U.S. Financial Institutions given a path to capitalise on the distribution of Open Finance data through the debut of 'Portal' by Ninth Wave
US-based Ninth Wave has announced the launch of a new product, the Ninth Wave Portal. This innovative platform is designed to help Financial Institutions (FIs) monetise Open Finance data sharing and deploy embedded finance capabilities more effectively.
The Ninth Wave Portal serves as a "financial institution's window into their Open Finance ecosystem," according to George Anderson, the founder and CEO of Ninth Wave. Anderson envisions a future of finance that is permissioned, embedded, and bank-led.
Key features of the portal include performance and uptime statistics for Open Finance APIs, the ability to identify the volume of requests per application, and analytics and intelligence to detect all data requests from external applications made on behalf of a financial institution's customers.
Moreover, the portal can reveal the number and identity of customers utilizing the connectivity, as well as the applications that are accessing data from the financial institution, including those accessed via aggregator partnerships.
The portal can be used in conjunction with Ninth Wave's Open Finance direct connection platform, which currently powers direct connections for over 2,000 institutions and 120 million accounts.
Seven of the top 10 US banks and eight of the top 10 US wealth managers are already clients of Ninth Wave, demonstrating the platform's appeal and effectiveness. The portal aims to remove guesswork and increase transparency for financial institutions.
By using the portal, financial institutions can also see which third-party applications their customers use, providing valuable insights that can help create new revenue opportunities. The portal also monitors and measures Open Finance data, offering insights into security and usage patterns by fintechs and third parties.
The managed services division of Ninth Wave offers additional services such as enterprise resource planning integrations, embedded payments, and wealth data connectivity, further enhancing its appeal to financial institutions seeking to embrace Open Finance and embedded finance.
