FS-ISAC enables safer financial data sharing with API
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FS-ISAC enables safer financial data sharing with API 20 February 2018Virginia Reporter: Jenna Lomax
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The US Financial Services Information Sharing and Analysis Center (FS-ISAC) has released an updated application programming interface (API) in an effort to keep consumer financial information and businesses safer from cyber attacks.
The introduction of the new API supports enhancements to secure financial data transfer including improvements in speed and error reduction.
Through tokenisation, the API improves security so that financial institutions can share information with account aggregators more securely. It also facilitates faster secure transfer of tokenised information.
According to FS-ISAC, once a financial services firm adopts and utilises its API, the consumer will be able to access their own information seamlessly and securely, creating a higher degree of awareness, control and accuracy over sensitive data.
Eric Guerrino, FS-ISAC chief operations officer, said: “Creating a standard API for secure data sharing benefits everyone in the data aggregation ecosystem.”
He added: “We want to ensure that everyone from the consumer to the financial institution and the data aggregators can share information safely, quickly and accurately. The API gives consumers a more seamless and secure experience enabling greater awareness, control and peace of mind over financial data.”
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