Expedite the review of security controls with KY3P and accelerate onboarding onto the Akoya Data Access Network
Boston, MA (June 17, 2021) – Akoya LLC has announced the satisfactory completion of IHS Markit’s Know Your Third Party (KY3P)® internal security controls assessment. The assessment can now be syndicated to financial institutions when vetting Akoya as an API solution for data aggregators and fintechs to securely obtain their customers’ permissioned financial data.
“Currently each financial institution that wants to connect to Akoya must perform their own separate risk assessment, a process that is resource-intensive and can delay execution of financial data-access agreements,” said Richard Blore, Chief Executive Officer, KY3P, IHS Markit. “KY3P limits these inefficiencies by reducing the need for financial institutions to delegate internal resources to this process, while at the same time meeting the required due diligence criteria of data-sharing partners like Akoya.”
KY3P evaluates over 100 control objectives within their assessment framework for vendor risk management. Akoya will offer financial institutions the option of accepting the KY3P syndicated assessment of Akoya or performing their own in-house assessment.
“Our goal is to remove friction in the onboarding process and help accelerate the due diligence process for financial institutions who want to move to API-based data access with Akoya,” said Wilson D’Souza, CTO of Akoya. “The KY3P assessment, along with our SOC 2 Type II certification, provides the necessary assurances of our security environment and is a great option for those financial institutions that want to streamline their procurement processes.”
Akoya was developed to eliminate the risks associated with credential-based data aggregation, commonly known as screen scraping, and transition financial services towards application programming interface (API)-based data access. The independent company is backed by 12 North American financial institutions and The Clearing House.
Akoya is changing the way consumer financial data is accessed and shared. Through a single integration on to the Akoya Data Access Network, 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 that is available to the entire financial services industry.