FIS is set to integrate its Open Access platform with several leading data networks marking another milestone in the drive to make secure open banking more accessible.
In a statement, the firm said it had reached an agreement with Akoya, Envestnet | Yodlee, MX and Plaid to integrate the solution, enabling consumers to have greater access to, and protection over, their financial data.
Open Access allows consumers to securely share their financial information with a greater number of third-party financial apps and services of their choice. Its integration comes as the shift in Open Banking continues to accelerate. Last year the Consumer Financial Protection Bureau (CFPB) proposed a Personal Financial Data Rights rule establishing consistent industry standards for consumer data access and protection.
Through the platform consumers get to control what information is shared and who it is shared with, while being able to revoke access at any time. It is also gives banks greater visibility on where their customers are sharing financial data, which fintechs they are interacting with, and how frequently.
Hashim Toussaint, GM, Digital Solutions at FIS said: “Consumers of all ages are increasingly using third-party apps to manage their finances when they want, and creating a seamless experience for them to do this is crucial for traditional banks and credit unions as they look to retain and grow their customer base. Enabling the world’s adoption of Open Banking is foundational to our mission to advance how the world pays, banks and invests.”
