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Envestnet | Yodlee, a data analytics platform that powers dynamic, cloud-based innovation for digital financial services, announced the formation of the Consumer Financial Data Rights (CFDR), an industry group formed by recognized fintech companies.
The co-foundering members of the group include blockchain startup Ripple, Affirm, Betterment, Digit, Envestnet | Yodlee, Kabbage, Personal Capital, and Varo Money among many other fintech-centric companies. The group aims to innovative products and services that improve their financial well-being and are powered by unfettered access to their financial data.
CFDR is committed to improving dialogue throughout the financial industry, by actively engaging the government and working with banks, fintech innovators, and third party platforms. It will serve as a resource for policy makers including the Consumer Financial Protection Bureau, as they determine how to best assist consumers in leveraging their own financial data.
“The CFDR is committed to initiatives that enable fintech innovation in the United States, much of which has transpired globally including recent open API initiatives in Europe, the Open Banking standard in the UK, and the commitment by the Monetary Authority of Singapore to create an open API economy and promote the secure use of cloud environments,” Anil Arora, CEO of Envestnet | Yodlee, stated.
Envestnet | Yodlee recently announced the new incubator class of fintech disruptors. The members of the incubator will share the company’s commitment to building an innovative fintech ecosystem that provides true benefits for all consumers.
Ripple being a part of the founding members of the group, has long held a unique market position in the blockchain and fintech space. Ripple has a track record of successfully collaborating with major banks and its ‘permissioned ledger’ is a secure option for current and emerging companies.
Ripple serves as co-chair of W3C’s Web Payments Working Group that aims to make payments easier and more secure on the web. Last year, Ripple announced the completion of $55 million Series B financing round, that saw investors including Standard Chartered, Accenture Ventures, SCB Digital Ventures, the venture arm of Siam Commercial Bank, and SBI Holdings, along with added investors like Santander Innoventures, the venture arms of CME Group and Seagate Technology, and Venture 51.
Also, Ripple announced the addition of several banks and financial institutions to its growing network including Standard Chartered, National Australia Bank (NAB), Mizuho Financial Group (MHFG), BMO Financial Group, Siam Commercial Bank and Shanghai Huarui Bank.