Ninth Wave, a provider of open finance connectivity solutions, has launched its next-generation Ninth Wave Portal, designed to give financial institutions (FIs) comprehensive control over open finance data sharing, provide deeper insights into security and usage, and enable new revenue streams through data monetization.
The new Portal works in conjunction with Ninth Wave’s direct connection platform, closely monitoring and measuring all aspects of open finance data. This launch comes as the banking industry explores new revenue opportunities from data access, following reports of major institutions considering charging fintechs for customer banking account data. FIs will require robust software to precisely measure and control data usage for such monetization.
George Anderson, founder and CEO of Ninth Wave, commented on the development, stating, “We’ve always believed the future of finance is permissioned, embedded, and bank-led. As banks regain control over data sharing, Ninth Wave’s Portal enables them to securely manage and monetize permissioned data through value-added services, unlocking new revenue streams.”
The Ninth Wave Portal functions as a transparent window into an FI’s open finance ecosystem, enhancing visibility and removing guesswork. By enabling control over data flows and protection against threats, the Portal helps FIs maintain their central role in customer trust, ensuring all data interactions are securely integrated, permissioned, and compliant with privacy requirements. Financial institutions can identify business opportunities based on the third-party applications their customers use and accurately charge fintechs and other third-party data users.
The Portal’s Analytics and Intelligence feature detects all data requests originating from external applications on behalf of customers. It identifies which applications are accessing data, including those through aggregator partnerships, the volume of requests per application, the number of customers leveraging connectivity, and performance and uptime statistics for open finance APIs.
For security management, the Ninth Wave Portal includes a Fintech Registry™ feature, which offers a complete view of data sharing within the fintech ecosystem, allowing FIs to manage risk. In cases of suspicious activity, FIs can swiftly revoke access for individuals, businesses, fintech applications, or ecosystem partners. This tool supports the maintenance of data security, privacy, and control against financial threats. The Fintech Registry™ also provides functions to monitor fintech-level entitlements at the customer level, ensuring secure and permissioned data exchanges between customers and fintechs.
Ninth Wave, founded in 2018 and headquartered in New York City, specializes in secure data connectivity between financial institutions and third-party applications, including aggregators, fintechs, and accounting or tax preparation software. Its platform supports direct connections for over 2,000 institutions and 120 million accounts, with its client base including seven of the top 10 U.
S. banks and eight of the top 10 U.
S. wealth managers.
