Ninth Wave Enables Banks to Monetize Open Finance Data Sharing

Ninth Wave, a leading provider of open finance connectivity solutions, announced the launch of its next-generation Ninth Wave Portal, used along with its open finance direct connection platform. The Portal closely monitors and measures all aspects of open finance data, giving financial institutions (FIs) full control over data sharing while providing deeper insights into security and usage patterns.

The Portal will enable FIs to monetize data sharing if they choose, creating new revenue streams from open finance.

Following reports that JPMorgan Chase plans to charge fintechs for access to customer banking account data, the entire banking industry is considering how to participate in this new revenue stream. To do that, FIs will need software capable of precisely measuring and controlling usage.

Commenting on the news, George Anderson, founder and CEO of Ninth Wave, said: “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.”

Measuring to Monetize

The Ninth Wave Portal serves as the financial institution’s window into their open finance ecosystem, removing guesswork and increasing transparency. By controlling data flows and protecting against threats, the FI remains central to customer trust – making sure all data interactions are securely integrated, permissioned, and compliant with privacy requirements. FIs can now spot business opportunities based on which third-party applications their customers use and accurately charge fintechs and other third-party users of their data.

The Ninth Wave Portal’s Analytics and Intelligence feature detects all data requests originating from external applications made on behalf of financial institutions’ customers, and identifies the following:

– Which applications are accessing data from the FI

– Which fintech applications are accessing data through aggregator partnerships

– What is the volume of requests per application

– How many customers are taking advantage of the connectivity and who are they

– What are the performance and uptime statistics for the open finance APIs

Monitor to Manage Security

The Ninth Wave Portal’s Fintech Registry™ feature allows FIs to manage risk across the fintech ecosystem by providing a complete view of who and how data is being shared. If the FI detects suspicious activity, they can quickly revoke access for a person, business, fintech application, or ecosystem partner. This is a vital tool for maintaining data security, privacy, and control to protect against financial threats. The Fintech Registry™ also offers additional functions to monitor fintech level entitlements at the customer level, ensuring all data exchanges between customers and fintechs are securely integrated and permissioned.

For more information about The Portal, please visit the Ninth Wave website