Data Provider Solutions for Banks - Section 1033

Navigating the Complexities of Section 1033 Compliance for Banks

Section 1033 of the Dodd-Frank Act is set to bring significant changes to the U.S. financial sector, requiring banks and financial institutions to adopt secure and compliant data sharing practices. These upcoming regulations introduce new technical challenges and operational costs that banks must address to remain compliant. With the anticipated final rule expected later this year, staying ahead of these requirements is crucial. Without a dedicated partner like Fiskil, navigating the complexities of Section 1033 compliance can be overwhelming.

Why Section 1033 Compliance is Critical for Banks

Section 1033 is designed to enhance consumer financial rights by mandating that banks provide consumers with greater control over their financial data. This includes the obligation for banks to make specific data available via secure and reliable APIs. Failure to comply with these regulations not only exposes banks to potential penalties but also risks damaging customer trust. The challenge lies not just in meeting today’s standards but in continuously adapting to the evolving requirements that Section 1033 will bring. This is where Fiskil’s expertise comes into play.

Fiskil’s High-Quality, Secure Data Provider Solution

At Fiskil, we understand that security and compliance are paramount for banks, especially under Section 1033. Our Data Provider solution is built with robust, enterprise-grade security features designed to meet the rigorous demands of Section 1033. We are committed to helping banks implement compliant APIs that ensure secure data sharing while adhering to the highest industry standards. For more details on our security measures, explore our security page.

Fiskil’s platform is more than just a compliance tool; it’s a comprehensive solution that supports your bank’s data sharing needs and positions you for future growth. Whether it’s authorization management, Product Management, FAPI, Metrics API performance, or third-party onboarding, our solution covers all aspects of Section 1033 compliance effortlessly.

Comprehensive Data Privacy and Security Measures for Banks

Ensuring the privacy and security of consumer data is a core aspect of Fiskil’s Data Provider solution. Our platform includes a suite of advanced features designed to protect your data and give you complete control over who accesses it:

• Control Which Applications Are Accessing Your Data: With Fiskil, you have complete visibility and control over which applications access your data. Our platform allows you to understand their access methods and swiftly suspend or revoke access if any malicious activity is detected, ensuring that your data remains secure.

• Flags to Stop At-Risk Customers: Our API-level flags enable you to halt data sharing for customers who may be at risk, such as those in domestic violence scenarios or other situations involving malicious activity. This proactive approach helps protect vulnerable customers while maintaining compliance.

• Frontline Firewall Protection: Fiskil’s integrated security measures include DDoS protection, request TPS (transactions per second) and load throttling, and dedicated support to keep your network safe from attacks. Our frontline firewall protection ensures that your data remains secure, even under the most demanding conditions.

• Built-In Data Privacy: We take data privacy seriously. Fiskil’s platform protects your data with ID permanence and obfuscation, secure access via certificate-bound tokens, and maintains transparency through data anonymization and detailed audit trails. These features help you meet privacy regulations and protect your customers’ data.

Why Fiskil is the Trusted Partner for Section 1033 Compliance

Fiskil’s Data Provider solution is trusted by leading financial institutions to deliver secure, compliant data sharing that aligns with the latest industry standards. Our platform’s scalability, combined with continuous compliance management, ensures that your bank can focus on core operations while we handle the complexities of Section 1033 compliance.

Partner with Fiskil today to ensure your bank not only meets its current obligations but also secures its data-sharing processes with the highest levels of privacy and security.

Learn More:

To discover how Fiskil can support your Section 1033 compliance efforts and provide a secure, scalable data provider solution, contact our team today or request a demo to see our platform in action. To learn more, check out *The Definitive Guide to CFPB Section 1033.

Relevant Links

• Financial Data Exchange (FDX)
• OpenID Standards
• Open Banking
• Understanding Section 1033 of the Dodd-Frank Act
• Section 1033 Compliance: Essential Guide for Data Providers