Open Finance connectivity solutions provider Ninth Wave has recently introduced the Ninth Wave Portal. This portal complements its direct connection platform, offering a comprehensive view of Open Finance data.
The portal helps institutions manage and gain deeper insights into security and usage patterns, facilitating the modernisation of data sharing practices and opening up new revenue streams for financial institutions.
Monetizing Data
The industry is facing a shift as some reports suggest that JPMorgan Chase intends to charge fintechs for access to customer banking account data. This development urges the entire sector to reassess their participation in this emerging revenue stream.
Ninth Wave envisions a future where finance is permissioned, embedded, and bank-led. As banks regain control over data sharing, Ninth Wave’s portal enables them to manage and monetise shared data through value-added services, thereby unlocking new income opportunities.
By controlling the flow of data and safeguarding against potential threats, banks can preserve customer trust. They ensure secure and compliant integration, allowing financial institutions to identify business opportunities based on third-party use cases and charge fintechs and other users for their data access.
Data Analytics and Intelligence
The Ninth Wave Portal’s Analytics and Intelligence feature tracks all external applications that request data on behalf of customers. It provides insights into the number of applications accessing data, the volume of requests per application, and the performance statistics of Open Finance APIs.
The Fintech Registry capability within the portal allows institutions to manage risk across the fintech network. It offers a complete picture of who and how data is being shared. Should suspicious activity be detected, access can be revoked for specific individuals, businesses, fintech applications, or ecosystem partners. This feature ensures enhanced security, privacy control, and protection against financial crime while enabling secure integration of data exchange between customers and firms.
