News Topic: Data sharing

Though the use of alternative data in lending is seen by some as untested, several fintechs say they couldn't function without it. ... 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

Policymakers should consider how new data computing can help ensure equal lending, not hinder it. ... 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

In the past few years, APIs have become a surprisingly hot topic, considered by many as a golden key to open banking and innovation. ... Read full article

At a fintech event hosted by the FDIC, the agency’s chief and the head of the OCC offered their views on a wide range of matters. ... Read full article

Long-simmering tensions between the financial industry and Silicon Valley startups are erupting behind-the-scenes into a battle over the reams of valuable data held inside Americans' bank accounts. ... Read full article

California and others have passed consumer privacy laws, and lawmakers in Congress are beginning to address the issue. ... Read full article

Steve Boms, executive director of the Financial Data and Technology Association, says open banking standards are needed for U.S. banks and fintechs to follow. ... Read full article

Several fintechs are testing apps that let customers gain more say over how third parties use their data — and hope to one day be able to give them the power to revoke access to it entirely. ... Read full article

Though it became official in January in the U.K., most people there don't know what it is, according to a new survey that offers many insights for U.S. banks. ... Read full article

Schwark Satyovolu, original co-founder of Yodlee and current venture capitalist at Trinity Ventures, shares opinion on how consumer data sharing is evolving. ... Read full article

Policymakers have called for streamlined disclosures for customers granting third parties access to their financial account data. They don’t have to look far for a potential solution. ... Read full article

Netspend customers kept from accessing paychecks; Sen. Elizabeth Warren rebukes Comerica over fraud in benefits program; FDIC poised to revamp deposit rules (about time, say banks); and more from this week's most-read stories. ... Read full article

A recent study concluded there are first-mover benefits for banks that embrace open banking. But many executives see its risks instead. ... Read full article