Big Banks Want To Make It Easier to Share Consumer Financial Data With Startups
- Clearing House drafts model agreement for data-access deals
- Plaid takes issue with banks being able to block certain apps
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A group backed by Wall Street’s biggest banks is pushing contract terms to allow financial-technology startups quicker access to consumer financial data, a move criticized by one of Silicon Valley’s larger upstarts.
The Clearing House, owned by 25 of the country’s largest lenders, said Tuesday that it developed a model agreement for banks looking to sign data-sharing agreements with startups. The template, drafted using examples of existing agreements, is intended to shorten a process that can take a year or longer to complete.