Lending & Credit Enhancement

Access bank or brokerage data to better inform lending decisions.

Graphic depicting Lending Credit Enhancement loan request submission

Use alternative financial data to improve credit decisioning and more

People increasingly want to apply for credit cards and loans digitally, via fintech apps. To prevent fraud and make sound lending decisions, fintechs need to verify the user’s identity and check their financial statements before opening a new line of credit for them.

With Akoya’s APIs for lending and credit decisions, individuals can share their data with fintech apps using their financial institution’s existing online portal — no screen scraping required.

The fintech app can use their data, encompassing up to two years of transaction history, for decisioning purposes, including:

  • Account verification
  • Asset verification
  • Credit scoring and modeling
  • Deposit verification
  • Employment verification
  • Fraud prevention
  • Lending
  • Underwriting

Sensitive information like tax ID and date of birth is not shared.

How it works

Graphic depicting find your credit score fintech
Graphic depicting selection of financial institutions or banks
Picture of customer being connected from fintech directly to bank or financial institution
Akoya redirects consumer to their bank to authenticate
Graphic depicting the process of identity verification and bank authorization step by step
Picture of customer being connected from fintech directly to bank or financial institution
Akoya redirects consumer to their bank to authenticate
Graphic depicting sign in for bank or financial institution
Picture of customer being redirected back to the fintech from bank or financial institution
Akoya redirects consumer back to fintech app
Picture of customer being redirected back to the fintech from bank or financial institution
Akoya redirects consumer back to fintech app
Graphic depicting success page on fintech app
Image of Akoya establishing api data flow through bank to fintech
Akoya establishes data flow
Graphic depicting the fintech operating as intended with the example of credit score
Image of Akoya establishing api data flow through bank to fintech
Akoya establishes data flow

Testimonials

“After one seamless integration onto Akoya, we are now able to authorize direct connections with data aggregators and fintechs that will use the Akoya Data Access Network. The data recipients that the customer authorizes to connect to their U.S. Bank account through Akoya will receive authorized and permissioned access to U.S. Bank customer data, all while giving consumers the confidence that their data is safe and secure.”

 

Gareth Gaston EVP & Chief Digital Officer, Enterprise Platforms & Capabilities, U.S. Bank

“PNC takes very seriously our responsibility to protect the financial and account information that our customers entrust to us. Many customers assume it is safe to provide their sensitive information to the financial app of their choice. However, we know this information has been used for unauthorized access to customer accounts. That is why we have been taking interim steps to provide accessibility and security.…  [We] are providing a permanent solution for striking the right balance between customer choice and data protection.”

Bill Demchak Chairman, President, and CEO, PNC

“Consumers' personal financial data should only be accessed with their explicit consent and they should have the ability to monitor and revoke that access. For this reason, we created Akoya and are now joining with several financial institutions to accelerate the availability of a secure, transparent and more reliable network for the entire financial services industry.”



Abigail P. Johnson Chairman and CEO, Fidelity Investments

“Akoya provides another option for third parties to safely connect to Chase. Most importantly, our over 60 million digitally active customers will have full control and visibility into the data they choose to share with apps and companies. This brings us closer to a future where customers know with certainty what information they’re sharing and with whom.”



Paul LaRusso Managing Director of Digital Platforms, JPMorgan Chase
Picture of US Bank logo Picture of PNC logo Picture of Fidelity logo Picture of JP Morgan Chase logo

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