PITTSBURGH, Oct. 3, 2024
/PRNewswire/ -- PNC Bank and Akoya today announced the expansion of
their existing integration to support corporate data sharing
through the Akoya data access network. This feature enhances the
ability of corporate clients to securely share their financial data
with third parties, including fintechs and data aggregators, that
power platforms they use to run their businesses, enhancing
security and reliability through API-based connections.
"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," said
Emma Loftus, head of PNC Treasury
Management. "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."
Through Akoya, PNC's corporate clients can authorize the sharing
of their financial data directly within PNC's corporate online
banking platform, PINACLE®, by using their existing PINACLE
credentials and entitlements. Clients can also monitor activity and
revoke access to their financial data, if needed, which further
safeguards their businesses.
"Our expanded relationship with PNC gives the bank's corporate
clients the same secure and reliable data-sharing solutions that
its' consumer clients enjoy," said Paul
LaRusso, CEO of Akoya. "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 designed to transition financial services to
API-based data access, thereby improving data-sharing reliability
and reducing cybersecurity risks. Akoya does not copy or store any
data, ensuring maximum privacy and security for users. The API
utilized is based on the Financial Data Exchange (FDX) API standard
which was recently expanded to include corporate data, and is
widely recognized for its security and efficiency.
"PNC was a founding member of FDX and has co-chaired our
Corporate and Treasury API Task Force since its inception," said
Don Cardinal, managing director for
the Financial Data Exchange. "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 relationship with Akoya and participation in other
financial services industry initiatives, PNC Bank remains focused
on advancing the development and adoption of a secure, API-based
data-sharing network to benefit both consumer and corporate
clients.
About Akoya
Akoya is revolutionizing the way financial
data is accessed and shared. Through a single integration into the
Akoya Data Access Network, data aggregators and fintechs can
securely connect with financial institutions to obtain
consumer-permissioned financial data through APIs. Akoya manages
these relationships and offers an interoperable solution available
to the entire financial services industry. For more information,
visit www.akoya.com or follow Akoya on LinkedIn.
About Financial Data Exchange
The Financial Data
Exchange (FDX) is a nonprofit organization that is dedicated to
unifying the financial industry around a common, interoperable and
royalty-free standard for the secure access of user permissioned
financial data, aptly named the FDX API. FDX has an international
membership that includes financial institutions, financial data
aggregators, fintechs, payment networks, consumer groups, financial
industry groups and utilities and other permissioned parties in the
user permissioned financial data ecosystem. For information,
visit www.financialdataexchange.org.
About PNC Bank
PNC Bank, National Association, is a
member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC
is one of the largest diversified financial services institutions
in the United States, organized
around its customers and communities for strong relationships and
local delivery of retail and business banking including a full
range of lending products; specialized services for corporations
and government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset
management. For information about PNC, visit www.pnc.com.
CONTACT:
Whitney Wilson
(214) 871-1209
whitney.wilson@pnc.com
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SOURCE PNC Bank