Protection of consumer information is paramount to any company operating in financial services, and to the financial ecosystem. A consortium of financial technology and security compliance companies has announced the Open Finance Data Security Standard (OFDSS), a proposed framework of requirements that address security risks commonly encountered by emerging financial technology companies that handle consumer financial information. OFDSS will help instil even greater confidence in data holders, including financial institutions, that the fintech ecosystem has robust protections in place for consumer data, which ultimately protects consumers.
Founding supporters of OFDSS include fintech technology companies: Flinks, MX, Plaid, and Truework, and security compliance companies: Drata, Laika, Secureframe, and Vanta, the official press release concludes.
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