According to the source, both parties are expected to enable financial institutions to compare data from multiple sources to provide a single view of each customer. In addition, the partnership is a direct result of the latest Financial Services Authority (FSA) rules, which have changed the deadlines for compensation payments from 30 to 7 days. The UK government compensates savers if there is a problem with the retail banking organisation in which they hold deposits.
How it works
The software compares data from different accounts that a consumer holds at a bank or building society and then cleanses and stores that data in a regulated format. This allows the banks to investigate any irregularities. A report is then produced, which covers all account information for any one customer, the source reports.
The service is expected to keep track of customer data in order to meet the FSA’s regulation, according to the source.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now