Akoya provides a data delivery platform that offers financial institutions a service that empowers their consumers to grant and revoke third party access to their financial data in a safe, secure and transparent manner. Akoya facilitates this access while eliminating the need for consumers to share their user IDs and passwords.
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ESPs containing Akoya
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Companies in this market help banks become more data-driven through APIs. This allows both banks and third-parties to more easily tap into customer data, which is then used to deliver better digital experiences and products. Potential applications include frictionless digital banking solutions, account and ID verification, creditworthiness assessments, payment enablement, personal finance insights…
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Akoya's Products & Differentiators
Various data clusters in a common data format: • Accounts - Account types, display names, descriptions, and masked account numbers. • Balances - Current balances, credit limits, due dates, interest rates, rewards balances, recurrences, and more. • Transactions – Historical and current transactions, including types, amounts, dates, and descriptions. • Investments – Detailed information on underlying holdings and positions of investment accounts. • Payments – Identifiers necessary to make ACH and RTP payments to/from an account. • Identity – Account holder contact information on file, including name, email, address, and phone number. Applicable fintech use cases based on these APIs include payment enablement, account opening, lending & credit, personal and business finance, and wealth and investing management.
Research containing Akoya
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CB Insights Intelligence Analysts have mentioned Akoya in 2 CB Insights research briefs, most recently on Jul 14, 2022.
Expert Collections containing Akoya
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Akoya is included in 1 Expert Collection, including Banking.
The open banking ecosystem is facilitated by three main categories of startups including those focused on banking-as-a-service, core banking, and open banking startups (i.e. data aggregators, 3rd party providers). These are primarily B2B companies, though some are also B2C.
Latest Akoya News
Aug 8, 2022
Monday 8 August 2022 14:56 CET | News Akoya has secured three US patents for tokenization and consumer data control, meant to help the company in its mission for consumer data privacy and control. Akoya’s mission is to eliminate the risks associated with screen scraping and give people a safe, secure, and transparent way to provide access to their financial data. The patent awards encompass the systems and methods for managing tokens and filtering data for permissioned data access. They describe the process by which a token enables access to a user's data at a financial institution without an intermediary entity receiving user credentials. The patents also include the system for which data received may be filtered to identify specifically which data the recipient is permitted to access. According to Akoya staff, ‘these innovations make it easy for all sizes of data providers to participate in Open Finance without ( heavy lifting on their part, all the while applying data minimisation principles on top of end-user permissioned data without the need to store any data by the intermediary’. Akoya is focused on harnessing the power of tokens to keep consumer information secure. Akoya recently announced itself as the first third-party service provider to access Secure Token Exchange from The Clearing House to tokenize account numbers on behalf of financial institutions that participate in the STE token service and are connected to Akoya’s network. Fintechs and other data recipients can retrieve tokenized account numbers directly through Akoya. Akoya became a tokenized payments provider Financial institutions will be able to tokenize customer account information and share those tokens with fintechs and data aggregators through Akoya. Instead of account and routing numbers, these tokens can be used for initiating and requesting payments and linking payment accounts. Akoya’s CEO stated that ‘currently, moving money in the United States requires sensitive account information to be widely shared between multiple parties, which increases the risk of fraud if and when the data is exposed. In addition, a breach at one entity holding that data requires a consumer closing and opening a new account at their bank – a complicated, cost-heavy, and cumbersome process. Tokenization can mitigate risks and reduce costs in case of a breach since only the token issued to the impacted financial institution needs to be changed – not the underlying account.’ TCH’s STE issues a unique token – a random string of characters to financial institutions that participate in the service and sponsored token requestors. Each token stands in for the actual account number of a deposit account and may be used by a third party (e.g., a fintech app). Any scenario that requires the storage of account information would see a significant decrease in risk and liability by leveraging tokenized account numbers.
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Akoya Frequently Asked Questions (FAQ)
When was Akoya founded?
Akoya was founded in 2018.
Where is Akoya's headquarters?
Akoya's headquarters is located at 6 Liberty Square, #2381, Boston.
What is Akoya's latest funding round?
Akoya's latest funding round is Incubator/Accelerator.
Who are the investors of Akoya?
Investors of Akoya include Plug and Play Accelerator, FMR, Huntington Bancshares, TD Bank, The Clearing House and 11 more.
Who are Akoya's competitors?
Competitors of Akoya include Plaid and 4 more.
What products does Akoya offer?
Akoya's products include APIs and 1 more.
Who are Akoya's customers?
Customers of Akoya include eMoney Advisors and Pentadata.
Compare Akoya to Competitors
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Plaid is a provider of API that power developer of financial services applications and help them connect with user bank accounts.
ndgit offers a lending middleware API platform that connects banks and insurance companies for digital finance, lending services, and commerce. It is based in Munich, Germany.
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Fabrick is a new open financial ecosystem that enables and fosters a fruitful exchange between players that discover, collaborate, and create innovative solutions for end customers, through an API platform. Fabrick presents the new way of doing banking: open, modular, and data driven. For banks and financial institutions, Fabrick represents a vast ecosystem of quality services to access in order to grow their business.
Stripe is a financial technology company that builds economic infrastructure for the internet. The company offers an online-based, payment processing platform that gives online merchants the ability to securely accept credit card payments through the use of custom-built forms. Stripe's software and APIs allow user's to accept payments, send payouts and manage businesses online. The company serves clients globally with a use case for SaaS, platforms, marketplaces, eCommerce, creater economy, crypto and embedded finance. It was founded in 2010 and is based in San Francisco, California.Per media sources, Stripe did nearly $12B in gross revenue and $2.5B in net revenue in 2021. It is reported to be generating hundreds of millions in EBITDA.
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