OPEN BANKING SOLUTIONS

CFPB 1033 compliance
built for you.

Akoya's end-to-end solution helps financial institutions achieve and maintain continuous compliance with U.S. data sharing regulations.

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What are your obligations under the Personal Financial Data Rights rule?

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.

 

Requirements include:
  • Establishing a developer interface with access to covered data
  • Conducting third-party onboarding, due diligence and contracting
  • Providing both technical and customer support to third-parties
  • Establishing and maintaining policies and procedures
  • Meeting and reporting on required metrics

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.

CFPB deadlines table

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

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Quickly and easily set-up a developer interface

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

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Leverage tested and hardened solutions

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

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Delegate operations to a seasoned team

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

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Meet ever-evolving open finance standards

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

1033 Compliance Solution

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Data provider branded interface

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

All solutions: 
  • Developer interface for onboarding, reporting and ongoing management
  • Admin console
  • Hosted APIs and endpoints
  • Consumer consent management
  • Technical and customer support
  • Documentation
  • Sandbox test data
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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. 

All services:
  • Comprehensive security and risk reviews
  • Third-party onboarding and due diligence and contracting
  • Third-party data access agreements
  • Compliance to technical standards, policies and regulations
  • Dispute & resolution reports

Learn more about CFPB 1033 compliance in our Open Banking Compliance Webinar Series.

Financial institutions trust Akoya

"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 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

 

Book a 1033 Compliance Solution demo

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