Fiserv and Akoya Meet Consumer Demand for Anytime, Anywhere Financial Information with New Data Sharing Agreement
24 Agosto 2023 - 8:06AM
Business Wire
Connection will enable direct access to data,
facilitating secure information sharing for financial institutions
and their customers
Fiserv, Inc. (NYSE: FI), a leading global provider of payments
and financial services technology, and Akoya, an API-only network
for the consumer-permissioned sharing of financial data, are
collaborating to enable secure data sharing among financial
institutions, their customers, and the third parties with which
they do business.
While most consumers maintain accounts with trusted financial
institutions, they increasingly want to access their financial
information as part of their daily digital experiences, including
through merchant and third-party apps. This will be possible as the
Fiserv and Akoya data sharing agreement will facilitate broad,
reliable and secure access to data, allowing consumers to safely
share their data, with permission, with the apps of their
choice.
The Fiserv collaboration with Akoya will enable seamless
experiences across the Fiserv client base of financial
institutions, fintechs, and merchants. Financial institutions and
fintechs can reduce risk related to account opening and funding and
account to account transfers with secure permissioned access to
information from consumers’ accounts at other financial
institutions. Merchants can offer a Pay by Bank option by enabling
consumers to link their bank account to the merchant’s wallet or
app to make direct payments to the merchant via the Carat global
commerce platform from Fiserv.
“Fiserv and Akoya are empowering consumers to share their data
by creating a broader and more secure data access network,” said
Matt Wilcox, President of Digital Payments at Fiserv. “Direct
access to data facilitates more integrated digital experiences for
consumers and improves the security of the financial
ecosystem.”
Fiserv will have direct API access to consumer data from Akoya’s
network of financial institutions and brokerage firms, while Akoya
will utilize AllData® Connect from Fiserv to access consumer data
from more than 2,800 financial institutions. Because data is shared
directly between Fiserv and Akoya on behalf of their clients and at
the direction of consumers, there is no need for consumers to share
their banking credentials with third parties, enhancing security
and consumer control over access to their data.
“This will help consumers manage exactly who they give their
data to and understand how their data will be accessed and used,”
said Paul LaRusso, CEO of Akoya. “100% of Akoya’s traffic to
financial institutions goes through APIs. Akoya doesn’t ask for
consumers’ passwords, and it doesn’t screen-scrape. All consumers
deserve this protection and control.”
AllData Connect, part of the AllData® Aggregation product suite,
allows consumers to provide consent to share their financial data
with third-party applications without having to share their log-in
credentials. In place of credentials, AllData Connect validates the
consumer directly with their bank or credit union and issues a
token that the third party uses to access and update consumer data
via AllData Connect.
API-based data access solutions are allowing the financial
services industry to move away from a structure in which
unregulated entities store large amounts of financial data,
including consumer credentials.
By enabling secure, direct access to tokenized consumer data,
Fiserv and Akoya’s agreement will align both organizations with
industry protocols related to data sharing standardization,
including consumer transparency and control, while providing the
next-gen financial experiences that consumers seek.
In a world moving faster than ever before, Fiserv continues to
help clients deliver solutions in step with the way people live and
work today. Learn more at fiserv.com.
Additional Resources
- Finicity and Fiserv Offer More Consumer Choice Through Secure
Data Access
- Fiserv and MX Enable Secure Consumer Financial Data Access to
Accelerate Future of Open Finance
- Blog – Improving Open Finance with Secure Data Access
- AllData Connect – fisv.co/AllDataConnect
About Akoya Akoya is transforming the way consumer
financial data is accessed and shared. Through a single integration
to the Akoya, financial institutions can directly connect with data
aggregators, fintechs, and other financial institutions to securely
share consumer-permissioned financial data through APIs. Akoya
manages these relationships and serves as an interoperable solution
available to the entire financial services industry. We are an
API-only network that offers security, transparency, and scale.
Learn more at akoya.com.
About Fiserv Fiserv, Inc. (NYSE: FI), a Fortune 500
company, aspires to move money and information in a way that moves
the world. As a global leader in payments and financial technology,
the company helps clients achieve best-in-class results through a
commitment to innovation and excellence in areas including account
processing and digital banking solutions; card issuer processing
and network services; payments; e-commerce; merchant acquiring and
processing; and the Clover® cloud-based point-of-sale and business
management platform. Fiserv is a member of the S&P 500® Index
and one of Fortune® World’s Most Admired Companies™. Visit
fiserv.com and follow on social media for more information and the
latest company news.
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version on businesswire.com: https://www.businesswire.com/news/home/20230824033008/en/
Media Relations: Ann Cave Vice President, External
Communications Fiserv, Inc. 678-325-9435 ann.cave@fiserv.com
Media Relations: Olivia Fahey Marketing Lead Akoya
olivia@akoya.com
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