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Data Portability And Liability: A Game Of ‘Three Dimensional Chess’
August 5, 2021

3D Chess Data Liability 1000x600

Open banking will usher in a new age of data portability but gives rise to a burning question: Who is ultimately responsible for that data?

MX Chief Advocacy Officer Jane Barratt told Karen Webster the answer would be crafted by frameworks that involve discussions and input from all parties — FinTechs, financial institutions (FIs) and consumers.

With interoperability and collaboration, if two entrepreneurs at a startup “are attaching to your platform and you’re vetting them, they have the ability to enable whatever experience they’re creating, because your rails are solid and secure — and consumers have that through their bank,” said Barratt, “and that’s an opportunity for those banks to remain competitive and keep their customers.”

Read the full article here.