eMoney Advisor (eMoney), a leading provider of technology solutions and services that help people talk about money, today shared updates on its API strategy and continued work to transition from credential-based data aggregation – or “screen scraping” – to application programming interface (API)-based data aggregation.
As a leader in financial data aggregation, governance and protection, eMoney successfully transitioned seven of its largest volume connections to APIs by the end of 2020. Additionally, more than 60 percent of all screen-scraped accounts on the eMoney platform were migrated and connected through direct access via API.
“At eMoney, we’re leading the charge in adapting API-based aggregation to create more stable and secure connections — a common pain point for advisors. We’ve made tremendous progress over the last year, and we’re committed to increasing transparency, client control and security, leading to a better and safer client experience,” said Jess Liberi, head of product at eMoney.
Partnership with the Akoya Data Access Network
With a focus on deploying more APIs for highly connected financial institutions, eMoney recently partnered with Akoya, a financial data access network connecting financial institutions and data recipients. eMoney is the first data aggregator to join the Akoya Data Access Network, solidifying eMoney’s leadership in data protection and transparency. With access to Akoya, eMoney will create a more streamlined flow of data and ensure more stable and secure connections.
Akoya was originally developed by Fidelity Investments to mitigate the risks associated with screen scraping. In February 2020, 11 North American banks invested in the now independent company alongside Fidelity. eMoney is leveraging Akoya to expedite its move from screen scraping to API-based data aggregation with increased data security and transparency; and enhance its continued focus on consumer control and privacy that ultimately improves client experience.
“We are excited to welcome eMoney to our network and provide a safer and more reliable data aggregation experience for eMoney advisors and their clients,” said Stuart Rubinstein, CEO of Akoya. “Our goal is to make financial data access as easy and secure as possible for fintechs and data aggregators, so consumers are empowered to use their services without fear of their login information or personal data getting misused.”
eMoney is planning to go live later this year on the Akoya Data Access Network. eMoney clients will receive additional information closer to launch.
“We are deeply committed to protecting financial data and enabling end-clients who use eMoney through their advisor to have more control over the financial data that they share,” said Liberi. “By replacing the screen scraping of consumer financial data from multiple financial institutions with one secure, transparent integration via Akoya we believe we are setting the standard for safe, secure and efficient data aggregation.”