Why Akoya was created
People increasingly want to share their financial data with fintech apps to take advantage of services like budgeting, payments, tax planning, and investment management.
However, the majority of financial data sharing is done through screen scraping — a process that requires individuals to give their login information (i.e., usernames and passwords) to a third party.
This exposes individuals and their financial institutions to a range of risks and provides little to no visibility into how data is protected or shared.
The Akoya solution
Eliminate the risks associated with screen scraping and give people a safe, secure, and transparent way to provide access to their financial data. Akoya replaces screen scraping with application programming interfaces (APIs), enabling individuals to share their data with fintech apps using their financial institution’s existing online portal.
This eliminates the need for login information to be held and stored by anyone else. Additionally, Akoya provides a simple way for people to grant, modify, or revoke access to their financial data at any time.
Simplifying data access for Open Finance
Through a single integration with Akoya, financial institutions, fintechs, and data aggregators can enable multiple API connections and avoid continued maintenance and development efforts. Akoya handles all data-sharing relationships on behalf of network participants and removes the myriad of internal and external costs required to develop and manage multiple third-party agreements.
Akoya optimizes for security, transparency, and scalability, and offers a passthrough model that does not copy, store, or hold any financial data or personal information. The network is an interoperable solution available to the entire financial services industry.
Join us on our mission to transform data sharing
Akoya is comprised of diverse, creative, and intelligent professionals who enjoy collaborating to solve complex problems.