2 thoughts on “The elephant in the room – Data Security and Privacy

  1. Great news but the article doesn’t cover the main concerns I have for the bank account user ID and passwords I am required to share in order to link my account details. Up to this point I alone know the passwords and memorable information required to access my online bank account. Once I have shared them with fintify I would be liable for any loss resulting from unauthorised access should this information be used illegally by a third party. What protection do you have to protect against this very sensitive information being accessed by a third party

    Thanks

    1. Thanks for sharing your concerns. The new PSD2 / Open Banking initiative helps alleviate exactly those concerns by introducing a consent based architecture so you will no longer have to share your User IDs and passwords. Fintify will automatically seek your consent, not passwords, for those banks that have adopted the new Open Banking architecture. In the UK , the top 8 banks have committed to this change . Also, as per the guidelines, banks can no longer wash their hands off any liability arising from sharing their data through API feeds to third party providers. For those institutions that have not yet adopted Open Banking, your credentials are stored securely with our technology partner, an industry leading data provider, trusted by top leading banks in the U.K, USA and Europe.

      Team Fintify

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