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A host of US fintech firms - including Betterment, Kabbage and Ripple - have set up an industry group - the Consumer Financial Data Rights (CFDR) . The coalition says that Under Dodd-Frank, Americans now have the right to access their personal financial data through technology-powered third party platforms.
Banks have been reluctant to provide access to data to upstart competitors and say that the practice of customers giving third parties the ability to login to their accounts for this purpose poses a security risk. The CFDR group is pushing for data access via a different route - application program interfaces (APIs). It is calling for the US to follow in the footsteps of the UK, which is moving to an Open Banking standard, and Singapore which is promising an open API. The new lobbying group says it is committed to "improving dialogue" throughout the FS industry and working with banks.
