Data sharing

New developments in the banking app space include apps for Gen Z bankers and the relaunch of Google Wallet.

One year after from President Biden's executive order on Section 1033 of the Dodd-Frank Act, there has been no discernible progress.

The bank claims it has migrated all traffic from third-party apps and services to its secure API.

Direct connectivity between the cross-border payment company and the data aggregator will let Wise's 13 million customers use the 6,000 fintech apps in Plaid's network without the need for a bank account.

The agency must take a principles-based approach rather than trying to cover every possible issue in detail.

Expanding its support into digital assets will let users see a more complete financial picture in personal finance apps that use Plaid for data aggregation.

At American Banker's Digital Banking Conference, experts discussed the benefits and budding regulatory efforts around increased data sharing among banks and fintechs.

Without a rule standardizing data sharing standards, the Consumer Financial Protection Bureau risks the creation of a patchwork system of privacy standards as consumers seek the benefits of an open banking ecosystem.

Codat, a software startup that connects small businesses with financial institutions, raised $100 million in an equity funding round led by JPMorgan Chase’s growth-equity arm.

Widespread sharing of financial and other data creates enormous privacy risks for consumers, many of whom have no real understanding of the danger.

The company, which enjoys a large market share as a data aggregator to fintechs and banks, is adding account onboarding, identity verification and fraud detection to the array of services it offers.

A clear, cross-agency regulatory framework is needed to help the industry embrace the promise of this new financial services paradigm.

The data aggregator and challenger bank have formed a partnership to let customers of Green Dot’s mobile banking app use any of the 6,000 fintech apps in Plaid’s ecosystem.

The Consumer Financial Protection Bureau is in the early stages of developing a rule that could give bank customers far more say in how their information is being accessed by fintechs and data aggregators. What the final rule looks like will depend on how much consumers already know about the way their data is collected, stored and sold.

The Consumer Financial Protection Bureau is more than a year away from issuing a proposal on consumers’ right to control the flow of their data between banks and third parties such as fintechs, according to people familiar with the bureau’s thinking. Many previously expected a plan to arrive this spring.

The data aggregator assembled a group of technology companies that has developed a set of security standards for startups. It is open for comment ahead of an anticipated implementation in the second half of next year.

Even with an industry-driven standard in place, some institutions still resist parting with client information.

American banks need the kind of clear rules European institutions have enjoyed for several years if they're to become leaders in sharing consumer data with fintechs.

Vendors including Akoya, Plaid and MX are trying to help banks manage and view their application programming interfaces through data portals as an alternative to scraping consumers’ login credentials.

The bank's technology team was trying to figure out how to develop a system similar to the respected software program of Brown Brothers Harriman's investor-services unit. Now that State Street is buying that same unit, it can drop the project.