FOREX Magazine
IBP Finance I
IBP Finance I
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BIG BANKS,<br />
AGGREGATORS<br />
LAUNCH GROUP<br />
TO HASH OUT<br />
DATA-SHARING<br />
ISSUES<br />
Several big banks, including JPMorgan<br />
Chase, Bank of America and Wells Fargo,<br />
have joined forces with data aggregators<br />
and fintechs to form a group designed to<br />
create a consistent standard for sharing<br />
customer information.<br />
The Financial Data Exchange, launched<br />
Thursday, could mark a turning point in the<br />
battle between the various institutions over<br />
how to safeguard data yet at the same time<br />
allow access for legitimate purposes.<br />
The goal is to create a standard that provides<br />
interoperability within the financial<br />
ecosystem in a way that maintains consumer<br />
control, security and choice.<br />
“We feel like it fuels innovation,” said Lila<br />
Fakhraie, co-chair of the new group and<br />
manager of the Digital Banking API team,<br />
including the data-sharing program, at Wells<br />
Fargo. “Today we’re all focused so much on<br />
the risks and security aspects of things both<br />
from the financial institution and the fintech<br />
perspective. In the future, we could work<br />
together and partner on how we can move<br />
this forward in terms of innovating new,<br />
better ways for customers.”<br />
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