> The rule also outlines required privacy protections for personal financial data, specifying that third parties can only use data for a requested product or service.
Can banks trivially violate this by making you agree to something in their fine print or terms of service?
> The rule prohibits data providers from making consumer data available to third parties through screen scraping and it requires that businesses delete consumer data when a person revokes access.
They should be forced to delete it and also from any vendors, contractors, partners, customers, etc (like data brokers they sell to.
> "Enabling secure transfer or sharing of financial data will incentivize financial companies to compete for customers by providing better interest rates and customer service.
They’ll find other ways to make it hard to leave. For example by tying their products together with minor conveniences or pricing. Such bundling is a common anticompetitive tactic.
>>Enabling secure transfer or sharing of financial data will incentivize financial companies to compete for customers by providing better interest rates and customer service.
I found curious that payment processors strive to avoid or remove the cheapest options as SEPA Core DD and Instant. Banks themselves try to avoid opening payment APIs to consumers. Perhaps understandably so: every removed layer means a missed opportunity to charge for service fees.
> shall make available to a consumer, upon request
Do those requests have to be submitted via a Google Android or Apple iOS app with remote attestation, or can we use a web browser?
> The rule also outlines required privacy protections for personal financial data, specifying that third parties can only use data for a requested product or service.
Can banks trivially violate this by making you agree to something in their fine print or terms of service?
> The rule prohibits data providers from making consumer data available to third parties through screen scraping and it requires that businesses delete consumer data when a person revokes access.
They should be forced to delete it and also from any vendors, contractors, partners, customers, etc (like data brokers they sell to.
> "Enabling secure transfer or sharing of financial data will incentivize financial companies to compete for customers by providing better interest rates and customer service.
They’ll find other ways to make it hard to leave. For example by tying their products together with minor conveniences or pricing. Such bundling is a common anticompetitive tactic.
>>Enabling secure transfer or sharing of financial data will incentivize financial companies to compete for customers by providing better interest rates and customer service.
I found curious that payment processors strive to avoid or remove the cheapest options as SEPA Core DD and Instant. Banks themselves try to avoid opening payment APIs to consumers. Perhaps understandably so: every removed layer means a missed opportunity to charge for service fees.
> Can banks trivially violate this by making you agree to something in their fine print or terms of service?
I read it more like "third parties will use data for a requested product or service at their will." Just look at Facebook.