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.
Event Recap: FPF X nasscom Webinar Series – Breaking Down Consent Requirements under India’s DPDPA
Following the enactment of India’s Digital Personal Data Protection Act 2023 (DPDPA), the Future of Privacy Forum (FPF) and nasscom (National Association of Software and Service Companies), India’s largest industry association for the information technology sector, co-hosted a 2-part webinar series focused on the consent-centric regime under the DPDP Act. Spread across two days (November […]
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 in 2021: Delivering Privacy Insights & Expert Analysis
With the last days of 2021 upon us, we wanted to take a moment to reflect on this exciting year that saw FPF expand its presence both domestically and around the globe, while producing engaging events, thought-provoking analysis, and insightful reports with real-world impact. Growing Global Expertise The scope of FPF’s international work continued to […]
What the Biden Executive Order Means for Data Protection
Last week, President Biden signed an Executive Order on “Promoting Competition in the American Economy” (“the Order” or “the EO”), published together with an explanatory Fact Sheet. The Order outlines a sweeping agenda for a “whole of government” approach to enforcement of antitrust laws in nearly every sector of the economy. Although there is a […]
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 […]