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.

HDI_Concept
HDI_Concept

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

On October 19th, 2023 the Consumer Financial Protection Bureau (CFPB) announced proposed rulemaking 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

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

Quickstart Icon
Quickly and easily set-up a developer interface

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

Audit Logs-1
Leverage tested and hardened solutions

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

Team Icon
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.

Evolve Icon
Meet ever-evolving open finance standards

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

1033 Compliance Solution

Bank-branded solutions graphic image

Data provider branded solutions

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
  • 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. 

All services:
  • 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 & resolution reports

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

 

Akoya's Compliance Series

Webinar - It’s time to act. Prioritize 1033 compliance for your customers

Learn from industry experts at Akoya and Capgemini on how to bring your financial institution into Section 1033 compliance in the most efficient and cost-effective way possible in our Open Banking Compliance Series.

Stay ahead of compliance deadlines:

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

Assets Months until compliance
>$500B 6 mos post rulemaking
$50B up to $500B 12 mos post rulemaking
$850M up to $50B 30 mos post rulemaking
<$850M  48 mos post rulemaking

 

 

 

Request a 1033 Compliance Solution demo

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