Personal Data Aggregation

Clients have the ability to aggregate personal financial information on third-party platforms to assess their financial position. This data aggregation creates valuable opportunities for clients but also has the potential to put their data at risk if it is misused, mishandled or misappropriated. An individual’s personal information is invaluable, and its protection is of paramount importance.

The financial industry is committed to ensuring the safety of the clients we serve at every turn. SIFMA is coordinating a broad-based industry effort to protect a customer’s financial information, with a focus on investors’ right to securely access their own data. We have created a set of industry-wide Principles for protecting, sharing and aggregating customer financial information. SIFMA has also introduced consumer resources for our members to help consumers better protect their data and discuss this important issue with their clients.

 

Securing financial data sharing in a connected world

SIFMA is a founding member and serves on the Board of the Financial Data Exchange (FDX). FDX was established on the idea that consumers and businesses should have easier, more secure access to their financial data. Through FDX’s Durable Data API (DDA) and technical frameworks, FDX is unifying the leading financial institutions, fintechs and others around a common standard for data sharing across the entire financial industry.

Join FDX today. Tiered membership opportunities are available to any interested parties within the financial data ecosystem. FDX exists as an independent subsidiary under the umbrella of the Financial Services Information Sharing and Analysis Center (FS-ISAC), whose mission is to ensure resilience and continuity of the global financial services infrastructure.

 

Important external resources

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