PNC Bank Launches Akoya Integration for PINACLE Connect® to Provide More Secure, Transparent Data Access for Corporate Clients

Rhea-AI Summary

PNC Bank and Akoya have expanded their integration to support corporate data sharing through the Akoya data access network. This enhancement allows PNC's corporate clients to securely share financial data with third parties, including fintechs and data aggregators, using API-based connections. The integration enables clients to authorize data sharing directly within PNC's PINACLE® platform, using existing credentials and entitlements.

Key features include the ability to monitor activity and revoke access, enhancing security for businesses. Akoya's platform is designed to improve data-sharing reliability and reduce cybersecurity risks, without storing any data. The API used is based on the Financial Data Exchange (FDX) API standard, which has been expanded to include corporate data. This initiative aligns with PNC's commitment to advancing secure, API-based data-sharing networks for both consumer and corporate clients.

Positive

• Expansion of secure data sharing capabilities for corporate clients
• Enhanced security and reliability through API-based connections
• Integration with PNC's existing PINACLE® platform for seamless user experience
• Improved control for clients over their financial data sharing
• Alignment with industry standards (FDX API) for data security and efficiency

Negative

• None.

Insights

Financial Technology Analyst

PNC Bank's integration with Akoya for corporate data sharing via PINACLE Connect® marks a significant advancement in secure financial data access for businesses. This API-based solution addresses critical concerns in corporate finance, including data security, transparency and control. By allowing corporate clients to authorize and manage data sharing within their existing banking platform, PNC is streamlining operations for functions like reconciliation and cash forecasting. The adoption of the FDX API standard further enhances interoperability and security. This move aligns with the broader industry trend towards API-based data access, potentially reducing reliance on less secure methods like screen scraping. For PNC, this could lead to increased client satisfaction, improved security posture and a competitive edge in corporate banking services.

Cybersecurity Expert

The expansion of PNC's integration with Akoya to include corporate data sharing significantly enhances the security landscape for business clients. By leveraging API-based connections, this system mitigates risks associated with traditional data sharing methods, reducing vulnerabilities to cyber attacks. Akoya's approach of not storing or copying data further strengthens the security model, aligning with best practices in data protection. The ability for clients to monitor and revoke access adds an essential layer of control, empowering businesses to manage their data exposure actively. This move demonstrates PNC's commitment to robust cybersecurity measures in an era where financial data breaches are increasingly costly and damaging to corporate reputations. Overall, this integration sets a new standard for secure corporate financial data sharing in the banking industry.

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

FAQ

What is the new feature PNC Bank launched with Akoya for corporate clients?

PNC Bank launched an integration with Akoya to support corporate data sharing through the Akoya data access network, allowing corporate clients to securely share their financial data with third parties using API-based connections.

How does the PNC-Akoya integration benefit corporate clients?

The integration allows PNC's corporate clients to securely share financial data, authorize sharing within the PINACLE® platform, monitor activity, and revoke access if needed, enhancing security and streamlining operations like reconciliation and cash forecasting.

What security measures does Akoya implement in its data sharing platform?

Akoya's platform uses API-based data access to improve reliability and reduce cybersecurity risks. It doesn't copy or store any data, ensuring maximum privacy and security. The API is based on the Financial Data Exchange (FDX) API standard, known for its security and efficiency.

How does PNC Bank's integration with Akoya align with industry standards?

PNC Bank's integration with Akoya uses an API based on the Financial Data Exchange (FDX) API standard, which has been expanded to include corporate data. PNC was a founding member of FDX and co-chairs its Corporate and Treasury API Task Force.