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Wells Fargo introduces API-based third party data sharing with Akoya

Wells Fargo introduces API-based third party data sharing with Akoya

Wells Fargo is the latest big name US bank to join the Akoya Data Access Network, enabling fintechs and data aggregators to request API-based access to customer data.

Wells Faro was one of eleven financial institutions, along with the Clearing House Payments Company, to invest in Akoya when it was spun off from Fidelity Investments last February.

Since then, the firms have been gradually connecting, with Chase, Bank of America, US Bank, and Fidelity already onboard, meaning that nearly 50% of US bank accounts are now available through Akoya.

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 screen scraping, the firm argues that APIs improve data access reliability and reduce security risks.

For Well Fargo customers, the move means they will be able to see and more easily manage the financial data they’re sharing with third party apps from within Control Tower in mobile and online channels.

Ben Soccorsy, SVP in Wells Fargo’s strategy, digital and innovation group, says: “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.

“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.”

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