Global financial technology company FIS has announced the launch of its Open Access platform, in order to secure Open Banking solutions for FIs and customers.
Following this announcement, through the use of the Open Access platform, clients and users of FIS partner banks, financial institutions, and credit unions will be given the possibility to securely share their financial data in a secure and efficient manner, with multiple FIs and applications.
FIS' Open Access platform is set to be incorporated with optimised data networks, which include Akyoa, MX, Plaid, and Envestnet | Yodlee, in order to provide clients with improved access and protection over their financial data.
More information on the launch
The new product represents an important step towards FIS’s strategy of making secure Open Banking more accessible to its users and partners. Agreements are currently in place with multiple data networks, in order to integrate into the Open Access platform. The new Open Banking solution was developed to enable clients to securely and efficiently share their financial information with several third-party financial applications and products of their choice.
As the shift to Open Banking is accelerating, the Personal Financial Data Rights proposed in 2023 the Consumer Financial Protection Bureau (CFPB), a rule that was expected to establish a consistent set of industry standards for client data access, security, and protection.
With this in consideration, FIS’ Open Access platform is set to offer clients the possibility to benefit from the flexibility of working with third-party financial services app providers, as well as the capability of controlling what information is shared and who it is shared with. At the same time, customers will be enabled to revoke access at any time, while banks and financial institutions will be given the visibility and the opportunity to report on where their users are sharing financial data, which fintech firms they are interacting with, as well as how frequently the interaction takes place.
In addition, the Open Access platform will allow for secure and reliable data sharing through the Financial Data Exchange standardised (FDX) APIs. By partnering with multiple industry providers, the solution is expected to have a broad depth of coverage across the market, which will enable FIs that use the platform to optimise the manner in which their users access a wide range of capabilities, opportunities, and experiences by leveraging a broad set of apps and services.
More: Link
