We support community and regional banks with the technology ecosystem and support they need to thrive today and in the future.
We help credit unions serve members at their moments of need and on the channel of their choice as their financial lives evolve.
We deliver the insight and technology ecosystem that new banks need – from meeting initial business goals to achieving long-term strategic success.
We help fintechs expand their reach and deliver their innovative solutions to a broader financial ecosystem.
Playing to Win: Helping Financial Institutions Capitalize on Ecosystem Disruption
We are always innovating to help solve for the needs and challenges of people at financial institutions and their accountholders.
Protecting your bottom line starts with empowering the financial health of your consumer and business accountholders.
Competing for business accountholders in today's environment requires a whole new strategy.
Improving productivity and operating efficiencies is an industry-wide goal, challenging financial institutions to transform the way they do business.
There are challenges across the industry impacting financial institutions’ ability to generate and grow traditional sources of revenue.
Effectively managing enterprise risk has become more complex and challenging than ever.
Gain new accountholders and avoid expensive attrition by delivering a stellar experience in a competitive landscape.
Is Your Organization's Financial Health Leaving You Vulnerable and At Risk?
Future of Digital Banking
Read MoreFintech in a Flash: 11 Big Questions to Help You Develop a Modern Payments Strategy
Read MoreSuccess Has a Low Efficiency Ratio
Read MoreInformation Security and Risk Management: Trends and Threats
Read MoreAll-Digital Lending Capabilities | Multiple Loan Types
Read MoreMeet Jack Henry Financial Crimes Defender
Read MoreThe Really Big Small Business Opportunity
Read More6 Tips for How to Improve the Customer & Member Experience (CX)
Read More7 Things to Improve Your Accountholders' Financial Health
Read MoreOur advocacy of community and regional financial institutions is rooted in the belief that the world is better with you in it.
People are at the center of everything we do – and it starts with our associates.
We are always looking for talented professionals to join our team. Explore open opportunities.
Jack Henry has long incorporated a commitment to corporate sustainability into the way we do business. Learn about our priorities.
We are dedicated to our stakeholders and delivering a strong return on investment and long-term sustainability for our business model.
Our Purpose and Mission
The Strategic Case for Financial Health
We support community and regional banks with the technology ecosystem and support they need to thrive today and in the future.
We help credit unions serve members at their moments of need and on the channel of their choice as their financial lives evolve.
We deliver the insight and technology ecosystem that new banks need – from meeting initial business goals to achieving long-term strategic success.
We help fintechs expand their reach and deliver their innovative solutions to a broader financial ecosystem.
Playing to Win: Helping Financial Institutions Capitalize on Ecosystem Disruption
We are always innovating to help solve for the needs and challenges of people at financial institutions and their accountholders.
Protecting your bottom line starts with empowering the financial health of your consumer and business accountholders.
Competing for business accountholders in today's environment requires a whole new strategy.
Improving productivity and operating efficiencies is an industry-wide goal, challenging financial institutions to transform the way they do business.
There are challenges across the industry impacting financial institutions’ ability to generate and grow traditional sources of revenue.
Effectively managing enterprise risk has become more complex and challenging than ever.
Gain new accountholders and avoid expensive attrition by delivering a stellar experience in a competitive landscape.
Is Your Organization's Financial Health Leaving You Vulnerable and At Risk?
Our advocacy of community and regional financial institutions is rooted in the belief that the world is better with you in it.
People are at the center of everything we do – and it starts with our associates.
We are always looking for talented professionals to join our team. Explore open opportunities.
Jack Henry has long incorporated a commitment to corporate sustainability into the way we do business. Learn about our priorities.
We are dedicated to our stakeholders and delivering a strong return on investment and long-term sustainability for our business model.
Our Purpose and Mission
Find everything you may need to support your financial institution.
Stay on top of industry trends with insights from authors who are well-versed on the inner workings of the fintech industry.
The Strategic Case for Financial Health
Future of Digital Banking
Read MoreFintech in a Flash: 11 Big Questions to Help You Develop a Modern Payments Strategy
Read MoreInformation Security and Risk Management: Trends and Threats
Read MoreAll-Digital Lending Capabilities | Multiple Loan Types
Read MoreMeet Jack Henry Financial Crimes Defender
Read MoreThe Really Big Small Business Opportunity
Read More6 Tips for How to Improve the Customer & Member Experience (CX)
Read More7 Things to Improve Your Accountholders' Financial Health
Read MoreMany people think of open banking as a new – even trendy – development in financial services.
But open banking has been around since the early 2000s, when it relied heavily on screen scraping to facilitate sharing consumer data. Today, the CFPB estimates that at least 100 million consumers have authorized at least one third party to access their account data.1 These third parties largely consist of the 9,000 banks and credit unions in the U.S. along with approximately 10,000 fintech providers.
In 2022 alone, there were between 50 billion and 100 billion instances of financial data sharing between consumers and third parties.
It’s those financial data exchange instances that Chris Dodd and Barney Frank addressed in section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) establishing accountholders’ ownership of their respective financial data.
In late 2023, the CFPB proposed the Personal Financial Data Rights rule to implement section 1033.
This proposal identified affected data providers – including banks and credit unions – while specifying the types of data that must be shared along with how the data must be made available. If implemented, the rule would prohibit screen scraping in the exchange of financial data and would require data providers to make this data available using developer interfaces and machine-readable, standardized formats.
While the proposed rule omits detailed technical standards for compliance, it relies heavily on compliance with qualified industry standards and minimum thresholds for compliance.
As a result, the expectation across the financial services industry is the use of industry-standard, secure open API connections to facilitate financial data exchange.
Since 2022, Jack Henry™ has been working with the major data aggregators – Finicity, Plaid, Akoya, Envestnet | Yodlee, Intuit, and MX – to implement open API-enabled data exchange.
This effort has replaced all inbound screen scraping with APIs on the Banno Digital Platform™, far ahead of the implementation of the CFPB’s new rule. Eliminating screen scraping not only reduces financial institution and accountholder exposure to a wide variety of cyber-attack methods and liabilities, but it also differentiates those financial institutions on security while others take years to catch up.
Unlike the indiscriminate data extraction performed by screen scraping, open API aggregation enables accountholders to specify, minimize, and fully control their data and how it’s shared with third-party providers. This includes the ability to grant or revoke data permissions within their bank’s or credit union’s digital banking experience. It also ensures that accountholders’ login credentials no longer have to be shared with third parties.
API-based aggregation also paves the way for securely aggregating third-party data back to the bank or credit union, giving accountholders a reliable, unified view of their money in one place – and giving financial institutions first-app status among their accountholders’ disparate financial service providers and apps.
The proposed timeline for compliance with the rule varies based on asset size and ranges from six months to four years.
But why wait when you can provide your accountholders with safer, more reliable data exchange now?
Learn more about how you can prepare for the implementation of the Personal Financial Data rule with the Banno Digital Platform.
For more information about Jack Henry, visit jackhenry.com.
source
1 CFPB. Notice of Proposed Rulemaking – Required Rulemaking on Personal Financial Data Rights.
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