FINANCIAL MANAGEMENT, INVESTMENT MANAGEMENT
Businesswire | June 02, 2023
The API-driven solution enables greater control and faster connectivity of embedded finance and customer data portability.
Akoya is proud to announce its partnership with Axway to transform the way customer information is shared with third-party applications. Both companies have standardized their APIs to the Financial Data Exchange (FDX) standard, which allows for customer data sharing in a secure and transparent way.
Akoya allows businesses to manage their finances within a unified interface that allows for budgeting, payments, tax planning, and investment management. “Akoya is excited to work with Axway to streamline the integration between financial institutions and fintech applications,” said Anil Mahalaha, Chief Evangelist at Akoya “We’re focused on giving consumers more visibility into where and how their financial data is used and we’re dedicated to 100% of those data requests going through APIs.”
Amplify Open Banking, built on Axway’s industry leading Amplify Platform, leverages universal API management and modern marketplace capabilities to publish and facilitate third-party adoption of standardized APIs that drive the open finance economy.
In the past, “screen scraping” – where customers provide their credentials to a third-party, which accesses the information directly from their banking portal with their permission – was the most expedient way to offer data portability.
Now, a common FDX API standard is becoming more widely available, allowing financial institutions to share discrete data elements more easily and directly. Fine-grained permissions keep the customer in control and provide faster, more secure connectivity.
“The Axway-Akoya partnership removes the friction of accessing critical customer data that drives business,” said Laurent Van Huffel, Axway VP of Financial Services. “Axway enables financial institutions to stay in control of their destiny by providing them with an FDX-ready platform, including consent management and integration with their core banking applications, to become an open banking provider, while Akoya securely consumes the FDX APIs published in the Amplify digital portal to present the data to the fintech aggregator community.”
The Consumer Financial Protection Bureau is currently talking about a common standard to pave the way forward to a more dynamic, competitive financial services market that keeps the consumer at its center. In October 2022, CFPB Director Rohit Chopra announced the rulemaking process that will require financial institutions to give consumers consistent control over their data.
As North America prepares for upcoming regulation, Akoya and Axway are poised to help financial institutions tap into the power of the open finance ecosystem and unlock new business models.
Axway enables enterprises to securely open everything by integrating and moving data across a complex world of new and old technologies. Axway’s API-driven B2B integration and MFT software, refined over 20 years, complements Axway Amplify, an open API management platform that makes APIs easier to discover and reuse across multiple teams, vendors, and cloud environments. Axway has helped over 11,000 businesses unlock the full value of their existing digital ecosystems to create brilliant experiences, innovate new services, and reach new markets. Learn more at www.axway.com.
Akoya is transforming the way consumer financial data is accessed and shared. Through a single integration to the Akoya Data Access Network, financial institutions can directly connect with data aggregators, fintechs, and other financial institutions to securely share consumer-permissioned financial data through APIs. Akoya manages these relationships and serves as an interoperable solution available to the entire financial services industry. We are an API-only network that offers security, transparency, and scale. Learn more at www.akoya.com.
CORE BANKING, DIGITAL BANKING
Businesswire | May 31, 2023
Q2 Holdings, Inc. (NYSE: QTWO), a leading provider of digital transformation solutions for banking and lending, announced today that Fortis Private Bank (“Fortis”) has selected Q2 PrecisionLender™, Q2’s relationship pricing and profitability solution for commercial lending institutions, to strengthen its client relationships and increase deal profitability.
Based in Denver, Colorado, Fortis is a $1.4 billion commercial bank focused on delivering an exceptional client experience and service to small and medium-sized businesses (SMB).
“Q2 PrecisionLender has established a reputation in the industry as having the best relationship pricing application in the market today, and we expect the solution to help Fortis significantly grow our market share by delivering superior service to small-to-medium-sized businesses,” said Co-Founder and Chief Executive Officer Chris Luce. “I’m confident that Q2 PrecisionLender will be a winner for our clients, especially since our Chief Financial Officer Mark Olson implemented the solution at a number of financial institutions and has seen firsthand how powerful it is in empowering relationship managers to offer the most competitive pricing for clients.”
Q2 PrecisionLender is used by some of the largest banks in the U.S. and financial institutions of all sizes. Its intelligent virtual analyst, Andi®, augments bankers’ strengths with the latest technology and data, delivering recommendations on different structures and tactics, while the deal is being priced and negotiated. The solution empowers client relationship managers with actionable, real-time insights and coaching to structure, price and negotiate stronger, more profitable deals.
