Financial Institutions Face Critical Confidence Gap

Open finance has fundamentally reshaped financial services, yet a critical confidence gap in risk management continues to limit its full potential. 

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Across the ecosystem, financial institutions are searching for a solution

Financial institutions face rising demand for third‑party connections, driving higher operational overhead and increasing third‑party risk. In absence of robust yet proportional third-party risk management programs, opportunities are missed, anomalies go undetected, objective evidence is missing, and responses to breaches and cybercrime are delayed. Many institutions are completely blind to the level of risk they absorb, as they do not have visibility on where exactly their customers’ data is going.

Furthermore, without a mechanism for offsetting liability, financial institutions bear full responsibility for consumer harm – heightening both financial exposure and reputational damage.

Financial institutions – banks, credit unions and building societies – face growing risks

Rising demand for third‑party onboarding
Fragmented risk visibility
Resource‑intensive oversight
Escalating liability

Invela Delivers Scalable Operational Efficiency and Resilience

Faster onboarding, reduced costs - of trusted aggregators and third-party providers  via a single, standardized accreditation, optimized for open finance, which frees up resource and avoids  incremental hires

Service acceleration - via access to network of accredited aggregators and  third-party providers

Improved risk detection - via near real-time risk intelligence detecting anomalies and sending alerts when selected risk appetite thresholds are breached

Reduced exposure to data breaches and other cybercrime - via alerts plus supporting insights which provide objective evidence required for financial institutions  to restrict account access, and to re-instate access once issues are resolved

Enhanced liability protection - through objective, auditable accreditation and risk indicator scoring – plus insurance-backed warranty should harm occur

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Todd Taylor,

Co-Head of Intellectual Property and Commercial and Technology Transactions at Moore & Van Allen, has joined Invela as a strategic advisor. He is a highly skilled professional, recognized for his expertise in data privacy, security, third-party risk management, and technology-related transactions.

Todd’s extensive experience comes from his time as an in-house attorney at Bank of America, where he developed skills in technology licensing, supply chain management, risk management, and cross-border arrangements. His recognition by Business North Carolina as a Legal Elite in Intellectual Property, along with his listing in the IAM Patent 1000, highlights his legal proficiency and deep understanding of commercial strategies.

With a focus on data privacy and third-party risk serving, Todd is well-equipped to advise Invela on all aspects of Open Banking Risk Management. His role as a strategic advisor is invaluable to Invela, and we are fortunate to have him on board.

Dan Murphy

Strategic Advisor, Supporting Invela

Dan Murphy is the Founder of Sunset Park Advisors, Inc., and co-led the CFPB’s recent open banking initiatives, including the 1033 rulemaking and standard-setting processes. Before his role at the CFPB, Dan was the Policy Manager at the Financial Health Network, where he focused on consumer data rights, public benefits delivery, and various policy issues related to financial health and fintech. Before his position at the Financial Health Network, Dan held roles at the Milken Institute Center for Financial Markets, on Capitol Hill, and at the World Bank. The Brookings Institution has published his research, and he has been quoted in major media outlets, including CNBC, the Financial Times, and Politico, among others.

Dan currently serves as a strategic advisor to the Invela Leadership Team, offering valuable insights and guidance on consumer data rights, regulatory compliance, and other policy matters related to financial inclusion and fintech. He is also an active member of the Government Affairs and Strategy Committee, where he contributes to the development of Invela’s strategic direction and policy initiatives.

Marianne Sullivan

Independent Advisor, Invela Board of Directors

Marianne Sullivan is an accomplished executive leader and board director with over 30 years of experience in the financial services and fintech sectors. Known for her ability to define transformative strategies and reengineer business operations, she has a strong track record in driving profitability and scalable growth.

Marianne has worked with both startups and publicly traded companies, helping them align their business models with emerging technologies and customer needs, particularly in areas such as open banking and digital lending. She is recognized for her operational leadership and deep understanding of customer expectations and regulatory demands.

Her board experience includes roles at Pennymac Mortgage Investment Trust, Finicity (acquired by Mastercard), Ardley Technologies, CreditXpert, and Sagent Technologies. In these roles, she has made significant contributions to governance, strategic planning, and innovation-led growth, particularly by aligning business models with emerging technologies and customer needs.

Richard Cordray

Independent Advisor, Invela Board of Directors

Richard Cordray has been an innovative leader for over three decades in both the public and private sectors, including service at all levels of government. He has extensive background in a wide range of legal and financial services.

Richard was the first Director of the Consumer Financial Protection Bureau for six years, and was an ex officio member of the FDIC Board of Directors, the Financial Stability Oversight Council, and the Vice Chair of the Financial Literacy and Education Commission. He later served a three-year term as Chief Operating Officer of Federal Student Aid, which administers all grants and loans for higher education and manages the $1.6 trillion U.S. student loan debt portfolio. He previously served in elected office as the Ohio Treasurer and Ohio Attorney General.

As an attorney, Richard has argued seven cases before the U.S. Supreme Court, including as the first Solicitor General of Ohio and by special appointment from the U.S. Justice Department. His board and consulting work includes roles at Finicity (acquired by Mastercard) and Beneficial State Bank. He is the author of Watchdog, about the CFPB and its work to protect consumers.