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US tech firms form alliance to drive bank data sharing

US tech firms form alliance to drive bank data sharing

May 18, 2018

Via: Finextra
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The three have united to develop the Secure Open Data Access (SODA) framework, a set of consumer-centric principles for data access and financial data security to promote transparency, traceability and accountability in the financial services ecosystem.

The joint principles identify the essential components of a successful data access regime in the United States. Supported by the Consumer Financial Data Rights (CFDR) Group, the principles identify standards that financial technology companies must uphold to enhance financial data security and create more transparency for consumers, financial institutions and policy makers into who accesses consumers’ financial data and for what purpose.

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