Sharing Financial Data

Financial institutions create large amounts of data, notably with the increasing adoption of digital payments. These data can be used to make better predictions and more accurate calculations. This data contains personal information. For this reason, laws and regulations such as the GDPR in Europe or the California Consumer Privacy Act (US) limit the sharing of personal data by financial institutions.

Sharing financial information is essential for a wide range of reasons that include better fraud detection and faster application processes. You can also get more products and services like credit and loans by sharing your financial data. If you decide to allow access to your financial information it is crucial that you do it with an authorized partner. Reputable businesses and financial service providers will be able to explain clearly the reasons for sharing your data, as well as with whom they will give it to.

To unlock the full potential of financial information aggregation it is important to create an open and integrated ecosystem of data that enables different users to carry out distinct operations with no unnecessary risks. The ability to securely access and process data in real time is crucial and requires a clear understanding of the role each user plays. To achieve this, you need effective security controls for data access that provide the right balance between security and efficiency, with a particular focus on allowing live financial information to be transferred between departments and between businesses while protecting the rights of customers.

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