News Topic: Data integration

Lenders need to use alternative data as an overlay to traditional underwriting methods to help creditworthy customers in hardship because of the coronavirus crisis. ... Read full article

A CFPB event on data-sharing issues gave the parties a chance to debate the merits and risks of screen scraping, what can replace it and what consumers really want. ... Read full article

The heads of the two companies explain how the deal came about, what hurdles they face and how they plan to mash up their very different operations. ... Read full article

Akoya has been building a data-sharing network that gives fintechs access to bank account data through application programming interfaces as an alternative to screen scraping. JPMorgan Chase, Bank of America and Capital One are among its new owners. ... Read full article

Visa's deal to acquire the data aggregator Plaid is likely to have ripple effects throughout the industry, including less fintech-tech tension over sharing data. ... Read full article

Financial institutions need to be aware of the platform model, strategic and reputational hazards that come with granting access to their networks. ... Read full article

PNC, Plaid and Venmo have been blamestorming over customer data-sharing issues of access, security and consent. ... Read full article

Financial regulators’ statement cautiously encouraging banks to go beyond traditional underwriting in their lending decisions is a big step forward for the use of alternative data and artificial intelligence, bankers say. ... Read full article

Radius Bank is letting consumers open accounts through NerdWallet as part of its banking-as-a-service offerings to reach customers through third parties. ... Read full article

Banks like RBC and JPMorgan Chase can now more easily draw real-time FactSet data feeds into applications. ... Read full article

Hint: For their e-commerce clients, it's all about faster payments. ... Read full article

Don Cardinal of FDX and Olivier Helleboid of Intuit explain the FDX and OFX standards, how they're turning them into one standard and what that standard will be able to do for banks. ... Read full article

OFX is used by 7,000 banks while FDX is used by 2 million consumers. The two standards are converging. ... Read full article

The former head of the Small Business Administration and current Harvard professor says data sharing can be transformational for banks. ... Read full article

The investment firm is launching a company called Akoya that it says will help ease the technical aspects of data sharing, as well as disputes and liability issues, for banks, fintechs and data aggregators. ... Read full article

The data aggregator plans to help U.S. fintechs expand into the U.K. and vice versa. ... Read full article

Both sides acknowledge where expectations haven't been met, and are feeling the same market pressures to adapt faster. ... Read full article

Wells Fargo, Bank of America, Citigroup and other banks have joined forces with fintechs and data aggregators to create the Financial Data Exchange, which aims to resolve the fight over sharing customer information. ... Read full article