Industry and consumer groups are lining up support for the Financial Technology Association’s legal effort to uphold the Consumer Financial Protection Bureau’s open banking rule, but a federal judge denied their motions to file briefs in support of FTA’s case. Four different groups — including the Financial Health Network, the American Fintech Council, the Financial
The Financial Technology Association filed a motion for summary judgment in federal court late Sunday, defending a final rule on consumer financial data rights that the Consumer Financial Protection Bureau under the Trump administration refused to uphold. The FTA said in a court filing that consumers cannot share their data without easy access from banks.
The Central Bank of Nigeria (CBN) has warned Nigerian banks and fintechs to be wary of cybersecurity risks as they move into open banking. The Director of Payments System Policy at the CBN, Mr. Musa Jimoh, gave this charge while speaking during the Q2 Regulators Forum of the FintechNGR themed, “Beyond Compliance: Unlocking Innovation with Nigeria’s
The federal government says it will introduce legislation to implement open banking at its “earliest opportunity” as some advocates warn the project’s momentum may have stalled. Open banking — or consumer-driven banking, as Ottawa calls it — is about allowing Canadians and businesses to securely share their financial data with third parties other than their
Citizens has spent more than two years working on its open banking strategy.Alex Kent/Bloomberg The Trump administration is doing away with a regulation designed to promote data sharing between banks and third parties. But for Citizens Financial, the move isn’t hindering its bullishness on the broader concept. “This doesn’t change our strategy,” Eric McCabe, Citizens’
Wollette announces the upcoming launch of its revolutionary payment experience, set to go live in Q4 2025 LONDON, June 16, 2025–(BUSINESS WIRE)–Wollette, the British technology company redefining commerce, payments, and consumer engagement, today announces WollettePay – a bold new way to pay. Designed to combine the speed of one-tap checkout with the power of open
The banking sector is undergoing a transformative revolution largely driven by the rapid rise of financial technology, commonly known as fintech. Fintech companies leverage cutting-edge technologies, such as artificial intelligence, blockchain, cloud computing, and big data analytics, to offer innovative financial products and services. This digital disruption has challenged the traditional banking model, which has
The Consumer Financial Protection Bureau has asked a federal court to vacate its own open banking rule because it believes the rule exceeds the bureau’s authority and is arbitrary and capricious in its scope. In a motion for summary judgment filed Friday evening in the U.S. District Court for the Eastern District of Kentucky, the
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
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