An explosion in new financial services experiences, powered by fintech apps for consumers and small businesses, has propelled the rise of open banking technology in the U.S. and around the world. Every player in the consumer finance arena must now rethink what is possible when consumers and small businesses have full control of their financial lives.
Watch this discussion of the much-anticipated CFPB 1033 regulation and emerging API industry standards. Our open banking experts joined by Financial Data Exchange (FDX) co-chairs, Franklin Garrigues from TD Bank and Steve Smith from Mastercard, to discuss the open banking industry's leading technical standards body and areas of consideration for the ecosystem within CFPB's 1033 rulemaking. They discuss:
- How the CFPB 1033 regulation will shape the future of open banking in the US
- Overview of the FDX standard, and updates on latest developments within FDX
- The role of an industry standard-setting body, and steps the FDX is taking toward recognition
- How FIs can prepare for the regulation and unlock new revenue streams
