Company has replaced inbound screen scraping
with safe and secure consumer-permissioned data sharing through
open-banking APIs across hundreds of thousands of apps and millions
of accountholders
MONETT,
Mo., May 23, 2023 /PRNewswire/ -- Jack Henry™
(Nasdaq: JKHY) announced it continues to replace inbound screen
scraping on its Banno Digital Banking Platform with API connections
to all five major data exchange platforms, Finicity, Akoya, Plaid,
Envestnet | Yodlee, and Intuit, giving accountholders more control
of their financial data and protecting financial institutions from
a wide range of fraud and security risks that arise from passwords
shared with third parties. Screen scraping, while a common practice
throughout the industry, presents multiple challenges in both
security and customer experience; Jack Henry is on track to
eliminate all inbound screen scraping on its Banno Digital Banking
Platform by the end of summer this year.
Screen scraping is an automated process that uses bots, web
crawlers, and other proprietary tools to log into websites on
behalf of accountholders using their passwords and credentials. In
addition to being a slow and unreliable means of data extraction,
screen scraping makes it difficult for financial institutions to
distinguish legitimate login attempts from fraudulent ones, leaving
systems vulnerable to credential-stuffing attacks and other cyber
threats that continue to plague the industry at large.
Replacing inbound screen scraping for the more than 700 banks
and credit unions on Jack Henry's Banno Digital Banking Platform
inaugurates a new and more secure era of financial data exchange.
Unlike the indiscriminate data extraction performed by screen
scraping, open-API aggregation allows accountholders to specify,
minimize, and fully control their data and how it's shared with
third-party providers—including the ability to grant or revoke data
permissions within their bank or credit union's digital banking
experience.
"This is an important milestone for the industry, and I am in
full support of modernizing the exchange of financial data with
Jack Henry's direct APIs to the five major data exchanges," said
Phil Suckow, vice president of
innovation at $1.9 billion
IncredibleBank. "Ending screen scraping for the more than 9 million
end-users on Jack Henry's Banno Digital Banking Platform will reset
consumer expectations, create a new data security standard, and
empower community and regional financial institutions to strengthen
and differentiate their service on security and reliability.
Leveraging the new API connections to the data exchanges through
Jack Henry enables us to continue to be at the forefront in
providing open financial data access to our customers."
Ted Anastasi, growth team lead at
Akoya, added, "The collective goal here is to make financial data
access easy and secure so that consumers feel confident using
fintech applications. Using APIs as a means of data transfer is a
model the industry can use to create more reliable and more secure
data sharing. This is a big win for both consumers and open
finance."
"Screen scraping is an outdated, broken process," said
Ben Metz, chief digital and
technology officer at Jack Henry. "Sharing passwords is both
problematic and prevalent, and this is why the CFPB is scrutinizing
screen scraping and proposing new open banking rules later this
year. Changing consumer behaviors and expectations is best done at
scale. Requiring the use of API-driven, consumer-permissioned data
access across our platform will make it easier to recognize and
neutralize malicious activity and enable banks and credit unions to
minimize fraud and improve their accountholders' financial health
and security. It's the right thing to do."
Jack Henry is working with the banks and credit unions on its
Banno Digital Banking Platform to make a smooth transition from
screen scraping to secure, API-based financial data exchange. Visit
jackhenry.dev to learn how to integrate solutions with Jack Henry's
digital banking platform.
About Akoya
The Akoya Data Access
Network is simplifying data access for open finance. Through a
single integration with Akoya, financial
institutions, fintechs, and data aggregators can
enable multiple API connections and avoid continued maintenance and
development efforts. Akoya handles all data-sharing
relationships on behalf of network participants and removes the
myriad of internal and external costs required to develop and
manage multiple third-party agreements. Akoya
optimizes for security, transparency, and scalability, and
offers a passthrough model that does not copy, store,
or hold any financial data or personal information. The network is
an interoperable solution available to the entire
financial services industry. The independent company is co-owned by
12 of the largest North American financial institutions. To learn
more, please visit www.akoya.com.
About IncredibleBank℠
IncredibleBank,
headquartered in Wausau, Wisconsin, was awarded as one of America's
Most Innovative Banks by the Independent Community Bankers of
America in 2019. With deposit and lending customers in all 50
states, plus their status as one of the nation's top
motorcoach and SBA lenders, they are America's
First Online National Community Bank (and who doesn't love the idea
of a national community?). They are dedicated to their promise of
an Incredible Customer ExperienceTM with
every interaction. Learn more about IncredibleBank
at www.incrediblebank.com.
About Jack Henry & Associates, Inc.®
Jack
HenryTM (Nasdaq:
JKHY) is a well-rounded financial technology company that
strengthens connections between financial institutions and the
people and businesses they serve. We are an S&P
500 company that prioritizes openness, collaboration, and
user centricity – offering banks and credit unions a vibrant
ecosystem of internally developed modern capabilities as well as
the ability to integrate with leading fintechs. For
more than 46 years, Jack Henry has provided technology solutions to
enable clients to innovate faster, strategically differentiate, and
successfully compete while serving the evolving needs of
their accountholders. We empower approximately 8,000
clients with people-inspired innovation, personal service, and
insight-driven solutions that help reduce the barriers to financial
health. Additional information is available at
www.jackhenry.com.
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SOURCE Jack Henry & Associates, Inc.