Sharing Financial Data

Financial institutions create a lot of data, especially with the increasing use of digital payments. These data can be used to make better predictions and more accurate calculations. This data includes personal information. This is why laws and regulations like the GDPR in Europe or the California Consumer Privacy Act (US) restrict the sharing of customer information by financial institutions.

Sharing financial information is essential for a wide range of reasons that include better fraud detection and quicker application processes. You can also access more products and services, such as credit and loans by sharing your financial information. It is essential to select a partner you can trust if you decide to share your financial data. Trustworthy companies, apps and financial service providers must be able to clearly explain the purposes of sharing data and the specific partners they’ll collaborate with to share your data.

To unlock the full potential of financial information aggregation it is important to create an open and unifying ecosystem of data that permits different users to perform distinctly different operations with no unnecessary risks. Securely accessing and process data in real time is essential, as is a clear understanding of the role each user plays. To achieve this goal, effective control of access to data is needed to ensure the right balance between security and utility. The main goal should be allowing live financial information to flow between departments or businesses while ensuring rights of the customer.

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