June 5, 2025

Magazine Issue Year 2025

Banking

How banks are getting their data ready for open banking

Anyone who has attempted to import multiple sets of data into a spreadsheet knows how important it is for shared datasets to have common formatting standards. What’s true for Microsoft Excel is even more true for bank account information. The Consumer Financial Protection Bureau had finalized an open banking rule that would mandate the sharing

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Banking

Here’s what banks must do to secure open banking data

The concept of open banking, or financial data sharing between banks and fintechs, comes with a number of security concerns. What if an application programming interface — a tunnel through which data passes from one application to another — is compromised? What if data stored at a fintech or data aggregator gets hacked? The Consumer

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Banking

The CFPB plans to kill the 1033 rule. Open banking lives on

If you asked the average person on the street if they would like their bank account data to be treated in the same way as data on Instagram or Facebook — that is, shared with advertisers, vendors and service providers — the response would be a resounding: “No! Absolutely not!” Yet every day, millions of

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