New whitepaper available! (June 22, 2022)
New whitepaper: “Reduce fraud risk with tokenized account numbers”
By Florian Wahl, Business Strategy & Product Manager at Akoya
Consider that 82% of Americans used digital payments in 2021, an increase of 4% from 2020, and 10% from 2016. 
In the wake of this growth are an ever-increasing number of fintechs who leverage the Automated Clearing House (ACH) and the Real-Time Payment (RTP) network to offer payment services to meet evolving customer demands.
Currently, the data aggregation ecosystem in the US is largely reliant on screen scraping, where a fintech company captures banking credentials entered by a customer in their application’s UI and authenticates to the customer’s financial institution on their behalf. In this scenario, highly sensitive data is shared between multiple parties, increasing the risk to the customer should any of these parties suffer a data breach.
Tokenizing account numbers helps accelerate the de-risking of the industry while reducing time-to-market. The Clearing House (TCH) recently launched the Secure Token Exchange (STE), which went live on the RTP network on February 1st, 2022.
Akoya is the first third-party service provider to utilize STE to tokenize account numbers on behalf of financial institutions and make these tokens available to fintechs and data aggregators!
Read the white paper here.