Data sharing

Ben Soccorsy, head of digital payments in Wells Fargo’s virtual channels group, explains how the bank's 15 data-sharing agreements with fintechs and aggregators and tools like Control Tower give customers visibility into and control over their financial information.

The agency's recent update to its guidelines for banks on working with data aggregators and other third parties was not extreme, but some critics say its heavy emphasis on security could be a setback for open banking.

A CFPB event on data-sharing issues gave the parties a chance to debate the merits and risks of screen scraping, what can replace it and what consumers really want.

The heads of the two companies explain how the deal came about, what hurdles they face and how they plan to mash up their very different operations.

Akoya has been building a data-sharing network that gives fintechs access to bank account data through application programming interfaces as an alternative to screen scraping. JPMorgan Chase, Bank of America and Capital One are among its new owners.

When it comes to customers using application programming interfaces, the bank appears to be outpacing its rivals.

The U.S. banking system risks being left behind by the European Union and the United Kingdom when it comes to open banking.

Moving to an open banking system comes with both costs and benefits that each bank will need to weigh before diving in.

Banks in the U.S. should take note of these requirements before opening their systems to third-party developers.

Visa's deal to acquire the data aggregator Plaid is likely to have ripple effects throughout the industry, including reduced tension between banks and fintechs over data sharing.