Fidelity has launched a new data sharing hub called Akoya in a bid to end screen scraping and clarify data liability issues; the new hub will also define what data can be shared and how it is secured; Stephen Greer, Senior Analyst at Celent, explains to American Banker “The aggregators have historically been more fintech friendly and almost seem like an invasive species to incumbent banks. Akoya comes from more of the institution side first, working to meet their needs rather than fintech needs.”; the new company intends to focus on Fidelity first then work with other financial institutions and data aggregators; the company would create a standard contract that would apply to all with some room for modifications; the company will not store, look at or sell data they receive, they will normalize it and send it out; the company is looking to standardize and simplify the data sharing process between banks and fintechs, until now most deals have been struck on a one by one basis. Source.
