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    Open Banking Solutions

    CFPB 1033 compliance
    built for you

    Streamline your implementation of the CFPB's Section 1033 open banking regulation using our end-to-end solution for financial institutions.

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    HDI Concept_Summary_Concept (1)

    Stay ahead of deadlines

    Prepare your organization for CFPB 1033 compliance by establishing a developer interface as required in the rule. Act today and stay ahead of the compliance dates based on your organization's asset size or revenue. 

    >$250B

    days to comply
    until April 1, 2026 deadline
    $10B - $250B

    days to comply
    until April 1, 2027 deadline
    $3B - $10B

    days to comply
    until April 1, 2028 deadline
    $1.5B - $3B

    days to comply
    until April 1, 2029 deadline
    $850M – $1.5B

    days to comply
    until April 1, 2030 deadline
    Financial institutions

    Obligations under CFPB Section 1033

    On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued its final ruling on Section 1033 to accelerate a shift toward open banking, giving consumers more control over their data and protecting against companies misusing that data. Now, financial institutions must adhere to technical and procedural obligations to achieve and maintain compliance. 

    Developer interface Establishing a developer interface with access to covered data

     

    Third partyConducting third-party onboarding, due diligence and contracting

     

    SupportProviding both technical and customer support to third-parties

     

    PoliciesEstablishing and maintaining policies and procedures

     

    ReportingMeeting and reporting on required metrics

    1033 COMPLIANCE SOLUTION

    How Akoya can help

    Akoya's end-to-end solution meets and maintains compliance for data providers with ever-evolving Open Banking technical standards (e.g., Financial Data Exchange - FDX) and CFPB Data Rights Regulations.

    Download 1033 Solution overview

    Quickly and easily set-up a developer interface

    Integration options can be made to fit unique tech stacks with multiple authorization / data access patterns.  

    Delegate operations to a seasoned team

    We manage the operational and compliance tasks of supporting third-party data recipients based on data provider requirements and policies. 

    Leverage tested and hardened solutions

    Akoya provides a rich library of branded capabilities used by data providers to meet their needs and compliance requirements. 

    Meet ever-evolving open banking standards.

    Our white-labeled, hosted solution is continuously updated as technical standards and regulations evolve. 

    1033 Compliance Solution

    Data provider branded interface image

    Data provider branded interface

    Ready to leverage solutions are white-labeled and used by data providers to establish the third-party developer interface.

     

    • Developer interface for onboarding, reporting and ongoing management

    • Admin console

    • Hosted APIs and endpoints

    • Documentation

    • Sandbox test data

    • Consumer consent management 

    End-to-end managed services image

    End-to-end managed services

    In addition to the technical lift, Akoya serves as the central access point for third-party security assessments, legal agreements, support, policy adherence, and record retention - all in close partnership with financial institutions.

     

    • Comprehensive security and risk reviews
    • Third-party onboarding and due diligence and contracting
    • Third-party data access agreements
    • Technical and customer support
    • Compliance to technical standards, policies and regulations
    • Dispute and resolution reports 

    Financial institutions trust Akoya

    PNC logo
    “ We recognize how important it is for our customers to be able to use the financial applications of their choice in a safe and secure manner. Akoya's capabilities help us meet the data sharing needs of our customers as well as data aggregators, data providers, and other third-parties, in line with evolving industry standards. This is good for our business, good for our customers, and good for the industry. ”
    Bill Demchak, Chairman, President and CEO
    TD Bank logo
    “ TD has embraced the Akoya Data Access Network as a key enabler of our customer-driven banking strategy in the US market. This has allowed us to provide our customers with a safe and secure way to share their data with participating third-parties of their choice. ”
    Franklin Garrigues , Vice President of External Ecosystems

    Featured resources

    Featured

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    Preparing for CFPB Section 1033 compliance: Is your financial institution ready?

    In the first webinar of our Open Banking Compliance series, “1033 Compliance is a Significant and Ongoing Expense...
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    Financial institutions like banks and credit unions are facing mounting pressure and scrutiny as the Consumer..
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    Section 1033 compliance for financial institutions

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    How Akoya protects consumer financial data

    Akoya helps keep consumer financial data safe. Our team is dedicated to helping consumers more efficiently manage..
    View all resources

    Book a 1033 Compliance Solution demo

    Please complete the form below and an Akoyan will be in touch to schedule a 30-minute demo. 

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