Citi prioritizes embedded digital payment strategy

https://bankautomationnews.com/allposts/payments/citi-prioritizes-embedded-digital-payment-strategy/
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As demand for embedded payment offerings continues to climb, Citigroup’s Citi Pay plans to keep up.  Global revenue from embedded payments is expected to reach $59 billion by 2027, up from $32 billion in 2023, according to a study by Juniper Research.   “Today, consumers see flexibility in a payment option as more than just […]

https://bankautomationnews.com/allposts/payments/citi-prioritizes-embedded-digital-payment-strategy/

Canadian Fintech Peloton Technologies Secures $2 Million in Seed Funding

https://finovate.com/canadian-fintech-peloton-technologies-secures-2-million-in-seed-funding/
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  • Canadian fintech Peloton Technologies has raised CAD $2 million in seed funding.
  • The funds will help the company meet its growth objectives. The investment also serves as a “precursor” to a “larger capital raise” next year.
  • Founded in 2011, Peloton Technologies offers a platform that enables small businesses to simplify payment workflows.

Victoria, Canada-based fintech Peloton Technologies has landed $1.5 million (CAD $2 million) in seed funding. The investment will help fuel the company’s growth as it seeks to simplify payment workflows for small and medium-sized businesses.

Peloton did not disclose the names of the investors. The company did say that members of the investing team have joined Peloton Technologies’ advisory board. The seed funding comes four months after the company secured $1.5 million (CAD $2 million) from the Pacific Economic Development Agency of Canada (PacifiCan). The funding from PacifiCan was the second investment Peloton received from the agency. The company picked up CAD $500,000 in funding from PacifiCan’s Business Scale Up and Productivity (BSP) program in 2022 ($367k in today’s dollars).

“We’re thrilled with the response from the Private Investor community,” Peloton Technologies Executive Chair of the Board John MacKinlay said. “We have a world-class group of investors with deep background in payments, banking, risk management, compliance, accounting, IT architecture, and securities law.” MacKinlay added that the funding will also help Peloton Technologies execute its acquisition strategy; last month, Peloton announced the acquisition of KIS Payments, an ISO (Independent Sales Organization). MacKinlay also noted that this week’s fundraising was a “precursor” to a “larger capital raise” slated for the first half of 2024.

“We’ve spent a lot of time creating the most comprehensive solution for businesses and now it’s time to scale,” CEO Craig Attiwill said when the company acquired KIS Payments in October.

Founded in 2011, Peloton Technologies helps small and medium-sized businesses in Canada process payments, execute fund transfers, exchange currencies, and store payment data. Its platform also supports the integration of multiple payment methods across multiple financial institutions. Peloton’s proprietary technology ensures the secure storage of payment data, document management, email/SMS notifications, and scheduling, as well as providing a sophisticated rules engine.

Photo by SevenStorm JUHASZIMRUS

The post Canadian Fintech Peloton Technologies Secures $2 Million in Seed Funding appeared first on Finovate.

https://finovate.com/canadian-fintech-peloton-technologies-secures-2-million-in-seed-funding/

Taulia Taps Mastercard to Launch Virtual Cards

https://finovate.com/taulia-taps-mastercard-to-launch-virtual-cards/
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  • Taulia is launching a virtual payment card solution for its users.
  • The company is partnering with Mastercard for the new offering, which will be integrated across major ERP solutions.
  • Degussa Bank and HSBC are piloting the launch.

Supply chain finance company Taulia is creating another payment option for its users this month. The California-based company is launching a virtual payment card in partnership with Mastercard and has integrated the new tool across major ERP solutions.

Taulia clients will be able to generate virtual cards through Mastercard upon request, which will save time and enable businesses to offer a better customer experience to their employees. In turn, the business itself will have more options to pay suppliers and control employee spending. Even suppliers will benefit, as they will see improved cash flow and better payments visibility.

The virtual payment card solution offers a unique, “bring your own bank” feature that allows Taulia clients to deploy virtual cards and extend the benefits already offered by their existing banks. This convenience comes thanks to Mastercard’s virtual card platform, which connects to more than 80 banks across the globe. Degussa Bank and HSBC are piloting Taulia’s launch.

“We’re pleased to be embracing innovation through our partnerships with Taulia and Mastercard, which will now provide our clients with an integrated virtual card payment solution within the Taulia platform,” said HSBC Global Head of Commercial Cards Product Management Arati Kurien. “Embedding HSBC’s financial services into the systems that our clients use day to day is a key focus for us.”

