Bank / Credit Union

US Bank switches on third-party data sharing with Akoya

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November 17, 2020

US Bank has joined the Akoya Data Access Network to speed up its transition from login-based screen scraping to API-based data access for customer account data, sharing with third-party aggregators and fintech firms, according to a press release.

US Bank will be the first owner-bank in the coalition to integrate with the Akoya Data Access Network, giving customers more control if they choose to connect their banking accounts to third-party services. US Bank is one of eleven financial institutions, along with the Clearing House Payments Company, to invest in Akoya when it was spun off from Fidelity Investments in February 2020.

Users will be able to grant, monitor, and revoke access to financial data they want to share. Unlike other financial data aggregation, all consumer-permissioned data that passes through the Akoya Data Access Network is not copied or stored by the intermediary.

"We are now able to authorize direct connections with data aggregators and fintechs that will use the Akoya Data Access Network," Gareth Gaston, chief digital officer for platforms and capabilities, US Bank said in the release. "The data recipients that the customer authorizes to connect to their US Bank account through Akoya will receive authorized and permissioned access to US Bank customer data, all while giving consumers the confidence that their data is safe and secure."