Open Banking in the U.S. Is Moving Ahead, But Not Without Some Debate About Standards
Posted: 20th May 2022
With open banking fast becoming the backbone of today’s payments landscape, the need for an industry standard to ensure protection of consumer data is moving front and center.
In the United States, where no such standard currently exists, the payments industry is at odds over whether the country should adopt a standard already implemented elsewhere, even if it is a modified version, or develop a standard specific to the U.S.
At the heart of the push for an open-banking standard is the need to eliminate the practice of screen scraping, a process that allows the gathering of customers’ financial-transaction data from multiple sources and copying of data silos. In both instances, those data-gathering techniques make it difficult to control the data being gathered, says Chris McLellan, director of operations for the Data Collaboration Alliance, a Toronto-based non-profit that helps consumers and organizations control their information.
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