Jack Henry and Akoya offer 4.8 million financial institution customers API-based access to their financial data
Boston, MA (May 10, 2021) – Akoya LLC announced today that Jack Henry & Associates, Inc. has joined the Akoya Data Access Network. The agreement will enable more than 400 banks and credit unions using Jack Henry’s Banno Digital Platform to securely connect with fintechs and data aggregators through the application programming interface (API)-based network this year.
By integrating with Akoya, Jack Henry enables over 4.8 million customers of banks and credit unions using its Banno Digital Platform the ability to grant fintech apps access to their financial data. They will also be able to permission which data they share with third parties and revoke that permission at any time, providing peace of mind for customers using new fintech apps.
“Partnering with Akoya gives hundreds of community banks and credit unions the ability to bring more fintech apps within their own ecosystem and empower consumers to better control their data privacy and security,” said Ben Metz, Head of Jack Henry Digital. “This is the future of banking; a transition away from screen scraping in favor of full financial access through one’s primary financial institution. It’s how community banks and credit unions will compete.”
APIs can eliminate the risks associated with credential-based data aggregation, commonly known as screen scraping, which requires consumers to provide their login credentials to use various fintech apps and services. APIs can improve data access reliability and reduce cybersecurity, privacy, and financial risks through direct, authorized connections between data providers and recipients.
“Financial institutions understand the pressing need for secure consumer-permissioned data access but standing up an API infrastructure is complicated and expensive, especially for small-to-midsize financial institutions who don’t have the resources or expertise to build an Open Finance ecosystem themselves,” said Stuart Rubinstein, CEO of Akoya. “With Jack Henry leveraging the Akoya Data Access Network, Banno Digital Platform clients now have a straightforward API solution that better protects customers who want to share their data with fintech apps and services.”
Akoya can reduce costs for financial institutions of all sizes, including community banks and credit unions, by eliminating the need to develop and manage an API infrastructure program on their own. With a single integration on to its network, Akoya connects multiple fintechs and data aggregators with data providers in order to receive data access using the Financial Data Exchange API standard. This eliminates the myriad of internal and external costs required to develop and manage multiple data recipient relationships.
About Akoya
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. The independent company is co-owned by 12 North American financial institutions. To learn more, please visit www.akoya.com.
About Jack Henry & Associates, Inc.
Jack Henry (NASDAQ: JKHY) is a leading SaaS provider primarily for the financial services industry. We are a S&P 500 company that serves approximately 8,500 clients nationwide through three divisions: Jack Henry Banking® provides innovative solutions to community and regional banks. Symitar® provides industry-leading solutions to credit unions of all sizes; and ProfitStars® offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry. With a heritage that has been dedicated to openness, partnership, and user centricity for more than 40 years, we are well-positioned as a driving market force in cloud-based digital solutions and payment processing services. We empower our clients and consumers with the human-centered, tech-forward, and insights-driven solutions that will get them where they want to go. Are you future ready? Additional information is available at www.jackhenry.com.
Media Contact:
Olivia Fahey