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. Since their emergence, financial technology firms have created tools that arm consumers with better insight into their finances. The SODA principles provide standards to maintain this open access to financial data in a secure manner and better position the United States to keep pace with "open banking" advances around the world.

https://www.prnewswire.com/news-releases/envestnet--yodlee-quovo-and-morningstar-byallaccounts-announce-new-framework-for-ensuring-secure-open-data-access-300647377.html