Akoya Adds JPMorgan Chase to Its Data Access Network
The Akoya Data Access Network gains significant scale with addition of a leading U.S. bank
Akoya LLC announced today that JPMorgan Chase has joined the Akoya Data Access Network. Fintechs, data aggregators and other data recipients can now request application programming interface (API)-based access to Chase customer data through Akoya.
“Our interoperable network, aligned with the Financial Data Exchange API standard, gives data providers and recipients of all sizes access to an efficient, effective option for secure data aggregation without the need to negotiate, build and maintain multiple connections between the parties”
The bank’s commitment to make secure data sharing available through the Akoya Data Access Network significantly increases the scale of the network, which enables one-to-many API connections between data providers, such as financial institutions, and data recipients. The Akoya Data Access Network is available to the entire U.S. financial services industry.
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“Our interoperable network, aligned with the Financial Data Exchange API standard, gives data providers and recipients of all sizes access to an efficient, effective option for secure data aggregation without the need to negotiate, build and maintain multiple connections between the parties,” said Stuart Rubinstein, CEO of Akoya. “It also eliminates the need for consumers to share their bank’s login credentials, typically usernames and passwords, in order to provide access to their financial data.”
Chase will begin providing data through the network later this year, as customers permission apps and services to access their Chase accounts through Akoya. Chase also will continue to provide direct API connections for third parties that have signed data-access agreements.
“Akoya provides another option for third parties to safely connect to Chase,” said Paul LaRusso, managing director of digital platforms at JPMorgan Chase. “Most importantly, our 55 million digitally active customers will have full control and visibility into the data they choose to share with apps and companies.”
Chase customers can use the “Linked apps and websites” dashboard on the bank’s website and mobile app to see which accounts they’ve given apps or companies permission to access as well as what information from those accounts such as balances or transactions. Customers can revoke access whenever they want, and Chase shares only the customer data that the app or company needs.
The financial industry has been moving toward APIs over the last few years for security reasons. APIs can improve data access reliability and reduce cybersecurity, privacy, and financial risks compared to credential-based financial data aggregation – a data-sharing method that requires consumers to provide their login credentials to third parties to use various fintech apps and services.
Akoya was developed by Fidelity Investments to eliminate the risks associated with credential-based data aggregation, commonly known as “screen scraping.” A year ago, The Clearing House recognized the value Akoya brought to the entire financial services industry and their customers, and so 11 of its member banks, including JPMorgan Chase, invested in the now independent company alongside Fidelity.
“This brings us closer to a future where customers know with certainty what information they’re sharing and with whom,” said LaRusso.