New Bank Consortium Created Around Akoya

WSJ Thursday 2/20 – Fidelity Spinning out Akoya

Much more than a spin out.. 12-18 banks got together and purchased Akoya with FMR retaining some of the equity. The new entity will have a BOD and Advisory committee comprised of banks. 

Akoya is the “data middleman” between bank platforms and aggregates. For example, if JPMC or Bank of America had an existing OFX service, Akoya could wrap that bespoke integration, add tokenized credentials and be the common integration point for PLAID, Intuit or Yodlee.

Akoya, plays a critical role in eliminated screen scraping, and also in managing the complex operations of many 3rd parties (think Intuit Quickbooks). Technically they serve as the common integration, permissions, contract and operations hub. Additionally they manage consistent access agreements (with each requester) giving customers an audit trail of who is requesting their data. 

Akoya’s standardization of access does bring into question why a 3rd Party would integrate to Plaid vs. Akoya. While both are committed to standards (ie FDX, OFX, …), Akoya will hold the operational keys for both consumer and bank on all API access. This is a brilliant bank move..

Interesting that the Banks did not put this asset with either EWS or TCH..

3 thoughts on “New Bank Consortium Created Around Akoya”

  1. I’d flip your question around. If it is necessary to use Plaid to connect to the thousands of banks that are not in Akoya, then why would anyone bother to connect to Akoya?

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