The field of open banking refers to a data ecosystem in which data providers, such as banks and credit unions, send personal financial data to companies (e.g., fintechs) at a customer’s direction, in order to provide new products and services to the customer. Examples of these products and services include peer-to-peer payments, wealth management, and tax filing.
Open banking frameworks differ from country to country, but the interplay between open banking and data protection law raises important issues that all jurisdictions must address. Open banking can be a catalyst for greater competition by enabling new products and services that depend on the sharing of personal data. That sharing of personal data is integral to realizing these benefits presents privacy and security risks, including the risk of data breaches and unauthorized transactions. FPF works with a community of experts to identify the privacy and data protection risks in this space, educate policymakers about the challenges facing the open banking ecosystem, and develop best practices and policy recommendations.
FPF in 2023: A Year in Review
As 2023 comes to an end, we want to reflect on a year that saw the Future of Privacy Forum (FPF) continue to expand its presence globally and domestically while organizing engaging events, publishing thought-provoking analysis, providing the latest expert updates, and more. FPF continues to convene industry experts, academics, consumer advocates, and other experts […]
FPF Releases Infographic to Explore Implications of Open Banking Data Flows and Security for Individuals
Today, the Future of Privacy Forum (FPF), a global non-profit focused on privacy and data protection, is pleased to release an infographic, “Open Banking And The Customer Experience,” visualizing the US open banking ecosystem. FPF’s open banking infographic is supported by over a year of meetings and outreach with leaders in banking, credit management, financial […]
FPF Response to CFPB Data Portability Proposal
In response to the Consumer Financial Protection Bureau’s (CFPB) request for comment regarding data portability for financial products and services, the Future of Privacy Forum filed comprehensive comments and recommendations, urging the Bureau to craft balanced, informed privacy rules that protect individuals’ personal information while enhancing trust in the privacy and security of emerging data […]
FPF in 2022: A Year in Review
As 2022 comes to an end, we wanted to reflect on a year that saw the Future of Privacy Forum (FPF) expand its presence both domestically and around the globe, while producing engaging events, thought-provoking analysis, and insightful publications. Global Expansion In 2022, FPF closely followed and advised upon significant developments in Asia, the European […]
FPF Testifies at FTC Data Portability Workshop
Yesterday, on September 22, 2020, the Federal Trade Commission held a public workshop, “Data To Go,” examining the benefits and challenges of data portability frameworks for consumers and competition. As a panelist during the first discussion, FPF’s Gabriela Zanfir-Fortuna discussed: how data portability operates in different commercial sectors; lessons learned from the GDPR and other […]
FPF & VUB Roundtable – Banking on Personal Data
Authors: Caroline Hopland, Ine van Zeeland, and Rob van Eijk FPF & Vrije Universiteit Brussel: Banking on Personal Data Last week, Future of Privacy Forum (FPF) and Vrije Universiteit Brussel (VUB) hosted a roundtable on open banking. Twenty subject-matter experts discussed some of the main challenges in banking and data protection law: consent and its […]
The Israel Tech Policy Institute: A Discussion with Limor Shmerling Magazanik
While Israel’s image as the “Start-up Nation” is well known in tech circles, the country has lacked a central organization capable of promoting the same level of thought leadership on tech policy and privacy issues. The launch of the Israel Tech Policy Institute (ITPI) in June 2018 ensured that this is no longer the […]
Tackling Privacy, One Carnegie Mellon Project at a Time
Last Thursday, the Future of Privacy Forum hosted a conversation among five of CMU’s leading privacy researchers. While the panelists discussed a number of their leading privacy projects, I wanted to highlight some of the interesting takeaways I took from the presentation. Many of the researchers focused on how subtle nudges can be used to change people’s behaviors. […]
Top Carnegie Mellon privacy researchers preview new work
On July 9th,2015, FPF will be hosting an in-person discussion with privacy researchers from Carnegie Mellon University to discuss some of their current privacy projects. Topics to be presented and discussed include: The Usable Privacy Policy Project: is developing approaches to extracting useful information from natural-language privacy policies and displaying that information in useful […]