The Clearing House releases model agreement to facilitate data sharing

The Clearing House has released a Model Agreement to help FIs and fintech companies establish legal terms for the sharing of bank-held consumer data.

Developed with input from TCH member banks, non-bank financial institutions and fintechs, the Model Agreement is intended to accelerate the legal review process during negotiations and ensure that key data security requirements are understood. The Model Agreement is meant to provide a common foundation of generally accepted terms as a starting point to facilitate data-access agreements between banks and fintechs, reducing the need to negotiate the same terms each time they enter into an agreement.

In addition to addressing key considerations for banks and fintechs, the Model Agreement is aligned with the CFPB’s Consumer Protection Principles: Consumer-Authorized Financial Data Sharing and Aggregation.

Since its founding in 1853, The Clearing House has delivered safe and reliable payments systems, facilitated bank-led payments innovation, and provided thought leadership on strategic payments issues. The Clearing House supports bank-led innovation, including launching the RTP network, a real-time payment system that modernizes core payments capabilities for all federally-insured U.S. depository institutions. The Clearing House is owned by 24 financial institutions and supports hundreds of banks and credit unions through its core systems and related services