Taulia was founded in 2009 to help companies make use of cash tied up in their payables, receivables, and inventory. Taulia maintains a network of 3+ million businesses to fuel its clients with more working capital, support their suppliers with early payment, and help them build sustainable supply chains. Taulia processes more than $500 billion each year for its clients, which include Airbus, AstraZeneca, and Nissan.

In the coming years, we’re likely to see more of this embedded approach to supply chain financing. Fintechs will likely explore integrating supply chain financing tools into existing business solutions, as Taulia is doing within ERP solutions. We can also expect the inverse, as well, as fintechs embed other financial services, such as insurance, directly into existing supply chain platforms.

Taulia was acquired by SAP in 2022 for an undisclosed amount. Cedric Bru is CEO.

Photo by Mikhail Nilov

The post Taulia Taps Mastercard to Launch Virtual Cards appeared first on Finovate.

https://finovate.com/taulia-taps-mastercard-to-launch-virtual-cards/

Transactions: Grasshopper SaaS clients gain Capchase funding options

https://bankautomationnews.com/allposts/business-banking/transactions-grasshopper-saas-clients-gain-capchase-funding-options/
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Grasshopper Bank and startup-focused financial solutions fintech Capchase joined forces last week to offer startup funding options.  Macroeconomic conditions have presented challenges for startups, Luther Liang, director of product at Grasshopper, told Bank Automation News, noting that with Capchase, the digital bank’s SaaS clients can access new funding options.   “The product we’ve launched … […]

https://bankautomationnews.com/allposts/business-banking/transactions-grasshopper-saas-clients-gain-capchase-funding-options/

Nvidia sees Q3 surge in demand for AI solutions

https://bankautomationnews.com/allposts/ai/nvidia-sees-q3-surge-in-demand-for-ai-solutions/
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Chip-making behemoth Nvidia’s earnings for its fiscal third quarter were driven by a rise in data center demand, deepening relationships with cloud service providers and high demand for its GPU chips, Chief Financial Officer Colette Kress said during the company’s fiscal third quarter earnings call Tuesday.  The company recorded net income of $9.2 billion, up […]

https://bankautomationnews.com/allposts/ai/nvidia-sees-q3-surge-in-demand-for-ai-solutions/

Streamly Snapshot: Enhancing the Customer Experience in Financial Services

https://finovate.com/streamly-snapshot-enhancing-the-customer-experience-in-financial-services/
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How are financial institutions leveraging enabling technologies like AI to deliver better financial services to customers? What insights can be derived from data to make the customer experience in financial services safer, more relevant, and seamless?

This year at FinovateFall we heard from fintech analysts and financial services professionals on what financial institutions can and should do in order to bring better financial services to more individuals, families, communities, and businesses. Here’s a brief Streamly Snaphot sharing what our experts had to say.

Featuring:

For more on the latest trends in fintech and financial services, visit Streamly’s Fintech Hub.

The post Streamly Snapshot: Enhancing the Customer Experience in Financial Services appeared first on Finovate.

https://finovate.com/streamly-snapshot-enhancing-the-customer-experience-in-financial-services/

Streamly Snapshot: How Disruptive Technology Shapes the Future of Finance

https://finovate.com/streamly-snapshot-how-disruptive-technology-shapes-the-future-of-finance/
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How will disruptive technologies like Generative AI change the financial services landscape. How will these technologies impact our ability to expand financial wellness and promote financial inclusion?

The rise of disruptive technologies has created new opportunities for banks and financial services companies to bring new and better services to consumers and businesses. Here’s a look at what our fintech experts told us this year at FinovateFall about how disruptive technology will shape the future of finance.

Featuring:

For more on the latest trends in fintech and financial services, visit Streamly’s Fintech Hub.

The post Streamly Snapshot: How Disruptive Technology Shapes the Future of Finance appeared first on Finovate.

https://finovate.com/streamly-snapshot-how-disruptive-technology-shapes-the-future-of-finance/

Bold Commerce Taps Link Money to Bring Pay by Bank to Merchants

https://finovate.com/bold-commerce-taps-link-money-to-bring-pay-by-bank-to-merchants/
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  • Bold Commerce will offer its merchant clients a pay by bank solution, thanks to a partnership with open banking innovator Link Money.
  • When consumers pay using their bank account, merchants avoid credit card processing fees and experience reduced fraud.
  • There has been an uptick in pay by bank activity in fintech in recent months, with J.P. Morgan and Adyen both announcing plans to offer the new payment method.

