Navigating Open Banking Compliance: Beyond the U.S. CFPB Rule

Want to stay ahead of open banking compliance requirements? Visit https://blog.axway.com/industry-insights/banking-finance/open-banking-regulations-competitive-edge?utm_source=youtube&utm_medium=social&utm_campaign=api_marketplace_banking_gc&utm_content=ob_shorts to learn how businesses can unlock innovation and opportunity beyond compliance. Understand how the CFPB's final open banking rule impacts your financial institution and learn practical strategies for compliance while driving innovation. This quick guide breaks down the essentials of secure data sharing and API standardization. Key Takeaways: 🏦 Open banking makes consumer financial data portable and shareable ⚡ Partner with trusted entities to expand your application capabilities 🔒 Implement common API standards for secure, frictionless data sharing 🤝 Enable user consent and transparent data access ⚙️ Choose technology solutions equipped with FDX standards Transcript: The CFPB's final open banking rule calls for compliance, but there's more to it than just checking a box. Open banking is making consumer financial data central, portable, and shareable. So how do businesses unlock innovation within that? Financial institutions can't build all the applications they want independently; they need trusted partners. Common API standards make it easier to share financial data without friction, in a secure, transparent manner. At the end of the day, open banking is all about enabling end users being able to make requests, partners being able to access data from your financial institution, and being able to give that consent. Consider the technology choices you're making and if they're equipped with FDX standards to help cover all these bases. #OpenBanking #CFPB #OpenBankingCompliance #FinancialData

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