Today, the Consumer Financial Protection Bureau (CFPB) proposed rulemaking to jumpstart competition and accelerate the shift to open finance. We applaud the CFPB’s proposals aimed at increasing consumer control, establishing robust protections against the misuse of data, and providing more convenience and choice for consumers to select providers.
The proposed rule is aligned with the core principles of Akoya’s data access network. Akoya is transforming the way consumers access their financial data by ensuring that data access and sharing is done in a secure and transparent manner. Our model allows for consumers to provide explicit consent to share data with each third-party app, along with the ability to easily monitor sharing and revoke consent at any time. Akoya’s 100% API-connected network confirms that we never screen scrape and therefore never access or store consumer credentials. Akoya is available to work with all players in the ecosystem – small and large banks, credit unions, data aggregators and fintechs.
We support rules that enhance consumer control over their financial information with safeguards in place to protect data privacy. We look forward to continuing to engage with the CFPB on its proposed approach.
The Akoya Data Access Network is simplifying data access for open finance. Through a single integration with Akoya, financial institutions, fintechs, and data aggregators can enable multiple API connections and avoid continued maintenance and development efforts. Akoya handles all data-sharing relationships on behalf of network participants and removes the myriad of internal and external costs required to develop and manage multiple third-party agreements. Akoya optimizes for security, transparency, and scalability, and offers a passthrough model that does not copy, store, or hold any financial data or personal information. The network is an interoperable solution available to the entire financial services industry. To learn more about how Akoya keeps consumer financial data safe, visit https://akoya.com/consumers.