Banks, fintechs seek clarity on consumer data-sharing standards
data-sharing standards Banks, fintech firms, and information aggregators need controllers to give them greater lucidity on the best way to deal with shopper information and who’s in charge of holes when it’s shared among firms, American Banker reports.
While some fintech firms and information aggregators have created information sharing measures, willful standards won’t have the adequacy of formal direction or rulemaking
“It’s just fine for us to have legally binding understandings even among banks and the fintech,” said Steve Boms at a Federal Deposit Insurance Corp. gathering a week ago. “At last there should be administrative contribution here to illuminate what the desires are from a controller security and soundness angle.”
Boms is leader of open strategy strategist Allon LLC and was talking in the interest of the Consumer Financial Data Rights Group, a consortium of information aggregators and fintech firms that is backing an arrangement of information measures propelled by Envestnet’s Yodlee, Quovo and Morningstar’s ByAllAccounts.