Improved Data Access for a Fintech Aggregator
When a prominent San Francisco based Fintech grew increasingly frustrated by latency and accuracy issues with its access to financial data, they turned to Ninth Wave to address their data issues.
The cloud-hosted Ninth Wave Open Finance platform provided the solution.
Previously having received over 90 percent of their data from unreliable screen-scraped sites, the Fintech experienced data quality issues and service interruptions.
The Ninth Wave platform solved these challenges since it accesses financial data via a direct API call. This approach achieved a higher quality, more reliable and more timely result—achieving a greater than 98 percent success rate compared with an industry norm of 90 percent.
Over the course of four months as the Fintech’s data provider, Ninth Wave handled 38 million successful transactions for over 50 Financial Institutions, with a peak monthly traffic of 13 million transactions across 56,000+ unique user IDs and 74,000 accounts.