1033 COMPLIANCE SOLUTION

Get 1033-compliant with Akoya's full service solution

Streamline your compliance with CFPB Dodd-Frank Act Section 1033 data sharing regulations using our rulemaking-driven solution, offering seamless adherence and unmatched flexibility tailored to 1033 compliance.

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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, PNC

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“We chose Akoya’s network to enable our customers to share their financial data. Akoya’s pass-through solution is efficient and is designed with data privacy and data minimization in mind.  Akoya’s end-to-end management of the contracting process, streamlining of the onboarding and risk management processes, and operational efficiencies significantly accelerate our implementation timelines.”

Figen Ceceli, SVP, Head of Data Aggregation Product, Fidelity Investments

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"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, TD Bank

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Data provider obligations under 1033 NPRM

On October 19th, 2023 the CFPB announced proposed rulemaking that would accelerate a shift toward open banking, where consumers would have control over their data and would gain new protections against companies misusing that data.

Under the proposed rulemaking, financial institutions must adhere to certain technical and procedural obligations in order to achieve and maintain compliance. This includes:

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Akoya can help your financial institution be 1033-compliant

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
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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Meet ever-evolving open finance standards

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

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Delegate operations to a seasoned team

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

1033 Compliance Solution

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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
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End-to-end managed services

In addition to the technical lift, Akoya oversees contractual agreements, runs third-party due diligence, manages relationships and support of third-parties, and conducts technical integrations.

All services:
  • Third-party onboarding, due diligence and contracting
  • Technical and customer support
  • Compliance to technical standards
  • Compliance to policies and regulations
  • Dispute & resolution reports

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.


1033 Compliance deadlines table

 

 

Schedule a 30-minute consultation

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