FIS Drives Secure Open Banking for Financial Institutions and Consumers
09 February 2024 - 12:00AM
Business Wire
Key facts
- Through FIS’ Open Access platform, customers of FIS client
banks and credit unions will be able to securely share their
financial data with a greater number of financial institutions and
apps.
- FIS Open Access platform will be integrated with leading data
networks including Akoya, Envestnet | Yodlee, MX and Plaid to give
consumers greater access to, and protection over, their financial
data.
Global financial technology leader FIS® (NYSE: FIS) has today
announced another milestone in its drive to make secure open
banking more accessible to its clients and their customers.
Agreements are in place with leading data networks including Akoya,
Envestnet | Yodlee, MX and Plaid to integrate into FIS’ Open Access
platform, an innovative new open banking solution, that enables
consumers to securely and seamlessly share their financial
information with a greater number of third-party financial apps and
services of their choice.
The shift to Open Banking is accelerating, and last year the
Consumer Financial Protection Bureau (CFPB) proposed a Personal
Financial Data Rights rule establishing consistent industry
standards for consumer data access and protection.
FIS’ Open Access platform provides consumers with the ability to
access and share their financial data in a secure, stream-lined and
controlled manner. This solution gives consumers the flexibility of
working with third-party financial services app providers,
controlling what information is shared and who it is shared with,
while providing them with the ability to revoke access at any time.
The solution also provides banks with visibility and reporting on
where their customers are sharing financial data, which fintechs
they are interacting with, and how frequently.
The solution allows for secure and reliable data sharing through
Financial Data Exchange standardized (FDX) APIs. By collaborating
with leading industry providers, the enhanced solution has the
broadest depth of coverage across the market, meaning FIs using
FIS’ Open Access platform can support their customers to access a
broad range of capabilities and experiences using an unmatched
number of apps and services.
Hashim Toussaint, GM, Digital Solutions at FIS said: “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. Enabling the
world’s adoption of Open Banking is foundational to our mission to
advance how the world pays, banks and invests.”
About FIS
FIS is a leading provider of technology solutions for financial
institutions and businesses of all sizes and across any industry
globally. We enable the movement of commerce by unlocking the
financial technology that powers the world’s economy. Our employees
are dedicated to advancing the way the world pays, banks and
invests through our trusted innovation, system performance and
flexible architecture. We help our clients use technology in
innovative ways to solve business-critical challenges and deliver
superior experiences for their customers. Headquartered in
Jacksonville, Florida, FIS is a member of the Fortune 500® and the
Standard & Poor’s 500® Index. To learn more, visit
www.fisglobal.com. Follow FIS on Facebook, LinkedIn and Twitter
(@FISGlobal).
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version on businesswire.com: https://www.businesswire.com/news/home/20240208714231/en/
Kim Snider, 904.438.6278 Senior Vice President FIS Global
Marketing and Communications kim.snider@fisglobal.com
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