“Q2 is excited to partner with Fortis Private Bank to help their client team grow relationships and increase profitability,” said Dallas Wells, SVP of Product Management, Q2. “We look forward to working alongside the Fortis team as they modernize their approach to relationship pricing with Q2 PrecisionLender to achieve a more profitable commercial portfolio.”
Q2 PrecisionLender is a part of Q2 Catalyst, a suite of best-in-class commercial banking solutions, and supports Q2’s strategic approach to innovation.
About Q2 Holdings, Inc.
Q2 is a leading provider of digital banking and lending solutions to banks, credit unions, alternative finance, and fintech companies in the U.S. and internationally. Q2 enables its financial institutions and fintech companies to provide comprehensive, secure, data-driven digital client engagement solutions – from consumers to small businesses and corporate clients. Headquartered in Austin, Texas, Q2 has offices throughout the world and is publicly traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com. Follow us on LinkedIn and Twitter to stay up-to-date.
About Fortis Private Bank
Fortis is a high-growth $1.4 billion commercial bank serving small- to medium-sized businesses in Colorado and Utah. Its clients have direct access to bankers and decision-makers, who work with clients to understand their specific needs and offer customized financial solutions. More information about Fortis is available at www.fortispb.com.
CORE BANKING, DIGITAL BANKING
PRweb | June 02, 2023
Credit Union of America and Narmi, a leading provider of digital banking solutions, are pleased to announce the successful launch of Narmi’s Digital Account Opening product at Credit Union of America. This implementation will revolutionize the credit union’s member onboarding experience, enabling applicants to open an account entirely digitally in under three minutes.
In this time of unprecedented deposit competition, Credit Union of America recognized the need to open its digital channels to meet its members’ evolving needs. The implementation of Narmi’s Account Opening solution marks a significant milestone in the Wichita-based credit union’s commitment to delivering exceptional member service. By leveraging Narmi’s technology, Credit Union of America can now offer its members a modern and efficient onboarding experience that allows applicants to open an account online, from anywhere.
“Partnering with Narmi has been a game-changer,” said Frank Shoffner, CEO and President of Credit Union of America. “The launch of Narmi’s Digital Account Opening product empowers us to deliver a truly modern banking experience, where prospective applicants can open an account quickly and conveniently from anywhere. This strengthens our commitment to making a true difference in our members’ lives.”
Narmi’s Digital Account Opening solution arms Credit Union of America with instant identity verification, flexible account funding options, and a robust back-end system for applicant tracking, enhancing the member onboarding and admin experience. The seamless integration between Narmi and Credit Union of America’s core banking system, Jack Henry Symitar, allowed for a swift implementation that took less than 90 days.
In addition to the end-to-end application flow, Narmi has collaborated with Clutch, a provider of loan services, to integrate their services seamlessly into the account opening process. This integration will allow Credit Union of America’s members to apply for both loan services and deposit accounts in one unified digital experience.
“We are proud to support Credit Union of America in its digital transformation journey,” said Nikhil Lakhanpal, Co-Founder of Narmi. “Our goal is to help financial institutions, like Credit Union of America, completely transform their onboarding process and capture market share. We’re excited to watch the growth that Credit Union of America will experience through this digital channel.”
About Credit Union of America
Established in 1935, Credit Union of America is a $1.4 billion member-owned financial institution dedicated to serving the needs of its members in the Wichita-metro area as well as other markets across Kansas. With a strong commitment to delivering personalized financial solutions, CUA offers a wide range of services, including savings and checking accounts, loans, mortgages, small-business services, and investment options. Credit Union of America strives to provide exceptional member service and build lasting relationships with its members. Learn more here:https://www.cuofamerica.com/
New York City-based Narmi's digital platform empowers financial institutions to unlock the very latest capabilities in digital banking and account opening, enabling them to move faster, tap new growth opportunities, and achieve true digital transformation. The Narmi platform was built with the customer experience in mind, empowering financial institutions with an experience that is always effortless, current, and dependable. As a result, Narmi's customers are seeing as much as 3x account growth in less than 30 days and 4x deposit growth in as little as 90 days. Additionally, Narmi's financial institution clients are winning awards like Bankrate's 2020 Best Online Bank and Nerdwallet's Best Bank of 2021 for Online Experience. For more information, please visit http://www.narmi.com.