Akoya adds JPMorgan Chase to its Data Access Network
Summary
“It also eliminates the need for consumers to share their bank’s login credentials, typically usernames and passwords, in order to provide access to their financial data.” Chase will begin providing data through the network later this year, as customers permission apps and services to access their Chase accounts through Akoya. Akoya was developed by Fidelity Investments to eliminate the risks associated with credential-based data aggregation, commonly known as “screen scraping.” A year ago, The Clearing House recognized the value Akoya brought to the entire financial services industry and their customers, and so 11 of its member banks, including JPMorgan Chase, invested in the now independent company alongside Fidelity. The companys platform enables consumer-permissioned data access based on standardized APIs and eliminates the need for consumers to share account user ids and passwords. With streamlined integration and reduced maintenance, Akoya has created a safer and more efficient data access ecosystem. Chase serves more than 60 million American households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing.