In the rapidly evolving open finance ecosystem, where innovation must blend seamlessly with safety and soundness, Invela is pleased to announce that it has embedded validated assessments performed by S&P Global into its critical Accreditation service.
Invela Accreditation is a first-of-its-kind, purpose-built framework for vetting third-party provider risk in open finance. It allows accredited third-party providers, such as fintech and wealthtech companies, to demonstrate that they meet high standards in areas including information security, operational resilience, privacy, and data protection.
"We are delighted to have selected S&P Global as our vendor," states Steve Smith, CEO of Invela. "By integrating validated assessments from S&P Global's KY3P/TruSight team into our onboarding process, Invela Accreditation, we have established a rigorous framework for safe financial data sharing. And, as a cornerstone of our Network, Invela Accreditation underpins our commitment to safe, transparent, and effective risk management – building trust where it matters most."
Invela's standardized and transparent accreditation framework combines third-party providers’ existing documentation with AI to enable scalable, efficient, and cost-effective processing. Rigorous, financial-grade assessments, conducted by experienced professionals from S&P Global's KY3P/TruSight team, evaluate each recipient's cybersecurity, business continuity, and operational resilience. The result is the Invela Accreditation: a clear, trusted signal that a data recipient meets the standard for secure financial data access. With Invela Accreditation, third-party providers apply once to access many financial institutions – eliminating the need for arduous and lengthy institution-by-institution accreditation.
First line of defense: Invela Accreditation – Invela's open finance-specific accreditation process incorporating validated assessments conducted by S&P Global's KY3P/TruSight team. Accreditation isn't a one-off – it's renewed annually.
Second line of defense: Invela Risk Indicator – Invela continuously monitors entity-level behavior across thousands of data points. Banks, building societies and credit unions receive real-time alerts when a third-party provider breaches their individual risk appetite.
Third line of defense: Invela Warranty – An efficient risk transfer framework, Invela's insurance-backed warranty – in development – will be efficient, fair, and informed by real-time intelligence.
Plus, governance that builds trust: transparent, non-discriminatory protocols govern the Invela Network. No exclusionary practices. Just fair, accountable market participation.
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