Partnership further shifts data access away from credential-based data aggregation enabling fintechs and data aggregators to receive increasing API coverage through Akoya
Akoya LLC announced today that Wells Fargo has joined the Akoya Data Access Network. Fintechs and data aggregators can now request application programming interface (API)-based access to Wells Fargo customer data for mutual customers through Akoya.
“As we continue to move toward what we see as a more secure, transparent and convenient method of data exchange, our agreement with Akoya offers another implementation option for connecting with fintechs.”
“The addition of Wells Fargo to the Akoya Data Access Network is yet another signal marking the industry’s shift toward safer and more secure API-based data aggregation, especially as new fintechs offer consumers a wide range of innovative services,” said Stuart Rubinstein, CEO of Akoya. “This partnership significantly increases the scale of our network for fintechs and aggregators: We now have agreements with financial institutions that make nearly half of all U.S. retail banking accounts available through our authorized API connections.”
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Akoya implements Financial Data Exchange API specifications, which remove the need for bank customers to share login credentials in order to provide third-party financial apps access to their financial data. Additionally, compared to credential-based data aggregation, commonly known as “screen scraping,” APIs improve data access reliability and reduce security risks.
“We believe that using APIs as a means of data transfer is a model the industry can use to create more reliable and more secure data sharing,” said Ben Soccorsy, senior vice president in Wells Fargo’s Strategy, Digital and Innovation group. “As we continue to move toward what we see as a more secure, transparent and convenient method of data exchange, our agreement with Akoya offers another implementation option for connecting with fintechs.”
Wells Fargo previously announced plans to transition 99% of current third-party financial app screen scraping to API-based data exchange. As Wells Fargo completes integration with data exchange partners such as Akoya, customers will be able to see and more easily manage the financial data they’re sharing with these apps from within Control Tower® in the Wells Fargo Mobile® Banking app and Wells Fargo Online® banking.
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Wells Fargo will begin making data available to the network later this year, as customers authorize Akoya-connected fintech apps and services to access their Wells Fargo account information. Wells Fargo also will continue to maintain direct API connections with third-party fintech apps and data aggregators that have signed data exchange agreements with the company.
Akoya was founded to eliminate the risks associated with credential-based data aggregation. In February of 2020, The Clearing House recognized the value Akoya brought to the entire financial services industry, and so 11 of its member banks, including Wells Fargo, invested in the independent company alongside Fidelity Investments.
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