Akoya’s head of solutions speaks on ‘de-risking’ open finance
Before inking deals with the nation’s biggest banks and financial institutions, fintech Akoya was focused on secure open finance.
Before inking deals with the nation’s biggest banks and financial institutions, fintech Akoya was focused on secure open finance.
The Boston-based fintech, which originated as an application programming interface (API) division under Fidelity Investments, is now owned by several banks, including the $3.24 trillion Bank of America, $2.3 trillion Citi and $1.95 trillion Wells Fargo. The fintech tackled rampant screen scraping to shore up security at Fidelity before becoming an independent entity, Anil Mahalaha, co-founder and head of solutions at Akoya, tells Bank Automation News in this episode of “The Buzz” podcast.
“Back in 2018, we were part of the fidelity access API group that was turning up APIs for Fidelity Investments,” Mahalaha says. “The reason we were doing that is because Fidelity realized the amount of screen scraping that was going on, which was really concerning to Fidelity, where the fintechs had Fidelity usernames and passwords.
“What we started looking into is ‘how we can make it more secure for the customer and the customers’ data?,’” he says.
As Fidelity was building out its APIs and tokenization capabilities, the investment firm noticed similar issues occurring at related companies, Mahalaha says, adding that fintechs were scraping “much more” than just usernames and passwords through their aggregators. This prompted Fidelity and Akoya to reach out.
“With the help of The Clearing House, back in February 2020, Akoya became an independent company, which is jointly owned by about 11 North American banks and Fidelity Investments,” Mahalaha says.
Listen as he talks best practices for banks engaging with new and challenging data and gives details into Akoya’s upcoming developments.
The Boston-based fintech, which originated as an application programming interface (API) division under Fidelity Investments, is now owned by several banks, including the $3.24 trillion Bank of America, $2.3 trillion Citi and $1.95 trillion Wells Fargo. The fintech tackled rampant screen scraping to shore up security at Fidelity before becoming an independent entity, Anil Mahalaha, co-founder and head of solutions at Akoya, tells Bank Automation News in this episode of “The Buzz” podcast.
“Back in 2018, we were part of the fidelity access API group that was turning up APIs for Fidelity Investments,” Mahalaha says. “The reason we were doing that is because Fidelity realized the amount of screen scraping that was going on, which was really concerning to Fidelity, where the fintechs had Fidelity usernames and passwords.
“What we started looking into is ‘how we can make it more secure for the customer and the customers’ data?,’” he says.
As Fidelity was building out its APIs and tokenization capabilities, the investment firm noticed similar issues occurring at related companies, Mahalaha says, adding that fintechs were scraping “much more” than just usernames and passwords through their aggregators. This prompted Fidelity and Akoya to reach out.
“With the help of The Clearing House, back in February 2020, Akoya became an independent company, which is jointly owned by about 11 North American banks and Fidelity Investments,” Mahalaha says.
Listen as he talks best practices for banks engaging with new and challenging data and gives details into Akoya’s upcoming developments.