US-based FIS has secured agreements with data networks, including Akoya, Envestnet|Yodlee, MX and Plaid, to integrate into its new ‘Open Access’ platform.
FIS’ new Open Banking solution enables consumers to share their financial data “securely and seamlessly” with a greater number of third-party financial apps and services.
With the FIS Open Access platform, US consumers control what financial information is shared, who it is shared with and the ability to revoke access at any time.
In turn, banks are given visibility on where their customers are sharing financial data, the fintechs they interacting with and how frequent the interactions are.
The solution from FIS uses Financial Data Exchange-standardised APIs to provide secure and reliable data sharing.
“Consumers of all ages are increasingly using third-party apps to manage their finances when they want, and creating a seamless experience for them to do this is crucial for traditional banks and credit unions as they look to retain and grow their customer base,” Hashim Toussaint,general manager, digital solutions at FIS, said.
“Enabling the world’s adoption of Open Banking is foundational to our mission to advance how the world pays, banks and invests.”
Last year, the Consumer Financial Protection Bureau, a US agency, proposed the Personal Financial Data Rights rule, under which, individuals in the US would be able to share data about their use of checking and prepaid accounts, credit cards, and digital wallets, and to access competing products and services, without their data being collected, used, or retained to “serve commercial interests over their own”.
