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
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
Once a foundation of economic development, Bangladesh’s banking industry is on the verge of becoming its Achilles heel. Crushing non-performing loans (NPLs), poor governance, and stagnant innovation undermine confidence, limit credit expansion, and threaten financial stability. If dramatic changes are not sought, the country may lose one of its main tools for maintaining long-term economic
If a business wants to let a software program consume its banking data, it typically needs to go through a long series of processes, involving extensive paperwork and implementation, to do so. Citizens Bank is removing this pain point for its commercial customers by including them in the bank’s recently-launched open banking software. The trend
A federal judge granted the Financial Technology Association the right to intervene in the Consumer Financial Protection Bureau’s open banking rule, allowing the fintech industry to defend a rule on consumer financial data rights that the Trump administration refused to uphold. On Wednesday, U.S. District Court Judge Danny Reeves said the FTA has a substantial
The Consumer Financial Protection Bureau is expected to amend, or rescind and reissue, the rule on consumer financial data rights, potentially throwing out years of work under the Biden administration on a regulation that banks have long opposed, experts say. How the Trump administration will change the open banking rule is still unknown, but there
Bespin Global, an international cloud management and consulting firm for banks, is seeking to help U.S. banks build their open banking tech stack through a partnership with London-based Ozone API. The move comes as U.S. banks work to implement the open banking rule that was finalized by the Consumer Financial Protection Bureau last year. The