Rule 1033 and the Future of Open Payments Six Key Points to Discuss With Your CEO
Rule 1033 and the Future of Open Payments Six Key Points to Discuss With Your CEO
7 PagesThe May 2025 report analyzes CFPB Rule 1033, which mandates standardized data-sharing to empower consumers and foster competition in financial services. Despite legal and political challenges, open banking is advancing, driven by institutional investment and consumer demand. Security remains a major hurdle, requiring identity verification, consent management, and API protections. Early adopters will gain a competitive edge through better customer experiences, while laggards risk losing market share. The rule marks a pivotal shift toward data portability, enabling consumers to access and share their financial data with third-party providers.
