The payments processing service company Jack Henry & Associates says that three open banking platforms are the first in their industry to integrate into its Banno Digital Platform.
The Missouri company announced on Tuesday (Oct. 12) that Finicity, Akoya and Plaid would begin using the Banno Digital Toolkit, which Jack Henry acquired in 2014.
“This provides better security, privacy and transparency for the nearly six million consumers banking with the Banno Digital Platform by removing screen scraping,” Jack Henry said in a news release.
“Consumers now have access to a complete financial picture through their financial institution (FI), without having to provide credentials to third parties at the risk of their own privacy,” the release said. “Instead, these integrations allow consumers to grant permission, along with the option to later revoke it, to data that they want to share with third parties via their financial institution.”
The company says the Banno toolkit lets FIs leverage the same API layer the Banno Digital Platform uses to create and customize their own FinTech solutions. This toolkit, they say, is better than a traditional software development kit, as it provides “endless” innovation possibilities and efficiency via a fully integrated back-office support system.
Read more: Jack Henry Expands Autobooks Alliance With Banno Integration
The new integrations include Mastercard’s Fincity, a company that reaches more than 95% of American direct deposit accounts, enables businesses and consumers to connect, and allows the use of financial data across a range of services and apps.
Akoya gives FIs a scalable method of offering API-based data access and consent permissioning tools by eliminating the need to create and oversee multiple API relationships with FinTechs and data aggregators.
And Plaid provides secure connections between consumer financial accounts and more than 5,500 applications, with a network that includes more than 11,000 FIs.
The new partnership comes months after Jack Henry announced an expanded partnership with Autobooks, a move that made the company the first major FinTech firm to incorporate receivables tools as a regular digital banking tool.
Cryptocurrency apps in the U.S. have surged in popularity due to factors such as the potential for profit, low transaction fees, and increasing user accessibility. These platforms allow users to trade cryptocurrencies easily, offering a decentralized, peer-to-peer model that reduces reliance on traditional financial institutions.
The ability to buy low and sell high has attracted investors seeking financial gains, while lower fees compared to traditional payment methods make these apps more appealing for online transactions. The increased acceptance of cryptocurrencies by businesses, along with advancements in blockchain technology, security, ease of use, and high liquidity, is fueling the belief that crypto could shape the future of finance.
PYMNTS’ Provider Rankings of Cryptocurrency Apps evaluate the performance of leading platforms based on factors such as user experience, transaction volume, security features and customer service. By analyzing consumer preferences and industry trends, these rankings provide insights into which apps are best meeting the needs of cryptocurrency users, and highlighting the platforms that offer the most reliable, user-friendly and innovative services.
No. 1 is Binance with 98 points.
Founded in 2017, Binance offers a range of services for new and experienced investors. The platform supports over 350 cryptocurrencies, including popular options like bitcoin and ethereum, along with niche altcoins. This variety, combined with high liquidity, ensures users can quickly execute transactions with minimal price slippage.
A key feature of Binance is its competitive fee structure, which includes discounts for paying with Binance Coin (BNB), making it attractive for frequent traders. The platform also provides advanced trading tools, such as charting and real-time data, and offers margin and futures trading. Its user-friendly interface, including a mobile app, makes it accessible to traders of all experience levels.
Security is a top priority for Binance, with multi-signature wallets, two-factor authentication (2FA), and a Secure Asset Fund for Users (SAFU) protecting funds and personal information. Binance also offers staking, lending and savings options for passive income, appealing to long-term investors.
No. 2 is Bybit with 91 points.
Bybit is accessible in over 180 countries and offers an intuitive mobile app that provides most of the desktop version’s features, making it convenient for users to manage their crypto investments anywhere. With access to more than 1,200 cryptocurrencies, Bybit allows users to buy, sell, and trade with ease, while offering up to 100x leverage for experienced traders looking to maximize potential profits.
Additionally, Bybit offers Bybit Earn, a feature that allows users to earn interest on their cryptocurrency holdings. This range of services and tools caters to beginner and experienced traders, making it a popular choice in the crypto space.
Tied for second with 91 points is Crypto.com.
Based in Singapore, Crypto.com offers a wide range of services including an app, exchange, DeFi wallet, and NFT marketplace, providing access to over 350 cryptocurrencies. The Crypto.com app allows users to buy, sell and track cryptocurrencies with more than 20 fiat currencies, offering features like price alerts, recurring buys, and TWAP bots to optimize trading. Users can also earn interest on their holdings, spend crypto through the Crypto.com Visa Card, and receive up to 5% cash back on purchases.
For more advanced traders, Crypto.com’s exchange supports over 200 cryptocurrencies, with spot, margin and derivatives trading options. It offers low fees and discounts for those who stake its native token, CRO. The platform also includes automated trading bots and emphasizes security with 2FA.
KuCoin and Coinbase round out the top five with 83 and 76 points, respectively.
Checking in tied at No. 6 with 74 points is HTX and OKX.
Nos. 8-10 comprise MEXC, Blockchain.com, and BTCC with 65, 62, and 54 points, respectively.