Law360 (November 6, 2020, 5:39 PM EST) — Consumers’ rights to access and use their personal financial information has been a key focus of innovators and regulators over the past decade.
The development of so-called open banking fintech models has proliferated, as customers discover the value in allowing third-party financial service providers to access dispersed personal data through the use of either credential sharing and screen-scraping or application programming interfaces, which allow systems and applications to communicate in a more prescribed way without credential sharing.
Historically, banks have monopolized access to customer account data. The bank-customer relationship has been a private one governed by one-sided terms and conditions, with…
Source : From the Web
