Data sharing

No shortage of ideas for CFPB data-sharing rules

07/30/20

Banks, data aggregators and fintechs have clashed for a decade over how consumers’ bank account data should be shared with third parties. The agency says it will offer a plan, and industry officials have plenty of suggestions already.

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What happens if Mastercard and Visa gobble up all the data aggregators?

06/29/20

Thanks to their close relationship with the card networks, banks stand to benefit most from deals like Mastercard’s agreement to buy Finicity and Visa’s pending purchase of Plaid. The prospects for fintechs and consumers are dicier.

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TD Bank confronts vexing problem of connecting disparate data

05/20/20

The Toronto company is testing new software from Cinchy that lets its technology teams visualize how datasets spread across departments might work together to make client referrals or collaborate with fintechs.

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Plaid launches exchange to help banks share data with fintechs

05/19/20

The company's new service is intended to help small banks share account data while avoiding screen scraping.

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Behind Wells Fargo's effort to demystify data sharing

04/21/20

Ben Soccorsy, head of digital payments in Wells Fargo’s virtual channels group, explains how the bank's 15 data-sharing agreements with fintechs and aggregators and tools like Control Tower give customers visibility into and control over their financial information.

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OCC guidance on data sharing could stifle innovation, fintechs say

03/10/20

The agency's recent update to its guidelines for banks on working with data aggregators and other third parties was not extreme, but some critics say its heavy emphasis on security could be a setback for open banking.

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‘Screen scraping is not evil’: Bankers, fintechs, aggregators face off

02/27/20

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.

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Fidelity’s data-sharing unit Akoya to be jointly owned with The Clearing House, 11 banks

02/20/20

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.

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Wells Fargo escalates the API race

02/11/20

When it comes to customers using application programming interfaces, the bank appears to be outpacing its rivals.

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Europe’s new API rules lay groundwork for regulating open banking

01/21/20

Banks in the U.S. should take note of these requirements before opening their systems to third-party developers.

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