Financial institutions like banks and credit unions are facing mounting pressure and scrutiny as the Consumer Financial Protection Bureau’s Section 1033 ruling looms and the clock officially starts ticking on achieving and maintaining Open Banking compliance.
Due to the complexity and scope of complying with CFPB Section 1033, managing both the technical integrations and third-party data recipients will be a tremendous challenge for most financial institutions, especially those with limited internal technical and operational teams.
The project will require large outlays in resources, time, and coordination from all business lines, including technology, security, compliance, and legal, risk, and product.
And this heavy operational and technical lift must be achieved under tight timelines and will pull already thin resources away from core business functions.
That is where Akoya comes in.
Our 1033 Compliance Solution is designed to simplify the compliance process, offering financial institutions an end-to-end solution that covers both technical and ongoing operational aspects of Open Banking and CFPB Section 1033 rule compliance.
A comprehensive, packaged solution
Akoya's end-to-end solution can meet and maintain compliance for data providers with ever-evolving Open Banking technical standards (e.g., Financial Data Exchange (FDX) standard) and CFPB Section 1033. With Akoya, data provider financial institutions can:
- Quickly and easily set-up a compliant developer interface
- Leverage tested and hardened solutions
- Meet ever-evolving standards
- Fully delegate ongoing operations to a seasoned team
This combined solution of ready-to-leverage technical assets and management services ensures that financial institutions can meet compliance requirements now and in the future.
Streamlined third-party data sharing
The Akoya 1033 Compliance Solution manages the operational and administrative tasks involved in supporting all third-party data recipients like financial apps and fintechs. This includes managing the burden of conducting countless third-party security and risk reviews, managing all third-party data access agreements, and providing round-the-clock third-party support.
Financial institutions are free to focus their time and resources on core operations rather than third-party administration.
Enhanced data security
Security is always a top priority for banks and credit unions, especially when sharing consumer financial data with third parties.
Akoya works closely with data provider risk teams to develop a context-based approach to third-party security and risk reviews. Third parties- are routed through the appropriate level of assessment based off mutually agreed upon criteria.
Akoya’s 1033 Compliance Solution provides strict security measures, including third-party vetting, which includes annual recertifications. This level of rigor ensures that all data recipients meet contractual and security requirements.
Transparency for admins with CFPB Section 1033 rule compliance
Offering easy integration into a financial institution’s tech stack, Akoya’s 1033 Compliance Solution provides all the tools, branded assets, and managed services that financial institutions need.
Through a branded, unified interface, banks and credit unions can monitor traffic and gain actionable insights into how and how often their customers’ personal financial data is being shared.
To meet Section 1033 performance requirements, the Akoya 1033 Compliance Solution enables reporting on technical data sharing metrics like latency, success rate and availability.
In another dashboard, teams can review third-party data recipient status, including due diligence, documentation, and ongoing support. Other compliance dashboards include real-time information on uptime, response time, maintenance windows, outages, and additional public data provider information.
Make 1033 compliance worry-free
Akoya’s 1033 Compliance Solution is a complete package that covers everything from third-party relationship management to legal agreements and security reviews.
With Akoya, banks and credit unions can focus on what matters most—delivering exceptional financial services to their customers—while we handle the rest.
To stay ahead of the upcoming CFPB 1033 compliance deadlines, connect with Akoya today and prepare your organization for the future of Open Banking.
