Akoya has been awarded three U.S. patents, representing a significant milestone with respect to consumer data privacy and control and demonstrating Akoya’s ongoing commitment to innovation and leadership within the consumer financial data sharing space of Open Finance.
Akoya’s mission is to eliminate the risks associated with screen scraping and give people a safe, secure, and transparent way to provide access to their financial data.
The patent awards encompass the systems and methods for managing tokens and filtering data for permissioned data access. They describe the process by which a token enables access to a user's data at a financial institution without an intermediary entity receiving user credentials. The patents also include the system for which data received may be filtered to identify specifically which data the recipient is permitted to access.
“These innovations make it easy for all sizes of data providers to participate in Open Finance without heavy lifting on their part, all the while applying data minimization principles on top of end-user permissioned data without the need to store any data by the intermediary,” said Anil Mahalaha, Chief Evangelist at Akoya.
Akoya is focused on harnessing the power of tokens to keep consumer information secure. Akoya recently announced itself as the first third-party service provider to access Secure Token Exchange from The Clearing House to tokenize account numbers on behalf of financial institutions that participate in the STE token service and are connected to Akoya’s network. Fintechs and other data recipients can retrieve tokenized account numbers directly through Akoya.
Comprehensive Patent Information:
United States Patent No. 11,373,000 issued June 28, 2022
United States Patent No. 11,379,614 issued July 5, 2022