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USA: ABA announces launch of new data-sharing network

The American Bankers Association ('ABA') announced, on 20 February 2020, together with 11 of the nation's largest banks, the Clearing House Payments Company L.L.C., and FMR LLC, the parent company of Fidelity Investments, the launch of a new data-sharing network intended to give consumers greater control over how their financial data is shared with third-party providers. In particular, the ABA noted that the new network will be operated by Akoya LLC., a company previously owned by Fidelity, which has been spun off as an independent entity and is now owned jointly by Fidelity, the Clearing House, and the 11 banks. In addition, the ABA outlined that access to the network will be open to the entire financial industry, and that Akoya's secure application programming interface-based network acts as a bridge between financial institutions and third-party data recipients, allowing data to be transferred in a safer and more transparent way.

You can read the ABA's press release here, Fidelity's press release here, Clearing House's press release here, and Akoya's press release here.