Accelerating the Path to Market Success
Streamlined and Scalable Accreditation Solutions | The CFPB estimates more than 100 million US citizens now regularly share financial data from their bank accounts, using innovative applications provided by businesses like yours. Section 1033 requires data providers to be able to manage the potential risks associated with thousands of third-party providers accessing their customers’ accounts.
That could create a bottleneck and affect your speed to market.
Introducing the Invela Network
Designed to unlock the full potential of open banking. Invela provides a single application for data recipients to gain accreditation through multiple data providers; making the process more efficient for you. The Invela Network allows data providers to scale their third-party risk management efficiently, which means faster time to market for you and lower costs in gaining accreditation.
Centralized Accreditation to Expedite the Time to Market
| Need | Benefits of Invela Network |
|---|---|
| Simpler Regulatory Compliance | • Completing the accreditation process provides out-of-the-box compliance with Dodd-Frank Section 1033 and certification to demonstrate accreditation to stakeholders. |
| Operational & Cost Efficiency | • Reduces duplication and costs with a single standardized, purpose-built process to obtain accreditation with multiple financial institutions. • Clear and consistent requirements for accreditation across the ecosystem. • Ongoing monitoring done by Invela, with maximum automation to reduce burden on data recipients. • Earn discounted insurance premium costs through ‘good behavior’. |
| Speed to Market | • Reduce time for getting accredited by working with a specialist who understands open banking requirements. • Faster to onboard with new data providers; no need to duplicate accreditation process each time. Can potentially simplify data access agreements. • Reduced barriers to entry especially for small firms. |
| Continuous Data Access | • Transparent accreditation and ongoing monitoring to reduces risk of unexpectedly being ‘switched off’. • Ability to access ‘live’ risk score and thereby proactively address any issues ahead of data provider impact. • Participation in insurance program provides data providers with additional confidence in your company’s good intentions. |
See the Invela Network In Action
Discover how the Invela Network can streamline third-party risk management and deliver real results — tailored to your unique needs and risk profile. Experience the Invela Network firsthand in a personalized demo with one of our experts.
No pressure, just insights.