Solve for 1033 data sharing regulation
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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
“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
"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
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:
![Developer Interface icon](https://akoya.com/hubfs/HDI.png)
Establish and maintain a 1033 compliant developer interface (APIs, docs, test data, etc.).
![Covered Data icon](https://akoya.com/hubfs/Server.png)
Make available data for Reg E & Reg Z accounts (balances, transactions history, T&Cs, payment initiation information).
![Third Party Onboarding, Due Diligence + Contracting icon](https://akoya.com/hubfs/Partner.png)
Conduct security reviews and maintain agreements with third party data recipients.
![Required Metrics icon](https://akoya.com/hubfs/Reporting.png)
Meet and report out on quantitative metrics (99.5% uptime, 3.5 sec API response).
![Compliance to Standards icon](https://akoya.com/hubfs/Legislation.png)
Ensure continuous compliance to established technical and regulatory standards.
![Performance rules icon](https://akoya.com/hubfs/Wealth%20Mgmt%20%26%20Invest..png)
Meet & report on technical performance requirements (latency, success rate, availability).
![Tech + Customer Support icon](https://akoya.com/hubfs/Light.png)
Provide technical and customer support to all third parties who want to access the developer interface.
![Policies + Procedures
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Establish and maintain centralized written policies and procedures for access requests, denials, record retention, etc.
![Quickstart](https://akoya.com/hs-fs/hubfs/Quickstart.png?width=144&height=144&name=Quickstart.png)
Integration options can be made to fit unique tech stacks with multiple authorization / data access patterns.
![Audit Log](https://akoya.com/hs-fs/hubfs/Audit%20Log.png?width=144&height=144&name=Audit%20Log.png)
Akoya provides a rich library of branded capabilities used by data providers to meet their needs and compliance requirements.
![Refresh](https://akoya.com/hs-fs/hubfs/Refresh.png?width=144&height=144&name=Refresh.png)
Our white-labeled, hosted solution is continuously updated as technical standards and regulations evolve.
![Team](https://akoya.com/hs-fs/hubfs/Team.png?width=144&height=144&name=Team.png)
We manage the operational and compliance tasks of supporting data recipients based on data provider requirements and policies.
1033 Compliance Solution
![Akoya hosted developer interface](https://akoya.com/hubfs/Bank-branded%20solutions%20graphic%20V1.png)
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
![Akoya third-party managed services](https://akoya.com/hubfs/End%20to%20end%20managed%20services%20V1.png)
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.
Tier |
Assets |
Months until compliance |
Tier 1 | >$500B in assets | 6 months post rulemaking |
Tier 2 | $50B up to $500B in assets | 12 months post rulemaking |
Tier 3 | $850M up to $50B | 30 months / 2.5 years post rulemaking |
Tier 4 | <$850M in assets | 48 months / 4 years post rulemaking |
Learn more about our understanding of the privacy and data security implications of 1033 and how to prepare your organization for the implementation of the proposed rule in this webinar: