Wells Fargo has joined the Akoya Data Access Network, helping fintechs as well as data aggregators request API-based access to customer data.

Customers can authorise Akoya-linked fintech apps and service to access their Wells Fargo account data, as the bank makes data available to Akoya starting later this year.

The lender will also retain its direct API connections with third-party fintech partners with whom it has struck data sharing pacts.

Bank of America, Chase, Fidelity, and U.S. Bank are also on the Akoya network, which implements Financial Data Exchange API specifications.

This enables banking customers to offer third-party apps access to their financial data without sharing login credentials.

Akoya said that APIs lower security concerns and facilitate data access more effectively compared to credential-based data aggregation or ‘screen scraping’.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Wells Fargo aims to move 99% of third-party financial app screen scraping to API-based data exchange to enable customers to manage the financial data exchanged with these apps from within Control Tower in mobile and online modes.

Akoya CEO Stuart Rubinstein said: “This partnership significantly increases the scale of our network for fintechs and aggregators: We now have agreements with financial institutions that make nearly half of all U.S. retail banking accounts available through our authorised API connections.”

In 2019, Wells Fargo signed an agreement with Plaid, enabling its clients to exchange their financial data with the fintech apps supported by Plaid through an API.

In 2017, the bank reached agreements with Expensify and PointServe to share its customer information with the two fintech firms using an API-based method.

The same year, Wells Fargo also inked data sharing pacts with Finicity and Intuit.

Wells Fargo Strategy, Digital and Innovation group senior vice president Ben Soccorsy said: “We believe that using APIs as a means of data transfer is a model the industry can use to create more reliable and more secure data sharing.

“As we continue to move toward what we see as a more secure, transparent and convenient method of data exchange, our agreement with Akoya offers another implementation option for connecting with fintechs.”