Open finance for
financial institutions

Akoya replaces screen scraping with secure, OAuth-based API connections. Consumers authenticate directly with their financial institution, and no credentials are ever shared with third parties. This eliminates the credential-harvesting bot traffic that can represent a significant share of a bank's online traffic, while giving institutions full visibility and control over who accesses their consumers' data.

Akoya manages a structured, non-discriminatory vetting and auditing process covering seven security and risk components, including background checks, with assessment criteria based on ISO 27001, FFIEC security standards, SOC 2 Type 2 Trusted Services Criteria, and other industry security standards. The process includes an initial full assessment, followed by full assessments every other year thereafter, as well as annual recertification, continuous monitoring, customizable risk thresholds, and extensive remediation support, all coordinated with your institution's risk team.

Akoya administers the full contracting process on your institution's behalf using standardized templates and best practices to onboard third parties escalating to your legal team only when needed. This removes the administrative burden of negotiating and maintaining individual agreements with every third party.

Akoya's Developer Portal includes an integrated 24/7 support center available to all authorized third parties, covering troubleshooting, onboarding assistance, incident response, and security review support, so your team isn't fielding developer questions. Additionally, Akoya provides dedicated customer success managers who guide financial institutions through these processes and are also available to assist third parties directly.

The Permission Dashboard is a white-labeled interface linked to your mobile or online banking platform where customers can view all authorized third-party apps, understand what data is being shared, and revoke access at any time. This gives consumers transparency and control while keeping your institution at the center of the experience. For financial institutions that prefer greater control over the user experience, Akoya also offers an API-only version of this capability.

Building in-house requires sustained investment across APIs, developer portals, consent flows, onboarding, security reviews, and compliance, and the complexity tends to grow as standards and regulations evolve. Akoya delivers all of this as a pre-built, continuously maintained platform, so institutions go live faster, with fewer internal resources, and stay current without the ongoing burden of keeping pace on their own.

Beyond the core offering, Akoya offers optional capabilities that unlock new business value. Institutions can surface customer, institutional, and network-level intelligence to inform product decisions and retention strategies. They can recover infrastructure costs and generate new revenue from data access. Together, these capabilities turn open finance from a regulatory obligation into a competitive asset.

Timeline varies based on your institution's existing infrastructure and internal readiness, but Akoya is designed to significantly compress the time to launch compared to building in-house. The platform is pre-built and ready to deploy, and Akoya's implementation team works alongside your team to handle integration, configuration, and onboarding. Contact us for an estimate based on your institution's specific environment.

Akoya connects to your institution's existing infrastructure, fitting into your current authentication and data access patterns without requiring you to rebuild core systems. The integration layer sits between your internal environment (customer portal, mobile banking, authentication, and data systems) and the Akoya-hosted platform, which then manages all connectivity to third parties. Integration options are flexible to accommodate unique tech stacks, and Akoya's team supports the technical implementation from start to finish.

This is one of the core reasons institutions choose a managed solution over building in-house. Akoya continuously updates the platform as FDX technical standards evolve and as CFPB regulations develop, so your institution stays compliant without having to track, interpret, and implement changes internally. This includes updates to API specifications, performance requirements, policy and procedure templates, and security review methodologies. Your team gets the benefit of an expert team monitoring the regulatory landscape full-time, without carrying that burden yourself.