TruSight ensures that the Akoya Data Access Network meets financial data-sharing standards
BOSTON, August 2, 2021 - Akoya LLC has announced the satisfactory completion of TruSight’s comprehensive risk assessment. The assessment is available to financial institutions that are considering Akoya in order to provide application programming interface (API)-based data access to their customers for permissioned financial data sharing.
"Previously, financial institutions that wanted to integrate with Akoya had to conduct their own resource-intensive and time-consuming risk reviews. Now, with our assessment completed, those institutions can use it in place of that process and accelerate their connection to Akoya,” said Jonathan Pressman, CEO of TruSight. “The TruSight assessment more than satisfies the prescribed due diligence of data-sharing partners like Akoya, ensuring financial institutions have a more streamlined and cost-effective way to move their customers’ financial data sharing to API-based data aggregation."
The TruSight third-party risk assessment utility is backed by five of the largest global financial institutions and evaluates 27 diversified control domains across the information and cybersecurity, privacy, business resiliency, and other operational risk domains. Akoya will provide financial institutions the option of accepting the TruSight syndicated assessment in place of performing their own in-house assessment of Akoya.
"The TruSight assessment, coupled with our SOC 2 Type II certification, allows financial institutions to expedite due diligence and procurement processes by verifying that we maintain the highest level of data security and privacy,” said Wilson D’Souza, CTO of Akoya. “Using the TruSight assessment to vet Akoya will enable financial institutions to quickly offer their customers the ability to access their financial data in a safer and more transparent way."
Akoya was developed to eliminate the risks associated with credential-based data aggregation, commonly known as screen scraping, and transition financial services towards API-based data access. The independent company is backed by 12 North American financial institutions.
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. To learn more, please visit www.akoya.com or follow Akoya on LinkedIn and Twitter.
TruSight is the industry’s leading third-party risk management (TPRM) utility platform, facilitating efficient, cost-effective collection and consumption of accurate risk data. Developed and backed by five of the largest global financial institutions, including American Express, Bank of America, JPMorgan Chase, and Wells Fargo, the TruSight methodology standardizes the risk assessment process to deliver the highest quality data, enabling financial institutions to gain greater visibility into supply chain resilience.