Koxa Launches Open Banking Gateway to Drive Dodd-Frank Section 1033 Compliance

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Sep 12, 2024, 08:00 ET

NEW YORK, Sept. 12, 2024 /PRNewswire/ -- Koxa Corp. today launched Open Banking Gateway, a new solution to help banks address the financial data access requirements of open banking regulations including Dodd-Frank Section 1033.

Koxa's Open Banking Gateway provides banks with (i) open banking connectivity to the digital financial apps and services that consumers demand, (ii) access and consent management to ensure security, and (iii) compliance with open banking regulations.

The platform serves as a single source of connectivity and access management between a bank partner and permissioned data networks (including pre-built connectivity with Plaid), fintech applications, and other data recipients.

"As open banking formalizes in the United States, it is critical that financial institutions have solutions they can leverage in order to meet open banking requirements and ensure their customers can maintain secure access to the apps and services they want," said Raja Chakravorti, Head of Universal Access at Plaid. "Partners like Koxa are lowering the barriers to entry and enhancing the open banking services for financial institutions across the country."

Open Banking Gateway includes a Koxa-hosted Financial Data Exchange (FDX) API, a Koxa-hosted consent management solution, an embeddable consent management dashboard, a Koxa-hosted developer portal, and a Koxa-hosted support portal.

Koxa Co-founder and CTO Camellia George said, "The launch of Open Banking Gateway solidifies Koxa's position as the leading open banking enablement provider in the US. Driving secure, reliable, and compliant access to financial data for consumers and businesses has always been our mission."

Consistent with that mission, Koxa is at the forefront of designing the technical standards for consent management with FDX, the leading financial data standards setting organization in the US.

"Koxa has been an active member in FDX for several years, co-chairing task forces, presenting at our Global summits and a frequent contributor to the FDX API technical specifications. We are grateful to have Koxa help FDX with its mission," said Don Cardinal, FDX Managing Director.

About Koxa

Koxa is the leading open banking enablement platform in North America. The Company's Open Banking Gateway and Treasury Gateway platforms power the critical open banking services that banks need to serve the full spectrum of consumer and B2B client demands.

Treasury Gateway connects banks to their corporate treasury clients, letting clients bank directly from inside their ERP. Open Banking Gateway is a single source of connectivity and access management between a bank partner and permissioned data aggregators, fintech applications, and other data recipients.

SOURCE Koxa Corp