Some of America's biggest banks have joined forces with fintech firms to launch a non-profit organisation that tackles the contentious issue of sharing consumer data.
Bank of America, Citi, JPMorgan Chase and Wells Fargo are among the banks backing Financial Data Exchange (FDX), alongside a host of firms, including Intuit, Xero and Yodlee, that want access to consumer account data.
A fragmented patchwork of data privacy rules threatens to upend the promise of new developments in financial technology across Asia, a leading trade body has warned.
Asifma, the financial industry’s regional trade association, highlights the challenges faced by firms in grappling with a multitude of regulatory mandates and suggests that policymakers focus on broad principles rather than precise rules.
(Bloomberg) -- Facebook Inc. has become the first big test case for the European Union’s beefed up privacy rules as Ireland’s data watchdog opened a probe into a security breach announced last week that affected as many as 50 million accounts.
United Overseas Bank is to apply machine learning technology from local RegTech startup and accelerator graduate Tookitaki across its entire anti-money laundering framework following a successful six-month pilot trial.
Envestnet | Yodlee (NYSE: ENV), a leading data aggregation and data analytics platform for digital financial services, today announced a joint initiative with two major data platforms Quovo and Morningstar ByAllAccounts to enable secure, open data access for consumers in regard to their financial data.
The three have united to develop the Secure Open Data Access (SODA) framework, a set of consumer-centric principles for data access and financial data security to promote transparency, traceability and accountability in the financial services ecosystem.
The joint principles identify the essential components of a successful data access regime in the United States. Supported by the Consumer Financial Data Rights (CFDR) Group, the principles identify standards that financial technology companies must uphold to enhance financial data security and create more transparency for consumers, financial institutions and policy makers into who accesses consumers' financial data and for what purpose. Since their emergence, financial technology firms have created tools that arm consumers with better insight into their finances. The SODA principles provide standards to maintain this open access to financial data in a secure manner and better position the United States to keep pace with "open banking" advances around the world.
"Through our involvement in existing industry groups focused on data access standards, we have noticed that consumers are not always as top-of-mind as they should be," said Anil Arora, CEO of Envestnet | Yodlee. "The principles released today reiterate our belief that it is the consumer's right to both access their data and permit it to be referenced through trusted third-party tools and applications, and that this consumer-permissioned access should not be limited or restricted."
ITRS has released a set of six fully-supported integrations to monitor key big data technologies used in financial services today including Kafka, Hadoop, PostgreSQL, MongoDB, Cassandra and Elasticsearch.
More than half of global banks expect to see their technology investment budgets rise by over 10% this year as they beef up cybersecurity and push for digital maturity, according to a survey from EY.