Ninth Wave: A Unified Channel for Financial Data Exchanges

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George Anderson, Founder & CEO
“Ninth Wave was created to address safety and security gaps around fintech data acquisition,” begins George Anderson, founder and CEO of Ninth Wave. With the proliferation of various fintech applications in the market, users’ data has become vulnerable, owing to data aggregation processes that fintech companies opt for while delivering financial services such as expense trackers, investment portfolio management tools, among others. To collect financial data, fintech companies share their users’ credentials with third-party aggregators and API providers who then gather information from financial institutions. However, this procedure gives financial data aggregators and other third-party providers access to users’ sensitive data, which can cause insecurities among customers. To address these uncertainties, Ninth Wave, a New York-based company, enables financial institutions to mitigate problems that revolve around the exchange of data between the financial institutions and fintech applications.

The Ninth Wave platform serves as a single point of access for aggregators, API companies, fintech, banks, and third-party providers to collect secure, standardized, user permissioned, financial account data. The versatility of this platform brings consistency, transparency, and safety that protects financial institutions and account holders while being flexible enough in delivering user data sets to fintech application developers. The firm has also built a Fintech Registry™—a catalog—that consists of a detailed list of expense management, accounting, tax reporting, and wealth management tools, which leverage the Ninth Wave platform to interact with financial institutions. This ensures that banks need not resort to unnecessary spending while integrating with various application developers.

Emerging as an ideal solution that helps banks in analyzing and prioritizing financial transactions, the Ninth Wave platform ensures that financial institutions are not burdened by multiple transaction requests initiated by numerous third-party software providers, users, and aggregators. Thus, banks can seamlessly execute day-to-day financial operations in an efficient manner while prioritizing between aggregators and account holders respectively.


Ninth Wave platform acts as a bridge that connects aggregators, banks, financial institutions, and fintech applications


“The Ninth Wave platform acts as a bridge that connects aggregators, banks, financial institutions, and fintech applications,” says Anderson. This encourages banks to focus on improving proprietary, value-added channels to offer users the service that they deserve. Moreover, it also eliminates the need for ‘one-off data sharing agreements’ that banks undertake with aggregators, API players, and fintech companies to protect users’ data.

Ninth Wave focuses on best practices, and newer regulations such as the California Consumer Privacy Act to bring in adequate transparency into their systems. It gives banks the ability to analyze the data sharing channels and certify the fintech vendors that they wish to support. Ninth Wave’s platform also helps financial institutions to map data trajectories and ensure the safety of users’ confidential information once it goes out of their database. Besides, if financial institutions are not satisfied with aggregators’ ability to manage the data, they can restrict sharing it entirely. To comply with the necessary security protocols and regulations, the firm takes advantage of best practices, standards, and APIs that are prominently used in the market; these APIs ensure the provisioning of quality data while making connectivity easier for all the participants.

Ninth Wave is now focused on improvising its solution portfolio and empowering financial institutions with a secure and direct channel for data acquisition. Also, the company is exploring international opportunities to expand geographically and become the go-to source for data connectivity. “We aspire to be the secure, universal, digital supply chain for the sharing of financial account data,” concludes Anderson.

Company
Ninth Wave

Headquarters
New York, NY

Management
George Anderson, Founder & CEO

Description
Provides a secure channel for fintech companies to seamlessly acquire data from financial institutions

Ninth Wave