Data sharing

The banks want the pay-by-bank provider to use application programming interfaces to protect consumers, they say.

The companies have signed a new data-sharing agreement that includes an undisclosed pricing structure. Plaid said it will not pass the new costs on to its clients.

When JPMorganChase said it planned to charge aggregators for its customer data, it sparked strong feelings on all sides.

Brex's second license in the European Union is a key step in cementing turning payment relationships in the EU into broader financial relationships, including card issuing and cross-selling.

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.

An industry lawsuit seeks to undermine a rule put forward by the Consumer Financial Protection Bureau that would make it much easier for consumers to manage their own financial health.

The industry should rally behind the Financial Data Exchange, which has stepped up to help develop standards and governance protocols for open banking in the United States.

Section 1033 promised to increase competition in banking and improve the ability to offer novel payment methods, but experts say the regulation isn't clear enough to have a major impact.

The Consumer Financial Protection Bureau expanded the scope of the 1033 rule to include payment apps, provides for some secondary uses of data, and extends the timeline for compliance.

The Consumer Financial Protection Bureau needs to do more to enhance security while making it easier for consumers to share data.

The agency's rule represents real progress, but applying it to more kinds of accounts and making other common-sense changes would increase its already significant benefits to consumers.