
Akoya provides secure financial data access through its Data Access Network API.
Akoya operates the Data Access Network, a consumer-permissioned financial data access platform that enables secure API connections between financial institutions and third-party applications. Founded in 2020 and headquartered in Boston, MA, the company was spun out of Fidelity Investments and is backed by a consortium of major financial institutions including Fidelity, JPMorgan Chase, Bank of America, and Wells Fargo.
The platform provides a single integration point for data aggregators and fintechs to connect with financial institutions, eliminating the need for consumers to share login credentials. Akoya handles all data-sharing relationships on behalf of network participants and operates a passthrough model that does not copy, store, or hold any financial data or personal information.
The open banking market in the United States is accelerating driven by the CFPB Rule 1033 under the Dodd-Frank Act, which mandates that financial institutions provide consumers with greater access to and control over their financial data. Akoya is positioned at the center of this regulatory shift, offering a ready-made infrastructure for compliance that eliminates the need for institutions to build and maintain multiple third-party data-sharing agreements.
Industry trends show increasing consumer adoption of fintech applications for budgeting, peer-to-peer payments, tax planning, and lending. As consumers hold an average of 20 finance-related accounts, demand for secure, permissioned data access continues to grow. Akoya's API-only network, which now connects more than 3,000 financial and fintech apps, is well-positioned to capture this expanding market while replacing legacy screen-scraping infrastructure.
Akoya is the first B2B platform built entirely on permissioned API access to consumer financial information, eliminating the risks of screen scraping and credential sharing. Unlike competitors that rely on broad coverage models, Akoya is backed by a consortium of major North American financial institutions, giving it unique negotiating power and deep integration with the banking ecosystem.
The company actively shapes industry standards through leadership roles in the Financial Data Exchange (FDX), including co-chairing the API working group and tech review committee. Its alignment with CFPB Rule 1033 and the FDX standard positions Akoya as a compliance-ready partner for financial institutions navigating open banking regulations in the United States.