Business
Jack Henry and Akoya Offer 4.8 Million Financial Institution Customers API-Based Access to Their Financial Data
• Jack Henry is the first core provider and open digital banking platform to join the Akoya Data Access Network • Fintech apps and services can now connect
About this update from Jack Henry & Associates, Inc.
[{"type":"text","content":"\n• Jack Henry is the first core provider and open digital banking platform to join the Akoya Data Access Network\n\n• Fintech apps and services can now connect to more than 400 banks and credit unions through secure API connections\n\n BOSTON--(BUSINESS WIRE)--\n\nAkoya LLC announced today that Jack Henry & Associates, Inc. has joined the Akoya Data Access Network. The agreement will enable more than 400 banks and credit unions using Jack Henry’s Banno Digital Platform to securely connect with fintechs and data aggregators through the application programming interface (API)-based network this year.\n\nBy integrating with Akoya, Jack Henry enables over 4.8 million customers of banks and credit unions using its Banno Digital Platform the ability to grant fintech apps access to their financial data. They will also be able to permission which data they share with third parties and revoke that permission at any time, providing peace of mind for customers using new fintech apps.\n\n“Partnering with Akoya gives hundreds of community banks and credit unions the ability to bring more fintech apps within their own ecosystem and empower consumers to better control their data privacy and security,” said Ben Metz, Head of Jack Henry Digital. “This is the future of banking; a transition away from screen scraping in favor of full financial access through one’s primary financial institution. It’s how community banks and credit unions will compete.”\n\nAPIs can eliminate the risks associated with credential-based data aggregation, commonly known as screen scraping, which requires consumers to provide their login credentials to use various fintech apps and services. APIs can improve data access reliability and reduce cybersecurity, privacy, and financial risks through direct, authorized connections between data providers and recipients.\n\n“Financial institutions understand the pressing need for secure consumer-permissioned data access but standing up an API infrastructure is complicated and expensive, especially for small-to-midsize financial institutions who don’t have the resources or expertise to build an Open Finance ecosystem themselves,” said Stuart Rubinstein, CEO of Akoya. “With Jack Henry leveraging the Akoya Data Access Network, Banno Digital Platform clients now have a straightforward API solution that better protects customers who w...