Data firm Akoya spun out as independent company by FMR

Written by Alex Hamilton
25th February 2020

Financial data network Akoya has been spun out as an independent company by parent firm FMR less than a year after its launch.

Akoya aims to help consumers give secure third party access to their accounts

Akoya, which provides a network-based option for sharing financial data between financial institutions and data recipients, will be jointly owned by Fidelity Investments, The Clearing House Payments Company, and 11 member banks.

The firm operates a secure application programming interface-based (API) network that creates what it claims is a safer and more transparent way for consumers to grant third party apps access to their financial data.

“This is a major step forward in giving consumers control of their data and allowing them to share that data securely with third-party applications they want to use,” says Michael Corbat, CEO of Citigroup and chairman of The Clearing House.

“Data security is a top priority for the industry and bringing Akoya together with The Clearing House and its members will meaningfully advance the availability of a secure data sharing ecosystem while preserving customer choice.”

See more: JP Morgan to deny fintechs data access without new deal

The 11 participating banks are: Bank of America, Capital One, Citi, Huntington Bank, JP Morgan Chase, KeyBank, PNC Bank, TD Bank, Truist, US Bank, and Wells Fargo.

Stuart Rubinstein, CEO of Akoya, says all consumers have a right to share their financial data to receive valuable services and information, but that it must be done in a safe and transparent manner.

He adds that with Akoya, financial institutions and data recipients will have access to “an efficient, effective and secure option without the need to build and maintain multiple connections between each other.”

The Akoya API is aligned with the Financial Data Exchange (FDX) standard, a non-profit comprised of financial institutions and data recipients aimed at improving API standards.