Ecommerce checkout innovator Bold Commerce announced recently it is offering its merchant clients a new way to pay. The Canada-based company has tapped open banking technology company Link Money to help its merchant clients offer more payment options in the checkout experience for their end customers.

Specifically, merchants using Bold Commerce’s checkout tools can take advantage of Link Money’s Pay by Bank solution, which offers consumers an alternative to credit card payments and helps businesses reduce payment processing fees, credit card fraud, and provides guaranteed funds at checkout.

“Every shopper has their preferred payment method among the wide range of options available to them—from Buy Now, Pay Later to digital wallets, credit cards, and account-to-account payments—and they won’t hesitate to leave a product behind if their preferred method isn’t available,” said Bold Commerce CEO Peter Karpas. “It’s why we’re hyperfocused on diversifying the payment options we offer to brands, so they can personalize checkout for individual shoppers down to payment. Adding Link Money’s Pay by Bank solution to our repertoire rounds out these offerings.”

To keep the user experience simple, Link Money’s Pay by Bank leverages open banking, connecting to 3,400 banks across the U.S. Once the shopper selects and signs into their bank, they choose the account they’d like to use for the purchase and initiate the payment.

Link Money, also known as Link Financial Technologies, was founded in 2021. In addition to offering Pay by Bank, the California-based company also offers AccountVerify a verification solution to help merchants ensure that their customers are connecting real bank accounts. The company has raised $30 million and recently named Eric Shoykhet CEO.

With its potential to negate the fees and fraud that come with credit card payments, pay by bank has seen an uptick in popularity lately. Last month, J.P. Morgan disclosed it was leveraging Mastercard to provide billers with the ability to allow their customers to pay bills directly from their bank account. Days after that announcement, Adyen unveiled that it is teaming up with Plaid to launch its pay by bank services in North America early next year.

Photo by fauxels

The post Bold Commerce Taps Link Money to Bring Pay by Bank to Merchants appeared first on Finovate.

https://finovate.com/bold-commerce-taps-link-money-to-bring-pay-by-bank-to-merchants/

BankUnited CTO to speak at Bank Automation Summit U.S. 2024

https://bankautomationnews.com/allposts/ai/bankunited-cto-to-speak-at-bank-automation-summit-u-s-2024/
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BankUnited Chief Technology Officer Michael Lehmbeck will join the panel discussion “The AI revolution in banking: A road map for the future” at Bank Automation Summit U.S. 2024 on Monday, March 18, at 1:15 p.m. CT.  The summit takes place March 18-19 at the Omni Nashville in Nashville, Tenn., and brings together U.S.-based industry experts […]

https://bankautomationnews.com/allposts/ai/bankunited-cto-to-speak-at-bank-automation-summit-u-s-2024/

Podcast: Why an FI’s digital maturity matters

https://bankautomationnews.com/allposts/retail/podcast-why-an-fis-digital-maturity-matters/
https://media.transistor.fm/5080cc28/c233d972.mp3?#

Financial institutions must review their digital maturity to remain competitive in a tech-forward market.  The first step toward improving digital experiences is ensuring the FI has a solid digital foundation, Robin Smith, chief revenue officer of Praxent, tells Bank Automation News on this episode of “The Buzz” podcast. FIs need to establish a starting point […]

https://bankautomationnews.com/allposts/retail/podcast-why-an-fis-digital-maturity-matters/

Account takeover losses may exceed $635B in 2023

https://bankautomationnews.com/allposts/ai/account-takeover-losses-may-exceed-635b-in-2023/
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Anti-fraud and anti-money laundering companies are looking to AI to increase the efficiency of their detection models as digital fraud becomes more pervasive.  Account takeovers using stolen credentials and related financial crime increased by 354% year over year in the second quarter, according to the September “Q3 2023 digital trust and safety index” report by […]

https://bankautomationnews.com/allposts/ai/account-takeover-losses-may-exceed-635b-in-2023/

AI and the Fight Against Fraud: A Conversation with IDology’s Heidi Hunter

https://finovate.com/ai-and-the-fight-against-fraud-a-conversation-with-idologys-heidi-hunter/
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What are the opportunities and challenges of AI in the fraud prevention and identity verification space? We caught up with Heidi Hunter, Chief Product Officer for IDology, a GBG company, to find out.

