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George Anderson, Founder & CEOThe Ninth Wave platform serves as a single point of access for aggregators, API companies, fintech, banks, and third-party providers to collect secure, standardized, user permissioned, financial account data. The versatility of this platform brings consistency, transparency, and safety that protects financial institutions and account holders while being flexible enough in delivering user data sets to fintech application developers. The firm has also built a Fintech Registry™—a catalog—that consists of a detailed list of expense management, accounting, tax reporting, and wealth management tools, which leverage the Ninth Wave platform to interact with financial institutions. This ensures that banks need not resort to unnecessary spending while integrating with various application developers.
Emerging as an ideal solution that helps banks in analyzing and prioritizing financial transactions, the Ninth Wave platform ensures that financial institutions are not burdened by multiple transaction requests initiated by numerous third-party software providers, users, and aggregators. Thus, banks can seamlessly execute day-to-day financial operations in an efficient manner while prioritizing between aggregators and account holders respectively.
Ninth Wave platform acts as a bridge that connects aggregators, banks, financial institutions, and fintech applications
“The Ninth Wave platform acts as a bridge that connects aggregators, banks, financial institutions, and fintech applications,” says Anderson. This encourages banks to focus on improving proprietary, value-added channels to offer users the service that they deserve. Moreover, it also eliminates the need for ‘one-off data sharing agreements’ that banks undertake with aggregators, API players, and fintech companies to protect users’ data.
Ninth Wave focuses on best practices, and newer regulations such as the California Consumer Privacy Act to bring in adequate transparency into their systems. It gives banks the ability to analyze the data sharing channels and certify the fintech vendors that they wish to support. Ninth Wave’s platform also helps financial institutions to map data trajectories and ensure the safety of users’ confidential information once it goes out of their database. Besides, if financial institutions are not satisfied with aggregators’ ability to manage the data, they can restrict sharing it entirely. To comply with the necessary security protocols and regulations, the firm takes advantage of best practices, standards, and APIs that are prominently used in the market; these APIs ensure the provisioning of quality data while making connectivity easier for all the participants.
Ninth Wave is now focused on improvising its solution portfolio and empowering financial institutions with a secure and direct channel for data acquisition. Also, the company is exploring international opportunities to expand geographically and become the go-to source for data connectivity. “We aspire to be the secure, universal, digital supply chain for the sharing of financial account data,” concludes Anderson.
Ninth Wave Extends Open Finance Platform Capabilities Staying Ahead of CFPB Rules
Thursday, March 14, 2024
NEW YORK: Ninth Wave is excited to announce key enhancements to its platform focused on fintech application registration and management, customer access management and entitlements, and support for Financial Data Exchange (FDX) 6.0.
These advancements by Ninth Wave will position financial institutions (FIs) to more easily enable an FDX-compliant open finance solution in the marketplace and deliver exceptional user experiences to their end-customers.
Ninth Wave’s solution ensures that FIs are in immediate compliance with the expected personal financial data rights rule from the Consumer Financial Protection Bureau (CFPB). Through a single point of integration with the FI, Ninth Wave solves for the expected CFPB rules, including standardized APIs consumable by third-parties, complete customer data consent and revocation workflows, customer and third-party application identification, and availability of a developer interface.
Enhanced features of Ninth Wave’s Fintech Registry and Access Management within the platform ensure that the FI is always in control over which downstream fintech applications have access to the FI’s set of open finance APIs. Ninth Wave also ensures customers have control over how their data is shared, offering end-users permission-based access and complete revocation ability for any fintech data connection.
Doug Bacon, Senior Strategic Sales Director at Ninth Wave reflected on the customer impact of Ninth Wave’s innovation: “Our clients trust us to manage their critical data connections and they value the turnkey features of the platform as a welcome alternative to custom development projects that have long burdened the industry. Ninth Wave has been a pioneer in data connectivity and continues to invest in future-proofing our customers’ data strategy in this continuously evolving data sharing environment.”
With these additional platform enhancements, Ninth Wave further solidifies itself as a trusted advisor to FIs in helping throughout their open finance journey and ensuring compliance with the pending CFPB rules.
Nick Thomas, FDX Co-Founder, commented: “Ninth Wave’s infrastructure helps financial institutions easily achieve the reliable, secure, and privacy-compliant vision we created FDX to achieve and that CFPB 1033 mandates.”
Ninth Wave is also excited to announce its advancement to the latest FDX version, FDX 6.0. As a strong advocate of FDX as the leading interoperable standard for financial data exchange in the US, Ninth Wave can best position its clients and their open finance APIs in the broad fintech ecosystem.
“We are the only enterprise solution delivering unparalleled connectivity through both FDX industry-standard open finance APIs and turnkey integrations into business applications, future-proofing connectivity for our clients and their account holders.” said George Anderson, CEO & Founder of Ninth Wave.
Ninth Wave’s open finance platform provides configurable controls, visibility, and insights into all data-sharing and data-acquisition connections between customers and fintechs and continues to deliver enhanced features designed from a risk and compliance perspective to anticipate and meet the evolving needs of the industry.
Company
Ninth Wave
Management
George Anderson, Founder & CEO
Description
Provides a secure channel for fintech companies to seamlessly acquire
data from financial institutions
