Third-Party Providers 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, third-party providers are searching for a solution

Third-party providers face fragmented, duplicative accreditation processes across multiple financial institutions and aggregators. Each entity applies different standards, driving higher operational overhead and weakening resilience. Instead of a single, standardized application, third-party providers must complete multiple bespoke accreditations – slowing access and increasing costs.

The consequences extend directly to market performance and growth. Slower partnership formation delays product launches and market entry, while competitors accelerate integrations and capture ecosystem share. Onboarding and compliance demands drain resources from innovation and leave costs climbing ever higher.

The absence of risk benchmarking data further reduces the ability to identify performance improvements. Critical resilience and issue resolution are also compromised. Without near real-time risk intelligence and human-in-the-loop feedback, third-party providers face sudden account access revocation, delayed problem-solving, prolonged service disruptions, and reputational harm.

Third-Party Providers – fintechs delivering data and payments use cases – face growing risks

Fragmented, duplicative accreditation processes
Higher operational overhead
Reduced investment in innovation
Hard to identify performance improvements
Sudden account access revocation
Service disruptions
Reputational harm
Slower partnership formation
Delayed product launch and market entry

Invela Delivers Scalable Operational Efficiency and Resilience

Single application, multiple institutions – access all financial institutions and aggregators on the Invela Network via a single, streamlined, standardized accreditation optimized for open finance

Faster time to market – accelerate partnerships with financial institutions and aggregators

Focus on growth – free up resource via efficient onboarding and by utilizing Invela’s risk indicator monitoring, reduce costs via economies of scale and via discounted network access fees upon sustained maintenance of positive risk indicator scores, make improvements via access to Invela’s benchmarking and insights

Fix issues fast – with near real-time insights and actionable feedback from human-in-the-loop assessors

Increase resilience - reduce potential for financial institutions and aggregators to switch off account access, as proactive action is enabled via dynamic, near real-time risk visibility into accreditation status and risk indicator score

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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.