IDology delivers a comprehensive suite of identity verification, AML/KYC, and fraud management solutions to help businesses drive revenue, deter fraud, and maintain compliance. Founded in 2003, IDology made its Finovate debut in 2012. GBG acquired the company in 2019.

Ms. Hunter joined GBG Americas in 2011 and has worked in both product innovation and customer success roles during her career with the company. She brings more than 13 years’ experience in supporting customers and helping them with their business needs through product innovation, support, and implementation roles.

Currently, Ms. Hunter is responsible for driving the company’s product roadmap and bringing new innovations to the identity verification market through strategic product development.

AI has brought on challenges and opportunities when it comes to fraud and financial crime. What are the principal challenges financial institutions are facing?

Heidi Hunter: There are four main areas of concern: cybersecurity and fraud, biased models, human oversight, and regulatory compliance.

Deloitte has written on the growing concern of AI as a cybersecurity and fraud threat, noting that 51% of executives interviewed believe that the cybersecurity vulnerabilities of AI are a major concern. One issue is the problem of more and better fake documents. AI will simplify creation of passports, driver’s licenses, and ID cards that are virtually indistinguishable from genuine ones. Another issue here is increased synthetic identity fraud. Generative AI is a productivity tool for fraudsters, creating highly realistic synthetic identities at scale.

Additionally, there is more effective phishing and social engineering. A recent study of 1,000 decision makers found 37% had experienced deepfake voice fraud. And Generative AI is used to fuel a surge in phishing tactics.

You also mentioned biased models, human oversight, and compliance.

Hunter: The use of AI and machine learning (ML) algorithms have come under scrutiny with concerns over data bias, transparency, and accountability. With regard to human oversight, 88% of consumers reported that they would discontinue a helpful personalization service if they didn’t understand how their data would be managed.

Lack of human oversight is also a regulatory concern. AI often lacks transparency, leaving businesses exposed when they must explain their decisioning, which has brought expectations of future regulation. AI-generated deepfakes are moving fast and policymakers can’t keep up.

Can the same technology that’s enabling fraudsters also enable FIs to thwart them?

Hunter: Yes, especially when AI is paired with human intelligence. AI benefits from experts charged with overseeing incoming and outgoing data. A trained fraud analyst accompanying AI-based solutions can catch new and established fraud trends. This includes novel threats that AI solutions on their own may miss.

From a compliance perspective, this means businesses can offer a more transparent solution and manage potential bias. Supervised AI can eliminate the need to manually verify an ID, and help provide the explanation needed for compliance and regulatory requirements.

Automation plays a major role in AI. So does human oversight. Can you talk about the relationship between AI and automation?

Hunter: Automation is typically rule-based and follows predetermined instructions, while AI can learn from data and make decisions based on that data. In other words, automation software operates on a set of predefined rules, while AI can make predictions and decisions based on the data it is presented with. The ‘predictions’ aspect of AI- and ML-based tech is where human supervision plays such an important role.

What is the proper balance between human oversight and AI? What role do humans have in an increasingly AI-powered world?

Hunter: Like with any tool, human-supervised AI is great when it’s one part of a larger identity verification (IDV) strategy.

Humans have a role at every ‘stage’ of AI use or implementation: in development, in terms of what data is being used to train a model; during deployment, where an AI-based tool is used and to what degree; and when it comes to holding AI-based tools accountable. This means analyzing a given output and what decisions a FI makes based on that output.

For identity verification specifically, how has human-supervised AI helped solve problems?

Hunter: Consumers also set the bar high for seamless interactions. For example, 37% of consumers abandoned a digital onboarding process because it was too time-consuming. Overcoming this challenge requires a comprehensive strategy. Human-supervised AI can play a critical role in the process, as it can quickly scrutinize vast volumes of digital data to uncover patterns of suspicious activity while also providing insight and transparency into how decisions are made.

Are businesses embracing human-supervised AI? What hurdles remain to broader adoption?

Hunter: Yes, because while there is a lot of excitement around what AI can do, several businesses and people in the academic community believe AI isn’t ready to make unsupervised decisions. As mentioned earlier, businesses show concern over AI operating on its own. Concerns range from ethical questions, to cybersecurity and fraud risks, to making a bad business decision based on AI. On a positive note, businesses are becoming more aware of benefits of supervised learning models.

