Open Banking Compliance Series

On a scale of 1 - 10, how ready are you for Open Banking?

As we move towards a more connected financial ecosystem, understanding the ins and outs of compliance is crucial. That's why Akoya and our partners at Capgemini are excited to announce our Open Banking Compliance Series.

Designed specifically for financial institutions, the series will prepare both business and technical teams to navigate the technology, policies, procedures, and third-party risk management that will keep you compliant with CFPB Section 1033. 

As leaders in Section 1033 compliance solutions and services, we will share actionable Open Banking related content throughout Q3 and Q4 of this year, including live webinars, blog articles, and thought leadership pieces from industry experts.

Open Banking compliance webinars with Akoya and Capgemini

Presented with our partners at Capgemini, this three-part webinar series will focus on how to bring your financial institution into Section 1033 compliance in the most efficient and cost-effective way possible. 

Capgemini has been a leader in Open Banking since 2016 and recognized by Everest as a top provider of Open Banking services since 2018.  With continuous focus on the evolution of Open Banking standards, Capgemini helps clients in the financial services industry to convert specific regional Open Banking standards into technical implementations.  With over 300+ Open Banking team members spread across India, UK, Ireland, Australia, US and Europe, Capgemini brings a rich set of Open Banking implementation services as well as deep expertise in assessing use cases and identifying data monetization opportunities. 

Our initial webinar schedule is listed below. Webinar topics and timing are subject to change depending on developments in Section 1033 rulemaking. 

1033 compliance is a significant and ongoing expense. Don't underestimate it.  Join Akoya and Capgemini for an insightful web session on the challenges and complexities of complying with CFPB Section 1033. Discover key lessons learned from Open Banking initiatives in the UK and Australia and how to avoid costly mistakes. This webinar will delve into the true costs of achieving and maintaining compliance, and why your initial estimates might be far too optimistic. Compliance with the 1033 ruling is not simply about building APIs. It is an ongoing, organization-wide effort that demands continuous attention and resources.  If you think your financial institution is underestimating the scope of 1033 compliance, this webinar will level-set your planning. Learn what it really takes to stay compliant and prepare your organization for Open Banking.

It's time to act. Prioritize 1033 compliance for your customers.  The clock is ticking for financial institutions to become 1033 compliant. This webinar presented by Akoya and Capgemini will guide you through the critical steps to implement 1033 compliance quickly and effectively.  Early compliance is not about meeting deadlines. It is about gaining valuable time for testing and ensuring your systems are fully prepared. While larger banks may have the resources to meet compliance internally, smaller banks and credit unions face unique challenges. Do not get left behind, ensure your institution is ready for customers to safely and reliably access their data.   Join us to understand the urgency of these requirements and how your financial institution can navigate them successfully.

1033 compliance is a complex issue that demands a multifaceted solution. Achieving compliance with CFPB Section 1033 is far more complex than you realize and will require continuous coordination across multiple departments within your financial institution.  This webinar will explain the complexities of 1033 compliance, offering critical insights on how to align risk, compliance, legal, product, and operations teams to meet ongoing compliance demands. We will explore what your internal compliance policy must include and what it should leave out.  Attendees will uncover proven strategies for maintaining robust audit trails and securely storing consumer data. We will also discuss best practices in public reporting to ensure your institution is fully prepared for the road ahead.

Open Banking compliance rulemaking and Section 1033

This fall, the Consumer Finance Protection Bureau will finalize a new rule that will provide clear standards for consumer financial data sharing and bring a welcome surge in momentum for Open Banking in the United States. 

The new rule, promulgated under Section 1033 of the Consumer Financial Protection Act, will put consumers in control of their financial data and establish data access, security, privacy, and sharing standards.  

Data providers (banks, credit unions), fintechs, and financial data aggregators will need to comply with the requirements set forth in the CFPB 1033 rule by deadlines imposed by the CFPB based on the financial institutions total assets. See diagram below. 

The rule may require resources beyond the capabilities of many financial institutions' internal teams. Section 1033 will put new, sustained demands on business units across the organization including: 

• Technology infrastructure 
• Data Security
• Compliance and Legal
• Risk Management
• Product
• Finance and Audit

Instead of scrambling to meet compliance requirements, financial institutions can be proactive and get a head start on 1033 compliance.

By doing so, financial institutions and their executive teams can display their commitment to protecting consumer financial data and distinguish themselves as leaders in Open Banking. 

Learn more about Akoya's 1033 Compliance Solution or sign up for a demo.