Data sharing

The CFPB must unequivocally state that consumers own their financial data and prohibit financial institutions from monetizing access to it. No one, not even the biggest bank in the country, should dictate with whom consumers can share their data.

Many of the 100 banks in the BankTech Ventures consortium have expressed interest in using the data-sharing network.

The consumer protection agency told a Kentucky court it wants to re-examine the issues around the way bank customer data is shared with fintechs through data aggregators.

The nation's largest bank is planning to implement fees for access to data that has traditionally been provided free of charge. Data aggregators and fintechs accused JPMorgan of exploiting regulatory uncertainty and raising prices for consumers.

As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.

The data aggregator intends to continue sharing data with Envestnet and U.S. banks after the acquisition.

President Trump's first administration laid the foundation for open banking in the United States through market-oriented principles. His second administration now has the opportunity to build upon this foundation.

Experts at American Banker's Payments Forum said health care, fintech and even gaming are emerging as popular uses for checkout and other financial services that integrate directly into digital commerce platforms.

Open banking offers immense opportunities for the industry and the consumers it serves, but it will only deliver on this potential if banks proactively build customer trust and work together to assure standardization.

Through a partnership with Axway, the bank aims to provide API-based data sharing and develop new products that leverage open banking.