Photo by cottonbro studio

The post AI and the Fight Against Fraud: A Conversation with IDology’s Heidi Hunter appeared first on Finovate.

https://finovate.com/ai-and-the-fight-against-fraud-a-conversation-with-idologys-heidi-hunter/

5 questions with … ConnectOne Bank’s Siya Vansia

https://bankautomationnews.com/allposts/business-banking/5-questions-with-connectone-banks-siya-vansia/
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ConnectOne Bank Senior Vice President and Chief Brand and Innovation Officer Siya Vansia is focused on aligning the bank’s digital and business strategies. During the third quarter, the Englewood Cliffs, N.J.-based, $9.7 billion bank invested in its people and technology, Chief Executive Frank Sorrentino said during the bank’s October Q3 earnings call. In an interview […]

https://bankautomationnews.com/allposts/business-banking/5-questions-with-connectone-banks-siya-vansia/

EU banks post record earnings, UK banks struggle for deposits

https://bankautomationnews.com/allposts/retail/eu-banks-post-record-earnings-uk-banks-struggle-for-deposits/
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Major banks in the European Union and the United Kingdom benefited from high rates during the third quarter, while others competed for consumer deposits.  European banks, including Deutsche Bank, ING, Santander Bank and UBS, reported the strongest performance in15 years in the first half of 2023, according to an Oct. 4 Fitch Ratings report. Fitch […]

https://bankautomationnews.com/allposts/retail/eu-banks-post-record-earnings-uk-banks-struggle-for-deposits/

Fintech funding: Mega rounds increase 50% QoQ

https://bankautomationnews.com/allposts/core-cloud/fintech-funding-mega-rounds-increase-50-qoq/
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Global fintech funding dropped marginally in the third quarter sequentially, but deals worth more than $100 million substantially increased as funding remained below 2019 levels.  As global fintech funding reached $7.4 billion in Q3, it was down 46% year over year, according to CB Insights’ State of Fintech Q3 report published last month.  “While fintech […]

https://bankautomationnews.com/allposts/core-cloud/fintech-funding-mega-rounds-increase-50-qoq/

Crastorehill Acquires Open Banking Players Qwist and ndgit

https://finovate.com/crastorehill-acquires-open-banking-players-qwist-and-ndgit/
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  • Crastorehill is acquiring two Germany-based open banking players, ndgit and Qwist.
  • Terms of the deal were not disclosed.
  • Crastorehill has appointed Matt Colebourne as CEO.

Fintech Capital-owned Crastorehill announced this week it has acquired two German open banking players, ndgit and Qwist (formerly known as finleap). Financial terms of the deal were not disclosed.

Warsaw-based Crastorehill builds data analytics products for financial services. The company’s strategy hinges on acquiring other open banking providers to help enhance its product suite, geographical coverage, as well as its big data and artificial intelligence capabilities.

Crastorehill is making the acquisition in anticipation of the European Union’s pending PSD3 regulation. PSD3 is an advancement of PSD2 and is expected to accelerate the proliferation of open banking based products.

As part of today’s announcement, Crastorehill unveiled it has appointed Matt Colebourne as CEO. Colebourne is Chair of ecommerce technology company Visii and former CEO of Searchmetrics.

“Open standards, in almost any technological or regulated area, create the opportunity to solve previously insoluble problems, to do things faster, more easily and more cheaply,” said Colebourne. “Much as the internet ushered in a previously inconceivable plethora of new ways to interact, transact and research, the rise of open banking will enable new ways to assess risk, verify identity, understand macro-economic behaviour and enable faster, easier interaction for consumers. I’m excited to join Crastorehill at a time when we have the opportunity to lead this transformation and grow.”

Photo by Vie Studio

The post Crastorehill Acquires Open Banking Players Qwist and ndgit appeared first on Finovate.

https://finovate.com/crastorehill-acquires-open-banking-players-qwist-and-ndgit/

Apiture Garners $10 Million in Funding

https://finovate.com/apiture-garners-10-million-in-funding/
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  • Apiture received $10 million in funding, bringing its total raised to $79 million.
  • The round was led by funds and accounts advised by T. Rowe Price with participation from existing investors.
  • Apiture offers credit unions access to a digital banking platform that ties in partnerships with more than 300 fintechs.

