Data sharing

The financial services industry has struggled with how best to explain privacy and data-sharing practices to customers. Mastercard is offering a new framework.

Unlocking the information that technology companies have on consumers would benefit banks and society overall, the chairman of the Spanish banking giant said.

The deal between one of the largest U.S. banks and a dominant data aggregator is designed to give customers more control over their data.

Hint: For their e-commerce clients, it's all about faster payments.

Though the use of alternative data in lending is seen by some as untested, several fintechs say they couldn't function without it.

Don Cardinal of FDX and Olivier Helleboid of Intuit explain the FDX and OFX standards, how they're turning them into one standard and what that standard will be able to do for banks.

OFX is used by 7,000 banks while FDX is used by 2 million consumers. The two standards are converging.

Policymakers should consider how new data computing can help ensure equal lending, not hinder it.

The former head of the Small Business Administration and current Harvard professor says data sharing can be transformational for banks.

The investment firm is launching a company called Akoya that it says will help ease the technical aspects of data sharing, as well as disputes and liability issues, for banks, fintechs and data aggregators.