Company has replaced inbound screen scraping with safe and secure consumer-permissioned data sharing through open-banking APIs across hundreds of thousands of apps and millions of accountholders
MONETT, Mo., May 23, 2023 /PRNewswire/ -- Jack Henry™ (Nasdaq: JKHY) announced it continues to replace inbound screen scraping on its Banno Digital Banking Platform with API connections to all five major data exchange platforms, Finicity, Akoya, Plaid, Envestnet | Yodlee, and Intuit, giving accountholders more control of their financial data and protecting financial institutions from a wide range of fraud and security risks that arise from passwords shared with third parties. Screen scraping, while a common practice throughout the industry, presents multiple challenges in both security and customer experience; Jack Henry is on track to eliminate all inbound screen scraping on its Banno Digital Banking Platform by the end of summer this year.
Screen scraping is an automated process that uses bots, web crawlers, and other proprietary tools to log into websites on behalf of accountholders using their passwords and credentials. In addition to being a slow and unreliable means of data extraction, screen scraping makes it difficult for financial institutions to distinguish legitimate login attempts from fraudulent ones, leaving systems vulnerable to credential-stuffing attacks and other cyber threats that continue to plague the industry at large.
Replacing inbound screen scraping for the more than 700 banks and credit unions on Jack Henry's Banno Digital Banking Platform inaugurates a new and more secure era of financial data exchange. Unlike the indiscriminate data extraction performed by screen scraping, open-API aggregation allows accountholders to specify, minimize, and fully control their data and how it's shared with third-party providers—including the ability to grant or revoke data permissions within their bank or credit union's digital banking experience.
"This is an important milestone for the industry, and I am in full support of modernizing the exchange of financial data with Jack Henry's direct APIs to the five major data exchanges," said Phil Suckow, vice president of innovation at $1.9 billion IncredibleBank. "Ending screen scraping for the more than 9 million end-users on Jack Henry's Banno Digital Banking Platform will reset consumer expectations, create a new data security standard, and empower community and regional financial institutions to strengthen and differentiate their service on security and reliability. Leveraging the new API connections to the data exchanges through Jack Henry enables us to continue to be at the forefront in providing open financial data access to our customers."
Ted Anastasi, growth team lead at Akoya, added, "The collective goal here is to make financial data access easy and secure so that consumers feel confident using fintech applications. Using APIs as a means of data transfer is a model the industry can use to create more reliable and more secure data sharing. This is a big win for both consumers and open finance."
"Screen scraping is an outdated, broken process," said Ben Metz, chief digital and technology officer at Jack Henry. "Sharing passwords is both problematic and prevalent, and this is why the CFPB is scrutinizing screen scraping and proposing new open banking rules later this year. Changing consumer behaviors and expectations is best done at scale. Requiring the use of API-driven, consumer-permissioned data access across our platform will make it easier to recognize and neutralize malicious activity and enable banks and credit unions to minimize fraud and improve their accountholders' financial health and security. It's the right thing to do."
Jack Henry is working with the banks and credit unions on its Banno Digital Banking Platform to make a smooth transition from screen scraping to secure, API-based financial data exchange. Visit jackhenry.dev to learn how to integrate solutions with Jack Henry's digital banking platform.
About Akoya
The Akoya Data Access Network is simplifying data access for open finance. Through a single integration with Akoya, financial institutions, fintechs, and data aggregators can enable multiple API connections and avoid continued maintenance and development efforts. Akoya handles all data-sharing relationships on behalf of network participants and removes the myriad of internal and external costs required to develop and manage multiple third-party agreements. Akoya optimizes for security, transparency, and scalability, and offers a passthrough model that does not copy, store, or hold any financial data or personal information. The network is an interoperable solution available to the entire financial services industry. The independent company is co-owned by 12 of the largest North American financial institutions. To learn more, please visit www.akoya.com.
About IncredibleBank℠
IncredibleBank, headquartered in Wausau, Wisconsin, was awarded as one of America's Most Innovative Banks by the Independent Community Bankers of America in 2019. With deposit and lending customers in all 50 states, plus their status as one of the nation's top motorcoach and SBA lenders, they are America's First Online National Community Bank (and who doesn't love the idea of a national community?). They are dedicated to their promise of an Incredible Customer ExperienceTM with every interaction. Learn more about IncredibleBank at www.incrediblebank.com.
About Jack Henry & Associates, Inc.®
Jack HenryTM (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 46 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 8,000 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.
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SOURCE Jack Henry & Associates, Inc.
Analyst Contact: Vance Sherard, Vice President, Investor Relations, (417) 235-6652; Press Contact: Mark Folk, Sr. Manager, Corporate Communications, (704) 890-5323
