Lending & Credit Enhancement
Access bank or brokerage data to better inform lending decisions.
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
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.”
“We recognize how important it is for our customers to be able to use the financial applications of their choice in a safe and secure manner. Akoya’s capabilities help us meet the data sharing needs of our customers as well as data aggregators, data providers and other third parties, in line with evolving industry standards. This is good for our business, good for our customers and good for the industry.”
“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.”