadata Announces Open Finance Integration with Akoya

Pentadata partners with Akoya to expand API-based data connections to several of the largest North American banks

Pentadata Inc., leading the industry with the first fully secured API-based financial data platform, announced it has signed an agreement to use the Akoya Data Access Network. Known for supporting data developers with building fintech apps, rewards, cash-back, and card-linking programs, Pentadata has partnered with Akoya, a new network offering API-based, permissioned access to consumer financial data.

“Until recently, this method of harvesting data enabled everyone on the data supply chain to profit from it—everyone except, that is, the consumer”

With Pentadata, developers can safely and securely access fully-permissioned financial data from consumer bank accounts and credit cards. The API integration with Akoya gives Pentadata even greater access to high-quality and consistent financial data to help application developers and fintech companies build apps in a secure way.

Other leading financial data platforms use screen scraping and engage in unauthorized access of bank usernames and passwords. Pentadata is the first platform to access substantially all bank accounts and credit cards in North America without using screen scraping and instead leveraging secure, encrypted, consumer-permissioned APIs with leading banks, payment processors, payment networks, and data platforms.

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“At Pentadata, our approach to securing data has always been honest, transparent, and secure,” said Pietro Grandinetti, PhD, Chief Technology Officer of the API platform used by fintech developers worldwide. “We are pleased to join other development organizations—as well as leading financial institutions—who share our consumer-first approach to protecting data and reinforcing technology in the financial services industry.”

Unauthorized mining of consumer data from banks, card issuers, networks, and credit bureaus—and selling it—is a widespread and damaging practice. “Until recently, this method of harvesting data enabled everyone on the data supply chain to profit from it—everyone except, that is, the consumer,” Grandinetti said. “That is changing,” he added, noting increasing concern over the lack of consumer data protection.

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Pentadata adheres to stringent technical standards and best practices aligned with the 12 major North American financial institutions that back Akoya.

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