Bridging the Trust & Liability Gap
Open Finance 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 Finance, it’s crucial to provide account holders, data recipients, account aggregators, and account holders with the trust and efficiency needed for a thriving ecosystem.
Streamline Open Finance Risk Management & Achieve Compliance
Introducing the Invela Network: Developed in close collaboration with industry-leading specialist providers, enables account providers (banks, credit unions, etc) to efficiently scale their third-party risk management processes to minimize risk and meet compliance requirements on time. The network validates data recipients within a secure ecosystem.
Moreover, it offers continuous monitoring and insights, providing for secure and effective ongoing open finance recipient risk management.
Single Solution for Open Finance 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. • Invela Risk Indicator that updates in near real-time. Account providers can understand risk associated with a given data recipient, and thus proactively protect their account holders. • Provides evidence-based rationale for restricting data recipient access based on objective accreditation and risk monitoring by Invela. • Creates a safety net that enhances further trust and confidence in the open finance 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 account aggregators. |
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 Open Finance Risk Management Solution In Action
Discover how the Invela Network can streamline risk management of data recipients 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.
