Financial technology company FIS has announced agreements with data networks, including Akoya, Envestnet | Yodlee, MX and Plaid, to integrate into FIS’ new open banking solution Open Access platform.
The new solution will allow clients to share their financial information securely and easily with numerous third-party financial apps and services of their choice.
FIS’ Open Access platform also delivers users the ability to access and share their financial data in a secure, streamlined and controlled manner.
Besides, the open banking solution offers consumers the flexibility of working with third-party financial services app providers.
It also controls the data to be shared and who it is shared with, along with offering the ability to withdraw access at any time.
FIS’ Open Access platform provides banks with visibility and reporting about the location, fintech and frequency of customers sharing financial data.
Furthermore, the solution enables secure and reliable data sharing through Financial Data Exchange standardised (FDX) application programming interfaces (APIs).
The collaboration with industry providers will help financial firms using FIS’ Open Access platform to support their customers to access a wide array of capabilities and experiences with several apps and services.
FIS digital solutions general manager Hashim Toussaint 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.”