“Axway enables financial institutions to stay in control of their destiny by providing them with an FDX-ready platform, including consent management and integration with their core banking applications, to become an open banking provider, while Akoya securely consumes the FDX APIs published in the Amplify digital portal to present the data to the fintech aggregator community.” “The Axway-Akoya partnership removes the friction of accessing critical customer data that drives business,” said Laurent Van Huffel, Axway VP of Financial Services. Fine-grained permissions keep the customer in control and provide faster, more secure connectivity. Now, a common FDX API standard is becoming more widely available, allowing financial institutions to more easily and directly share discrete data elements. In the past, “screen scraping” – where customers provide their credentials to a third-party, which accesses the information directly from their banking portal with their permission – was the most expedient way to offer data portability. “Akoya is excited to work with Axway to streamline the integration between financial institutions and fintech applications,” said Anil Mahalaha, Chief Evangelist at Akoya “We’re focused on giving consumers more visibility into where and how their financial data is used and we’re dedicated to 100% of those data requests going through APIs.”Īmplify Open Banking, built on Axway’s industry leading Amplify Platform, leverages universal API management and modern marketplace capabilities to publish and facilitate third-party adoption of standardized APIs that drive the open finance economy. Both companies have standardized their APIs to the Financial Data Exchange (FDX) standard, which allows for customer data sharing in a secure and transparent way, eliminating the need for screen scraping ahead of CFPB rules on Personal Financial Data rights.Īkoya allows businesses to manage their finances within a unified interface that allows for budgeting, payments, tax planning, and investment management. PHOENIX – J– Axway (Euronext: AXW.PA), provider of Amplify Open Banking, is proud to announce its partnership with data access network, Akoya, to transform the way customer information is shared with third-party applications.
The API-driven solution enables greater control and faster connectivity of embedded finance and customer data portability.
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