Akoya and Envestnet® | Yodlee® Take Milestone Step to Enhance API-Powered Consumer-Driven Sharing of Financial Data
BOSTON–(BUSINESS WIRE)–Akoya, a 100% API-connected data access network, announced today an agreement with leading data access platform Envestnet | Yodlee, to help consumers more efficiently manage their finances by giving them increased choice, control, and convenience in sharing the data that powers their financial apps.
Akoya provides a secure and reliable network-based option for sharing consumer financial data. Akoya exclusively uses OAuth API connections to access consumer consented data that does not rely on consumers sharing any login credentials with third parties outside of their bank or financial institution. Akoya’s data access network serves organizations within the financial services industry, including fintechs, data aggregators, small and large banks, and credit unions.
“Akoya is focused on giving all consumers secure access to their financial data. Our partnership with Envestnet | Yodlee will give consumers more choice and visibility into where and how that data is being used,” said Paul LaRusso, CEO of Akoya.
Today, more than 4,000 financial institutions, including small to medium sized banks and credit unions, are working with Akoya.
“This agreement further demonstrates our commitment to make data sharing more open and accessible for all consumers,” added LaRusso. “By working with another leading data access platform, Akoya is providing a network available for the entire open finance industry.”
Akoya offers a number of access points for institutions (including Fidelity). Envestnet | Yodlee is in the process of rapidly migrating over 1 million users to the new API-connection and expect additional institutions being added over time.
“Envestnet | Yodlee is excited to partner with Akoya to provide consumers with a reliable API driven experience,” said Farouk Ferchichi, President, Envestnet | Yodlee. “This will not only advance financial data access and the open banking ecosystem but also empower consumers to take charge of their data, fostering a more informed and intelligent financial life.”
Envestnet | Yodlee plans to make Akoya network connection available to its client base by the end of the year.
About Akoya
Akoya is transforming the way consumer financial data is accessed and shared. Through a single integration to the Akoya Data Access Network, data aggregators and fintechs can directly connect with financial institutions to securely obtain consumer-permissioned financial data through APIs. Akoya manages these relationships and serves as an interoperable solution available to the entire financial services industry. To learn more, please visit www.akoya.com, and follow Akoya on LinkedIn.
About Envestnet | Yodlee
Envestnet is transforming the way financial advice is delivered through an ecosystem of technology, solutions, and intelligence. By establishing the connections between people’s daily financial decisions and long-term financial goals, Envestnet empowers them to make better sense of their finances and live an Intelligent Financial Life™. With more than $5.4 trillion in platform assets, Envestnet provides technology and services to more than 107,000 advisors, 16 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, more than 500 of the largest RIAs, and thousands of companies to help drive better outcomes for their businesses and their clients.
Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV). For more information, please visit www.envestnet.com, and follow us on LinkedIn and X (@ENVintel).
Akoya and Envestnet are separate and unaffiliated firms. This release should not be construed as a recommendation or endorsement of any particular product, service, individual or firm.
Contacts
Media Contact: Olivia Fahey
Email: [email protected]
Media Contact: Amy Norcini
Email: [email protected]
