PNC Bank and Akoya have confirmed the expansion of their existing partnership, which will enhance corporate data sharing capabilities through the Akoya data access network.
This development is aimed at enabling corporate clients to securely share their financial information with third parties, such as fintech companies and data aggregators, that facilitate the platforms these clients rely on for their business operations. The integration is expected to improve security and reliability via API-based connections.
Emma Loftus, head of PNC Treasury Management, indicated that the expansion reflects the bank’s dedication to fostering secure, transparent, and controlled financial data sharing for its corporate clientele. She remarked, “By expanding our relationship with Akoya, we are advancing our commitment to secure, transparent, and controlled financial data sharing for the benefit of our corporate clients. Securely sharing sensitive financial information between platforms can streamline our clients’ day-to-day operations, including critical business functions, such as reconciliation and cash forecasting.”
With this enhanced integration, PNC’s corporate clients can authorise the sharing of their financial data directly within the PINACLE® online banking platform using their existing credentials and entitlements. The system allows clients to monitor their activity and, if necessary, revoke access to their financial data, thus providing an additional layer of security for their operations.
Paul LaRusso, CEO of Akoya, stated that this expanded partnership allows PNC’s corporate clients to benefit from the same secure data-sharing solutions previously available only to its consumer clients. He commented, “Our expanded relationship with PNC gives the bank’s corporate clients the same secure and reliable data-sharing solutions that its consumer clients enjoy. As we move towards secure, API-based data access for all types of customers and financial accounts, relationships like the one we have with PNC are laying the groundwork to make this a reality.”
Akoya’s platform is engineered to facilitate a transition in financial services towards API-based data access. This shift is intended to enhance the reliability of data sharing while simultaneously reducing cybersecurity risks. Importantly, Akoya does not duplicate or store any data, ensuring a high level of privacy and security for users. The API employed adheres to the Financial Data Exchange (FDX) API standard, which has recently expanded to include corporate data and is widely acknowledged for its security and effectiveness.
Don Cardinal, managing director for the Financial Data Exchange, emphasised the significance of the collaboration between PNC and Akoya. He remarked, “PNC was a founding member of FDX and has co-chaired our Corporate and Treasury API Task Force since its inception. We are delighted to see two FDX members, Akoya and PNC, working together to bring businesses secure and convenient access to their financial data.”
Through its ongoing partnership with Akoya and participation in various financial services industry initiatives, PNC Bank remains focused on advancing the development and implementation of a secure, API-based data-sharing network. This initiative is designed to benefit both consumer and corporate clients alike.
