Open Finance Data Security Standard

OFDSS is a proposed framework of security requirements for emerging, cloud-native financial technology companies that handle consumer financial information.

[Zachary Perret @zachperret]

Very excited to work with @OpenAI to launch Finances in ChatGPT!

AI is transforming how consumers interact with their finances. This is an important step towards bringing sophisticated, personalized financial advice to more people.

[Alex Rampell @arampell]

Operation Chokepoint 3.0

Under the Biden administration, Operation Chokepoint 2.0 tried to debank and deplatform crypto:

https://t.co/d81trJkMOl

That era has ended, but now the banks are about to implement their own Chokepoint 3.0 — charging insanely high fees to access data or move money to crypto and fintech apps, and more concerningly blocking crypto and fintech apps they don’t like:

https://t.co/HR4vsL7n31

JP Morgan Chase is an $800B company. Make no mistake: this isn’t about a new revenue stream. It’s about strangling competition. And if they get away with this, every bank will follow.

Dodd-Frank Section 1033 guarantees that consumers have rights to their data, and it’s the CFPB’s job to enforce. The CFPB under Biden did some bad things, but upholding 1033 preserved consumer choice and competition.

The crazy thing is sometimes this “data” is just your account number and routing code. That’s right: information that’s printed on the bottom of every check, if delivered electronically, somehow should require tremendous fees paid to banks that were collectively bailed out by taxpayers a mere 17 years ago.

If it suddenly costs $10 to move $100 into a Coinbase or Robinhood account — maybe fewer people will do it. Or if it costs $10 to get a cheaper loan from a fintech, maybe you’ll be forced to take a crappier one by JPM. And maybe JPM and others will just refuse to let consumers connect their own freely chosen crypto and fintech apps to their bank account.

In a perfect world, consumers would vote with their wallets and leave JPM. But every bank will likely do this, and getting a new banking charter takes years. Many banks have hostages, not customers.

We don’t need a new law; we just need the administration to prevent this callous and manipulative attempt to kill competition and consumer choice.

[Open Finance Data Security Standard @OFDSS_Official]

Welcoming @PinwheelAPI as a new supporter of the Open Finance Data Security Standard (OFDSS)
https://t.co/h4xeXT0FQV

[Open Finance Data Security Standard @OFDSS_Official]

Awesome to see this type of flexibility to support OFDSS in @DrataHQ

[Drata @DrataHQ]

This week, @OFDSS_Official published a new version of the framework (version 1.2) 🙌

With our recently released Custom Frameworks, you can now pursue frameworks like OFDSS in Drata!

[Open Finance Data Security Standard @OFDSS_Official]

Anecdotes, Codat, Skyflow, and Very Good Security join Open Finance Data Security Standard via @ThePaypers https://t.co/G6hiEymMip

[Open Finance Data Security Standard @OFDSS_Official]

"Everything you need to know about OFDSS" via @securityblvd from our friends at @anecdotes_ai https://t.co/mDFDMdBQbr

[Open Finance Data Security Standard @OFDSS_Official]

The OFDSS plays an important role in supporting the creation and adoption of new services by providing a clear and rigorous security framework for market participants to follow. This benefits banks, fintechs, and the customers they serve ... @kieran_hines @Celent_Research

[Open Finance Data Security Standard @OFDSS_Official]

Welcome @CodatData!

[Open Finance Data Security Standard @OFDSS_Official]

Good summary of the OFDSS mission and new developments from @DTPaymentNews, including new supporting companies @anecdotes_ai @CodatData @SkyflowAPI and @getVGS

[Digital Transactions @DTPaymentNews]

A Data Security Standard Attracts New Financial Services Supporters - Digital Transactions https://t.co/8wUkzjicUQ #payments #datastandards #fintechs #openbanking #testing

[Skyflow @SkyflowAPI]

"We designed Skyflow to help fintechs prioritize the privacy of PII and payments data effectively and intentionally. OFDSS shares our vision of better privacy standards for the entire industry, and we’re looking forward to working together to help make that a reality.” @anshublog

[Open Finance Data Security Standard @OFDSS_Official]

Open Finance Data Security Standard (OFDSS) News: Updated framework available and customer pilots planned by end of year! Excited to welcome new supporters @anecdotes_ai, @CodatData, @SkyflowAPI and @getVGS. Read the update https://t.co/DzPuFrpOWr

[Open Finance Data Security Standard @OFDSS_Official]

@Plaid @secureframe @truework @FlinksData @mX @TrustVanta @DrataHQ @LaikaHQ

[Open Finance Data Security Standard @OFDSS_Official]

New article about the proposed Open Finance Data Security Standard in @PaymentsDive by @jdberr
https://t.co/QjErnKTTgE #fintech

[Open Finance Data Security Standard @OFDSS_Official]

Nice coverage of OFDSS from @BankAutomation mentioning founding partners @Plaid @mX @FlinksData @DrataHQ @LaikaHQ @secureframe @truework @TrustVanta

[FinAi News @FinAi_News]

Tech consortia launches new data security standards body - https://t.co/8zRJXjkXja #banking #banktechnology #bankingautomation #bankingnews

[Open Finance Data Security Standard @OFDSS_Official]

Comment on the new Open Finance Data Security Standard (OFDSS) proposal by @fintechassoc CEO @pennyleedc Learn more at https://t.co/7pDKzhBvWB #fintech

[Zachary Perret @zachperret]

Though perhaps not the most colorful news from Plaid this month, founding the Open Finance Data Security Standard is likely to have the furthest-reaching impact in the decade to come.

Read more here.

https://t.co/S5ACgWlSrm

[Open Finance Data Security Standard @OFDSS_Official]

@AmerBanker @Plaid @finicity @FlinksData @truework @DrataHQ @LaikaHQ @secureframe @TrustVanta . @mX

[Drata @DrataHQ]

We joined a group of likeminded orgs to introduce the Open Finance Data Security Standard (@OFDSS_Official), a uniform framework of requirements addressing consumer data security risks in #fintech.

Here's how OFDSS will help the fintech ecosystem.

https://t.co/21SSIsNODw

[Secureframe @secureframe]

Secureframe is excited to be a founding supporter of OFDSS. Learn more on our blog https://t.co/0KC7a7OKmr

[Open Finance Data Security Standard @OFDSS_Official]

Coverage of today's announcement by @FinLedgerNews - highlighting the Open Finance Data Security Standard (OFDSS) coalition. Learn more at https://t.co/7pDKzhBvWB

[FinLedger @FinLedgerNews]

.@Plaid + other fintech coalition companies announce proposed framework for protecting consumer financial information from rising security risks
https://t.co/xGX97uxkOT