Global financial technology leader FIS (NYSE: FIS) has today announced another milestone in its drive to make secure open banking more accessible to its clients and their customers.
Agreements are in place with leading data networks including Akoya, Envestnet | Yodlee, MX and Plaid to integrate into FIS’ Open Access platform, an innovative new open banking solution, that enables consumers to securely and seamlessly share their financial information with a greater number of third-party financial apps and services of their choice.
The shift to Open Banking is accelerating, and last year the Consumer Financial Protection Bureau (CFPB) proposed a Personal Financial Data Rights rule establishing consistent industry standards for consumer data access and protection.
FIS’ Open Access platform provides consumers with the ability to access and share their financial data in a secure, stream-lined and controlled manner. This solution gives consumers the flexibility of working with third-party financial services app providers, controlling what information is shared and who it is shared with, while providing them with the ability to revoke access at any time. The solution also provides banks with visibility and reporting on where their customers are sharing financial data, which fintechs they are interacting with, and how frequently.
The solution allows for secure and reliable data sharing through Financial Data Exchange standardized (FDX) APIs. By collaborating with leading industry providers, the enhanced solution has the broadest depth of coverage across the market, meaning FIs using FIS’ Open Access platform can support their customers to access a broad range of capabilities and experiences using an unmatched number of apps and services.
Hashim Toussaint, GM, Digital Solutions at FIS said: “Consumers of all ages are increasingly using third-party apps to manage their finances when they want, and creating a seamless experience for them to do this is crucial for traditional banks and credit unions as they look to retain and grow their customer base. Enabling the world’s adoption of Open Banking is foundational to our mission to advance how the world pays, banks and invests.”