US-based Akoya has partnered with application programming interface (API) management firm Axway to help financial institutions modernise the way customer information is shared with third-party applications.

To enable a safe and transparent mode of customer data sharing, both companies have standardised their APIs to the Financial Data Exchange (FDX) standard.

Founded in 2018, Akoya supports enterprises to handle their finances within a unified interface that allows for budgeting, payments, tax planning, and investment management.

With a single integration to the Akoya data access network, financial institutions are allowed to directly connect with data aggregators, fintechs, and other financial institutions to securely share consumer-permissioned financial data through API.

According to Akoya, its data access network is backed by 12 major North American financial institutions. 

Akoya chief evangelist Anil Mahalaha said: “Akoya is excited to work with Axway to streamline the integration between financial institutions and fintech applications.

“We’re focused on giving consumers more visibility into where and how their financial data is used and we’re dedicated to 100% of those data requests going through APIs.”

Through the collaboration, Akoya and Axway seek to support financial organisations explore the potential of the open finance ecosystem and uncover new business models.

Built on Axway’s Amplify platform, Amplify Open Banking makes use of current marketplace features and universal API management to publish and promote third-party adoption of standardised APIs that power the open finance economy.

Axway financial services vice president Laurent Van Huffel said: “The Axway-Akoya partnership removes the friction of accessing critical customer data that drives business.

“Axway enables financial institutions to stay in control of their destiny by providing them with an FDX-ready platform, including consent management and integration with their core banking applications, to become an open banking provider, while Akoya securely consumes the FDX APIs published in the Amplify digital portal to present the data to the fintech aggregator community.”