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White-Label Open Banking Solutions
Choose Intelli Open Banking’s fully CFPB 1033-compliant system for seamless financial data sharing and integration.
ASPSP Solution
Financial institutions acting as ASPSPs must enable account holders to share data and initiate payments securely through authorized third parties. Intelli Open Banking’s platform makes it simple to:
Enable Secure Data Sharing: Provide customers with safe, permission-based data access.
Facilitate Payment Initiation: Comply with 1033 payment standards without compromising on security or user experience.
Control Access and Reduce Fraud: Manage who connects to the bank’s APIs, ensuring trustworthy partnerships.
Third-Party-Provider (TPP) Solution
Third-Party Providers (TPPs) can offer aggregated financial data and payment initiation services to consumers. Intelli Open Banking supports:
Seamless Data Access: Retrieve and analyze customer data from multiple financial institutions in real time.
Enhanced Product Offerings: Build or integrate value-added services such as budgeting tools, investment platforms, or automated savings.
Robust Security: Employ advanced authentication (e.g., OAuth 2.0) and encryption protocols to protect sensitive financial data.
Turnkey Features of Intelli Open Banking Solutions
Intelli Open Banking arrives with a white-label option that embeds seamlessly within existing branding and processes. Out-of-the-box components include:
Full (and Ongoing) Compliance: Automated updates to match the latest Section 1033 (and PSD2) rules and open banking standards.
Sandbox and Developer Documentation: A test environment and comprehensive technical resources for faster, smoother integration.
Consent Management & Admin Panel: Tools for monitoring user consents, managing third-party connections, and overseeing the live environment.
Advanced Security & Authorization: OAuth 2.0 compliance and multi-factor authentication safeguard data access and payment initiation.
No Concern Over Evolving Specs: IntelliTrade handles specification changes, ensuring solutions remain up to date.
What our clients are saying
“IntelliTrade’s experience in integrating data/systems as well as post integration support is second to none. Their team guided us through each step of the process providing comfort in what we initially thought would be a daunting process. We truly have the feeling to have found a partner rather than just a systems vendor.”
Open Banking FAQs:
The CFPB 1033 regulation aims to give consumers full control of their financial data while ensuring safe, standardized, and efficient data sharing practices. It is a cornerstone of open banking in the U.S., paving the way for increased competition, innovation, and consumer financial data rights through increased compliance requirements for financial institutions.
The U.S. government is pushing banks toward open banking infrastructure to foster competition, innovation, financial inclusion, and consumer empowerment. Open banking enables customers to securely share their financial data with third-party providers (TPPs) and benefit from new financial products and services. This approach aligns with broader policy goals to modernize the financial system and make it more competitive and inclusive.
For Consumers?
1. Better Financial Control and Transparency:
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Easy access to aggregated financial information across different accounts and institutions.
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Insightful tools for budgeting, saving, and investment planning.
2. Personalized Services:
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Access to products tailored to individual financial behaviours and goals.
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Better loan terms and credit products based on granular financial insights.
3. Increased Convenience:
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Seamless integration of banking services into third-party apps for payments, budgeting, or e-commerce.
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Simplified onboarding processes and faster access to services.
4. Improved Security:
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Open banking APIs often adhere to strict security protocols, reducing the risk compared to traditional methods (e.g., "screen scraping" and credential sharing).
5. Access to Innovative Tools:
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Fintech solutions that help optimize cash flow, reduce fees, or automate financial decisions.
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Advanced tools like AI-powered savings recommendations and investment platforms.
6. Financial Inclusion:
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Greater availability of products designed for underserved populations.
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Improved access to credit and services based on non-traditional data sources.
For Banks?
Benefits for Banks
1. Enhanced Customer Experience:
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Access to tailored financial products (e.g., budgeting tools, payment solutions).
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Improved digital banking interfaces, comparable to larger financial institutions.
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Simplified account aggregation and financial management for customers.
2. Competitive Edge:
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Levels the playing field against larger banks and fintech firms.
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Ability to offer innovative services such as real-time payments, personal finance analytics, and investment tools.
3. Increased Customer Retention:
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By meeting modern digital expectations, community banks can build stronger relationships.
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Reduced churn by addressing customers’ needs for integrated and personalized solutions.
4. Revenue Growth:
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New opportunities to monetize services, such as premium API access or partnerships with fintechs.
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Cross-selling potential for products that align with insights from customer data.
5. Regulatory Alignment:
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Proactive adoption positions banks to align with anticipated regulations (e.g., Consumer Financial Protection Bureau (CFPB) rules) that might mandate open banking frameworks in the U.S.
6. Collaboration with Banking Technology providers:
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Partnering with fintechs allows community banks to leverage their innovative solutions without heavy in-house investment.
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Improved agility to launch new services and respond to market demands.
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Open banking enhances security by modernizing how financial data is accessed and shared. It replaces risky practices with secure, standardized APIs, enforces strong authentication, and provides regulatory oversight. By giving consumers control over their data and ensuring high-security standards, open banking reduces fraud risk and strengthens trust in digital financial services.
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