Open Finance data sharing now monetizable for U.S. Financial Institutions through 'Portal' initiative by Ninth Wave
Ninth Wave, a leading provider of Open Finance solutions, has unveiled a new product called the 'Portal'. This next-generation platform is designed to help financial institutions (FIs) monetize their Open Finance data sharing in a secure and transparent manner.
The Ninth Wave Portal serves as a comprehensive dashboard for FIs, offering detailed insights into their Open Finance ecosystem. It provides real-time monitoring and transparency, allowing FIs to identify the applications that are accessing their data, the volume of data requests, and customer usage patterns.
One of the key features of the Portal is its analytics and intelligence capability. This feature tracks all data requests by external applications on behalf of customers, enabling FIs to identify popular fintechs, usage volumes, API performance, and uptime statistics. This information can help FIs recognize business opportunities and accurately monetize data access by charging fintechs and third parties.
Security and risk management are paramount in the Open Finance landscape. The Ninth Wave Portal addresses this concern through the Fintech Registry™. This feature provides FIs with a full view of data-sharing activities, enabling them to monitor fintech application entitlements at the customer level and quickly revoke access if suspicious behaviour is detected. This ensures data privacy, compliance, and protection against financial threats.
The Portal also reinforces the FI's position at the centre of customer relationships, maintaining trust and compliance with privacy regulations. By securely integrating and permissioning all data interactions, the Portal keeps the FI at the centre of customer relationships, enhancing trust and adherence to privacy regulations.
FIs can create new revenue opportunities by understanding which third-party applications their customers use. By providing visibility on who uses data and how, FIs can create revenue streams through direct charging models to fintech partners leveraging their customers’ financial data.
George Anderson, the founder and chief executive officer of Ninth Wave, said, "Our Portal is a financial institution's window into their Open Finance ecosystem. It removes the guesswork and increases transparency, empowering FIs to capitalize on Open Finance data securely and transparently, balancing monetization with regulatory compliance and customer privacy."
Seven of the top 10 US banks and eight of the top 10 US wealth managers are already clients of Ninth Wave. In June, Ninth Wave launched a managed services division to help FIs deploy Open Finance and embedded finance capabilities. The managed services division can assist with enterprise resource planning integrations, embedded payments, and wealth data connectivity.
The Ninth Wave Portal monitors and measures Open Finance data for financial institutions, providing insights into security and usage patterns by fintechs and third parties. It also offers performance and uptime statistics for the Open Finance APIs. With over 2,000 institutions and 120 million accounts powered by its platform, Ninth Wave is at the forefront of Open Finance solutions.
[1] Ninth Wave Press Release, "Ninth Wave Launches Open Finance Portal for Financial Institutions", June 2022. [2] Finextra, "Ninth Wave Launches Open Finance Portal", June 2022. [3] Banking Technology, "Ninth Wave Launches Open Finance Portal for Financial Institutions", June 2022.
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