Digital banking solutions provider Apiture landed a $10 million funding round this week. The Venture round was led by funds and accounts advised by T. Rowe Price with participation from existing investors Live Oak Bank, Truist Ventures, and Pinnacle Financial Partners. The fresh funds boost Apiture’s total funding to $79 million.

The Wilmington, North Carolina-based company will use the $10 million to accelerate product development initiatives. It will also expand its sales and marketing efforts for its Apiture Digital Banking Platform. Launched last year, the company’s Digital Banking Platform serves more than 300 banks and credit unions.

“Apiture is relentlessly focused on delivering best-in-class digital banking solutions through continuous innovation and integrations with best-of-breed fintechs,” said company CEO Chris Babcock. “This additional funding enables us to further accelerate development initiatives that will help our clients thrive in a highly competitive market.”

Founded in 2017, Apiture helps credit unions compete with larger banks and credit unions when it comes to digital banking experiences. The company’s solutions, which work with more than 40 cores, offer both consumer and commercial banking experiences, along with account opening, embedded banking, and data intelligence tools. Powering these capabilities are Apiture’s network of more than 200 pre-vetted fintech partners, including Glia, Deluxe, MX, Mambu, and DefenseStorm, which signed with Apiture earlier this month.

Photo by Francesco Gallarotti on Unsplash

The post Apiture Garners $10 Million in Funding appeared first on Finovate.

https://finovate.com/apiture-garners-10-million-in-funding/

Last Early-Bird Deadline to Demo at FinovateEurope 2024

https://finovate.com/last-early-bird-deadline-to-demo-at-finovateeurope-2024/
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FinovateEurope 2024 takes place at the InterContinental O2 London over February 27 and 28.

Those who’ve been to a Finovate know the demos are unique. They are not pitches or presentations. They are seven-minute technology showcases without use of slides, videos, and mockups. They do not happen in the expo or on a stream stage. They are on the main stage during the general session without competing content. This approach delivers the highest ROI to demoers and ensures all attendees can experience the technology and discuss next steps.

There’s a competitive application process to demo at FinovateEurope next February, and the final early-bird deadline is Friday, November 24. When companies apply by this date and are selected, they receive a £1,000 to 2,000 discount on the demo fee.

When reviewing submissions and curating a demo lineup, the Finovate team looks for several things: Technology from across banking and financial services industry; companies ranging in age, size, culture, and geo footprint; recent launches or significant advancements in existing technology; partnership and other media announcements; and, of course, innovation and the competitive landscape.

For selected companies, the demo opportunity at FinovateEurope includes the 7-minutes on stage, a plug and play stand in the expo area over both event days, speaker tickets, lead gen scanning and reports, coaching calls with Finovate’s host and resident expert, and marketing and media exposure.

To move forward, review the online demo details, then submit the confidential application. Applications will be accepted after November 24 but will not receive the early-bird discount.

For companies with female founders, person-of-color founders, or a focus on ESG, check out our demo scholarship program.

Questions? Reach us at europe@finovate.com.

The post Last Early-Bird Deadline to Demo at FinovateEurope 2024 appeared first on Finovate.

https://finovate.com/last-early-bird-deadline-to-demo-at-finovateeurope-2024/

Deutsche Bank looks to gen AI for coding, CX

https://bankautomationnews.com/allposts/ai/deutsche-bank-looks-to-gen-ai-for-coding-cx/
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Deutsche Bank is exploring generative AI within its operations as it looks to third-party startups to develop the technology.  “Artificial intelligence is one of the most important technology trends for the financial industry, with significant potential to make business processes more efficient,” a Deutsche Bank spokesperson told Bank Automation News. “We expect that in future, […]

https://bankautomationnews.com/allposts/ai/deutsche-bank-looks-to-gen-ai-for-coding-cx/

Open banking: Catalyst for innovation, competition

https://bankautomationnews.com/allposts/retail/open-banking-catalyst-for-innovation-competition/
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Open banking regulation is in the works — finally. The Consumer Financial Protection Bureau (CFPB) announced in October 2022 a plan to propose a rule in 2023 requiring financial institutions to share consumer data upon request by the consumer. One year later, on Oct. 19, 2023, the bureau unveiled its Personal Financial Data Rights proposal. […]

https://bankautomationnews.com/allposts/retail/open-banking-catalyst-for-innovation-competition/