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How Akoya protects consumer financial data

Written by Akoya | Aug 28, 2024 1:25:42 PM

Akoya helps keep consumer financial data safe. Our team is dedicated to helping consumers more efficiently manage their finances by giving them increased choice, control, and convenience in sharing the data that powers their financial apps. 

Achieving the highest level of protection for consumers means that both our internal operations and technical integrations are as secure, reliable and transparent as possible.  

Our robust third-party risk management model, combined with our commitment to powering 100% API-connected data sharing, allows us to protect consumer financial data at every step.  

Third-party risk management in Open Banking 

To ensure that your financial institution or fintech is doing all that it can to protect and secure the privacy of the consumer financial data you rely on, it is critical that you have a robust third-party vendor risk management framework in place. 

For many organizations that have limited internal resources, such as smaller banks, credit unions, and fintech startups, third-party vendors can introduce significant risks for both the organization and the consumers that it serves (or potentially harms). 

This is why an expert third-party management services provider like Akoya can save your organization money and provide peace of mind that your customers are protected. This is done by ensuring the organizations with which you share and receive data from are highly vetted. 

Akoya’s approach to third-party risk management 

Akoya’s approach to third-party risk management prioritizes the protection, security, and privacy of consumer financial data through a robust risk management program. 

Through this program, business, data privacy, technology, and security risks are all rigorously assessed. Not only do we take this approach internally, but we apply the same level of diligence to all third-party risk management services we provide to financial institutions on our network. 

Akoya handles all data-sharing relationships on behalf of network participants and removes the excessive internal and external costs required to develop and manage multiple third-party agreements. 

We conduct annual security reviews, manage the requirements for making data available, respond to access requests and denials, establish the relevant terms of access, and administer the contracting process. 

Learn more about Akoya’s approach to third-party risk management. 

Fully API-driven consumer financial data sharing and access 

As data sharing between financial institutions, third-party applications, and data aggregators becomes more prevalent, secure and efficient methods for financial data exchange are crucial. 

While some still rely on the less secure and cumbersome practice of screen scraping, many banks and fintechs have adopted API-based data access as a safer and more consumer-friendly alternative. 

Akoya is committed to 100% API-driven data access, eliminating the risks associated with screen scraping and providing a safe, secure, and transparent way for consumers to provide access to their financial data. 

Through a single integration with Akoya, data aggregators and fintechs can directly connect with financial institutions to securely obtain consumer-permissioned financial data through APIs. 

Akoya manages these relationships and serves as an interoperable solution available to the entire financial services industry. 

Akoya continues to grow network with leading financial institutions 

The Akoya data access network continues to grow, as several prominent financial institutions, including banks, credit unions, and core providers have joined the network thus far in 2024, significantly boosting API-connected coverage for data recipients. 

Financial institutions joining the network can reduce the costs of contracting, vetting, building, and maintaining agreements with countless fintech apps.  

Akoya is continually adding new financial institutions to our data access network to ensure coverage for all use cases. 

With Akoya, data providers like banks and credit unions can seamlessly become data recipients on our network and access multiple aggregators and financial apps through one secure integration. 

Currently, more than 3,000 financial/fintech apps are connected to our fully API-powered network. 

Get the secure data access you meed 

Akoya is ready to empower your financial institution or fintech with secure, fast, and scalable access to the consumer data that you need. 

To learn more about our data access network and the benefits it provides to financial institutions, such as credit unions and banks, and financial and fintech apps, get in touch with us