The Clearing House has released a Model Agreement to help FIs and fintech companies establish legal terms for the sharing of bank-held consumer data.
Developed with input from TCH member banks, non-bank financial institutions and fintechs, the Model Agreement is intended to accelerate the legal review process during negotiations and ensure that key data security requirements are understood. The Model Agreement is meant to provide a common foundation of generally accepted terms as a starting point to facilitate data-access agreements between banks and fintechs, reducing the need to negotiate the same terms each time they enter into an agreement.