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.
FINANCIAL MANAGEMENT, FINTECH
PRnewswire | May 17, 2023
SoLo, the largest community finance platform in the US and a 2023 CNBC Disruptor 50 company, has reached a resolution with the Connecticut Department of Banking regarding its 2022 temporary Cease & Desist order. The resolution marks a marquee conclusion and provides a clear pathway forward for SoLo to serve Connecticut state residents.
"We are thankful for the due process afforded us by the Connecticut Department of Banking, and appreciate their efforts to work through this matter in the spirit of collaboration with SoLo," said Kyle George, Head of Regulatory & Government Affairs. "The effort the Department put into this resolution will ultimately benefit struggling Connecticuters, who have limited options for affordable small-dollar loans."
This announcement comes on the heels of resolution announcements in DC and CA. The resolutions in all three jurisdictions included no admission of wrongdoing, and a clear path forward. Although SoLo disagrees with the accusations, we are happy we were able to work collaboratively and constructively towards positive resolutions.
"Despite the regulatory focus on fintechs, our financial system is dominated by traditional products which are the most significant culprits of predatory behavior," George said. "The status quo does not work. If policymakers are sincere about protecting borrowers and effecting change, they must embrace new models. They cannot legislate by enforcement, suffocate innovation, and then wonder why nothing changes."
SoLo Funds recently commissioned Opinium and the London Centre for Economics and Research to conduct an economic study to assess the true costs of borrowing short-term capital. The resulting report titled, "The 2023 Cash Poor Report," authored by University of Wisconsin–Madison Professor of Consumer Science Melody Harvey, is set to release in a few weeks.
Ahead of the report publication, SoLo Funds has released an excerpt created by London's Centre for Business and Economics. This study definitively concludes that subprime credit cards are the most expensive solution for short-term cash needs. The excerpt is available here.
"When annual fees, subscription fees, and monthly compounding late fees are included, the cost of borrowing on a subprime credit card becomes astronomical," said SoLo Co-Founder & CEO, Travis Holoway. "These companies use the system by imposing all these fees, fully knowing that none of them are included in the calculation of APR. Yet, regulators and policymakers remain myopically focused on APR, while wilfully blinding themselves to these traditional players ."
"The findings in the report are sad. With credit cards having 80% use among Cash Poor Americans, it's sad that regulators find appeasement in addressing fintechs vs. the true culprits. It's sad that traditional companies use the current system to legally communicate deceptive 'APR' numbers, but ultimately continue to cause harm based on what consumers really pay," said SoLo Co-Founder & President, Rodney Williams. "We are the premiere model for community lending where 100% of tips go to consumers, not an institution. With 82% of our members being in underserved communities, we are happy with our pathway forward."
SoLo was founded by best friends, Travis Holoway and Rodney Williams, who had first-hand experience with the difficulties their families and loved ones had with accessing short term loans and yield. The solution they designed now provides access to short-term capital and lender returns at an unprecedented scale. On May 9, 2023, CNBC acknowledged the impact of this innovative model by naming SoLo Funds to its 2023 Disruptor 50 list.
SoLo's vision of community finance is powered by people. As the only Black-owned Certified B Corp fintech in the U.S. and Canada, SoLo has promoted innovation and community impact. With rising popularity amongst consumers, SoLo recently passed the momentous milestone of 1 million users.
SoLo is a community finance platform where our members step up for one another. We enable financial services for real people, powered by people.
SoLo Funds is a financial service provider enabling a marketplace where members can request and fund emergency needs. SoLo launched in 2018 with the goal of providing a lending alternative that was equitable, empowering, and community-driven. Since then, we’ve processed millions of transactions and redefined financial services for our community members. Today, we’re driven to new heights launching additional financial services, but grounded in the same hope and mission: to build a community that enables financial autonomy for all.
Businesswire | April 05, 2023
Zenus Bank, the digital bank that makes U.S. bank accounts available internationally, is proud to announce the acquisition of Financial Urban Exchange LLC (FUEX Payments), a fintech specializing in real-time payments for the Caribbean and Latin American (LAC) markets.
This acquisition represents Zenus Bank's ongoing strategy to innovate and expand its service offering in the fintech industry and demonstrates its focus on delivering cutting-edge financial solutions to its customers through an effective M&A strategy.
FUEX Payments has developed innovative API solutions that enable real-time payments through major global payment card brands for businesses, governments and financial institutions.
Zenus Bank's acquisition of FUEX Payments will enable the bank to expand its offerings in the Caribbean and LAC markets. FUEX Payments' cutting-edge real-time payments technology and Zenus Bank's expertise in financial services will create a powerful platform that will enable businesses and individuals in the region to transact more efficiently and securely anywhere in the world, leveraging the power of the major card payment platforms.
"FUEX Payments has been at the forefront of the fintech revolution in the Caribbean and LAC markets, and we are thrilled to have them join the Zenus Bank family," said Mushegh Tovmasyan, Founder and Chairman of Zenus Bank.
"This acquisition will enhance our capabilities and enable us to deliver even more innovative solutions to our customers, further strengthening our position as a leader in the fintech industry."
Candido Alfonso, co-founder and CEO of FUEX Payments, said: "We are excited to join forces with Zenus Bank, a company that shares our vision for providing cutting-edge financial solutions to customers.
This acquisition will allow us to leverage Zenus Bank's expertise and resources to accelerate the growth of our real-time payments solutions in the Caribbean and LAC markets in the real time transactions and Payments-as-a-Service markets."
About Zenus Bank
Zenus is an independent U.S. digital bank, founded in 2019, that is taking banking beyond borders. Giving people and businesses worldwide access to the security, freedom, and convenience of U.S. banking.
Providing Retail, Business, Institutional banking, and BaaS. Zenus is creating a world where physical borders don’t limit access to financial services.
Zenus Bank will not open any account or process any transactions from countries that have been sanctioned by the United States Department of the Treasury, Office of Foreign Assets Control ‘OFAC’.