Data sharing

The U.S. and its neighbor to the north are each developing frameworks to give consumers control over financial data and allow companies to transfer account information. A recently issued Canadian government report could influence efforts in both countries, analysts say.

The size of the financial commitments was not disclosed, but they add to a $425 million fundraising round that the data aggregator announced earlier this year.

The San Francisco data aggregator has committed to minimizing how much data it extracts from bank accounts.

Banks should favor the development of U.S. data rules that let them freely share consumer information with, and receive it from, fintechs. The alternative, where banks merely send data to third parties for a fee, would be less competitive and less beneficial for all parties.

Banks should let consumers download their account data and transfer it to other financial providers, according to a new presidential order. Some experts argue aggregators are already making this happen, but others say the directive implies more consumer control.

It's the latest move in an industry shift toward more secure sharing of bank account data with fintechs and away from screen scraping.

As the bureau writes data-sharing rules, the third-party firms that work with fintechs say oversight by the agency would be more efficient — and better for consumers — than being policed by their bank partners.

The three banks have joined others in a program endorsed by The Clearing House that aims to make data-sharing agreements with aggregators like Plaid and Finicity work more effectively.

Now that the data aggregator is no longer joining forces with the card network, it’s on to plan B, which includes developing better relationships with banks.

The Pittsburgh bank says the data aggregator deceptively uses PNC's logo in obtaining bank customers' login credentials.

As it attempts to craft policy on access to consumers’ financial account information, the agency is wading into a battle between those who want data to flow more freely and those who prioritize security.

Despite tougher privacy regulations, further safeguards are needed that require consumers' clear consent before personal information is exchanged.

The U.S. Justice Department sued to block Visa’s $5.3 billion deal for the data aggregator over concerns that it would harm competition in the global payments market.

Despite tougher privacy regulations, further safeguards are needed that require consumers' clear consent before personal information is exchanged.

Plaid said it has been in discussions with TD Bank over allegations of trademark infringement and false advertising and was caught off-guard by the lawsuit the bank filed Wednesday.

Plaid said it has been in discussions with TD Bank over allegations of trademark infringement and false advertising and was caught off-guard by the lawsuit the bank filed Wednesday.

In a lawsuit filed Wednesday, the U.S. subsidiary of Toronto-Dominion Bank accused the data aggregator Plaid of improperly using the bank’s name, trademarks and logos when it gathers TD customers' data.

Origin Bank is rolling out software to let customers curb or shut down account-data sharing with third-party apps. In the process, it hopes to learn a lot about client behavior and preferences that it could use in its own products.

The company's new agreement with Envestnet Yodlee to share customers' account data over secure pipes is its 17th pact with aggregators and other fintech firms.

Meredith Fuchs, formerly the top lawyer at the Consumer Financial Protection Bureau, says data aggregators like Plaid "have matured." She will help the company prepare for new data-sharing rules and its pending sale to Visa.