Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
A U.S. regulatory body has appointed the main organization responsible for establishing standards in the area of open banking.
The Consumer Financial Protection Bureau (CFPB) has designated the non-profit Financial Data Exchange (FDX) as the entity tasked with developing open banking standards in accordance with updated regulations regarding personal financial data rights.
The revised regulations require that financial institutions, credit card issuers, and other financial service providers must, upon request, release personal financial data and transfer it to another service provider at no cost. FDX will be the first organization authorized to establish industry standards for financial data sharing.
Related Posts
The Financial Data Exchange is a non-profit organization that includes over 200 member entities, comprising commercial financial, technology, and industrial firms, as well as non-profit associations and consumer advocacy groups. FDX aims to create standards across various sectors in the U.S. and Canada, with the goal of standardizing protocols for secure consumer and business access to financial data.
FDX has been granted a five-year mandate to develop open banking standards in the United States.
Open banking enables users, with their consent, to share their financial data through open APIs, allowing third-party developers to create financial services and applications. Open banking technologies are expected to be one of the key trends in the FinTech industry for 2025.
The message U.S. Begins Developing Open Banking Standards first appeared on CoinsPaid Media.
