Bridging the Trust & Liability Gap
Open Banking has seismically shifted financial services, but it faces challenges like inefficient vetting of third parties, liability and risk issues, and the need for continuous monitoring to unlock its full potential. To strengthen Open Banking, it’s crucial to provide financial institutions, fintech companies, data aggregators, and consumers with the trust and efficiency needed for a thriving ecosystem.
Streamline Third-Party Risk Management & Achieve 1033 Compliance
Introducing the Invela Network: Developed in close collaboration with industry-leading specialist providers, enables data providers to efficiently scale their third-party risk management processes to meet 1033 compliance requirements on time. The network validates data recipients and transactions within a secure ecosystem, allowing for the identification and mitigation of risks based on specific use cases and data volume.
Moreover, it offers continuous monitoring and insights, providing for secure and effective ongoing third-party risk management.
Single Solution for Third-Party Risk Management
| Need | Benefits of Invela Network |
|---|---|
| Compliance | • Meet Dodd-Frank Section 1033 TPRM-related requirements on time and without additional hires. • Future-proof as TPRM regulation evolves. |
| Third-party risk management | • Vetting of data recipients for security, operational risk controls, and relevant technical FDX standards with the ability to customize accreditation criteria. • Data Access Risk Score that updates in near real-time. Data providers can understand risk associated with a given data recipient, and thus proactively protect their customers. • Provides evidence-based rationale for restricting third-party access based on objective accreditation and risk monitoring by Invela. • Creates a safety net that enhances further trust and confidence in the open banking ecosystem. |
| Customer Consent and Control | • Optional Data Access Grant Service eliminates the need to build, maintain, and evolve your consent management system. • Seamless integration across Invela |
| Protect Privacy and Security | • Periodic audits and ongoing monitoring to assess data recipients’ security posture and risk as well as activity across the ecosystem. |
| Scalability & Operational Efficiency | • Benefit from an economy of scale for industry-wide accreditation and monitoring; removes duplication of effort across industry. • Invela network significantly reduces the time and cost of onboarding approved data recipients. • Faster onboarding and simplification of bilateral data access agreements with data recipients. |
The implementation timeline for CFPB 1033 is looming for the largest financial institutions.
Tier 1
>$250B in total assets
Deadline: April 1, 2026
Tier 2
$10B to <$250B in total assets
Deadline: April 1, 2027
Tier 3
>$3B to <$10B in total assets
Deadline: April 1, 2028
Tier 4
>$1.5B to <$3B in total assets
Deadline: April 1, 2029
Tier 5
>$850M to <$1.5B in total assets
Deadline: April 1, 2030
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.