This week marks a major milestone in the world of open banking! 🚀
The Consumer Financial Protection Bureau (CFPB) in the United States has finalized a Personal Financial Data Rights rule that will unlock consumers’ financial data, enabling people in the U.S. to switch providers more easily-for free. This means increased competition, better rates, and improved services for consumers across banking, credit cards, payments, and more. However, for financial institutions, this news brings significant change and complexity.
Although the law has been passed, there's still no clarity on which standard body should be followed.
Financial Data Exchange (FDX), a U.S. nonprofit, has officially submitted the form to the CFPB to be declared the standard body to follow in the United States, and everyone is waiting to see when a standard body will be announced.
FDX is dedicated to unifying the financial industry around a common standard and has been at the forefront of the market-driven approach to open banking in the U.S. We spoke to FDX Managing Director Don Cardinal to find out more.
If you're feeling uncertain about these changes, don’t worry-you're not alone! At Ozone API, open banking is at the core of what we do. With years of experience in standards-based, API-powered financial services, we’re here to help you navigate the new open banking landscape and ensure you're well-prepared for the coming changes.
Reach out to Eyal Sivan, our GM for North America, if the CFPB announcement has left you wondering what’s next: info.ozoneapi.com/section-1033