Summary List Placement
Consumers’ financial lives are increasingly fragmented, and banking has become ‘unbundled.’
Third-party apps like Venmo, Betterment, and Robinhood have been chipping away at the core services offered by banks. And they’ve reached an undeniable scale, with millions of users turning to their platforms to send payments, trade, and invest.
But these apps can’t function without financial data that still sits with the banks, like customers’ account and routing numbers.
Data aggregators like Plaid and Yodlee were born out of the need to efficiently distribute data between fintechs and banks, serving as the the pipes behind the fintech revolution. However, a new competitor, backed by the banks themselves, is making a push to set a common data-sharing standard.
Read more: Execs from Plaid and Yodlee explain how new data-sharing rules will dictate the future of how banks and fintechs work together
Originally created at financial-services giant Fidelity in 2018, Akoya was spun out earlier this year. Along the way it nabbed backing from 12 financial institutions, including Citi, JPMorgan, and Wells Fargo.
On Monday, the startup notched its first big client win. US Bank, which is also an investor, announced it would be the first bank to sign on to the data-sharing platform.
The …read more
Source:: Businessinsider – Finance