Akoya has been awarded an additional two U.S. patents that revolutionize the way data is accessed and secured, demonstrating Akoya’s commitment to maintaining consumer data privacy and control in the Open Finance space.
Akoya connects consumers to their financial institutions securely, privately, reliably, and transparently. That’s because Akoya applies the highest levels of data safeguards to its network, allowing consumers the ability to access their personal data where and when they want, and to provide access to their personal data only to third parties they approve.
These two most recently awarded patents encompass the systems and methods that securely allow permissioned access to user data through tokenized communication, eliminating the requirement for user credentials to be shared or stored during data transmission. These patents detail a process wherein data recipients, upon obtaining user consent, utilize an access token generated by a network, like Akoya, to send requests, which are then validated for authenticity. Upon validation, Akoya employs an access token generated by the user’s data provider to retrieve the requested data. The acquired data is then used to compile a package of authorized information, which is subsequently transmitted to the data recipient. At any given point, a user retains the right to revoke their consent, immediately invalidating their access token. By using two sets of access tokens to transmit data, the process described in these patents ensures data privacy, prevents unauthorized access to user data, and streamlines data transmission.
"These innovations provide a system for our data recipients and data providers to securely request and transmit consumer financial data, protecting that information against unauthorized access," said Jeff Kukesh, Product Lead at Akoya. "We’re very proud of this work and receiving these patents - they’re a true testament to our dedication toward developing innovative solutions that address the critical challenges of data security and privacy that consumers face today."
Akoya, building upon three previous patents for tokenized access and consumer data control, is dedicated to leveraging the potential of access tokens to safeguard consumer financial data.
Akoya not only uses tokens for data access, but also to secure confidential information. Akoya is 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 to process transactions securely.
Comprehensive Patent Information:
United States Patent No. US-20230128813-A1 issued April 27, 2023
United States Patent No. US-11641357-B1 issued May 2, 2023