The Digital Commerce Alliance board of directors convened a task force to explore different approaches to financial data and payment data across its member companies. Utilizing a consultative and collaborative approach, this task force interviewed and met with member companies including merchants, payment processors, card-issuing banks, payment networks, digital advertising publishers and legal/regulatory experts. Recognizing the different approaches to financial data among different regions and industries, the task force focused on identifying the common principles shared by member companies. The result of this work is the Consumer Data Principles. These principles establish a common aspirational and flexible framework for the use of consumer financial data.
Focused on driving trust, security and innovation.
The principles outlined in this framework promote fair, efficient and effective use of consumer data across all industries that have access to consumer financial data. The principles are designed to support DCA members’ implementation of data-driven products and to inform policymakers.
”We acknowledge that there exist significant complexities and different regional, national and global regulatory approaches to consumer financial data. These new principles reflect the combined aspiration of our members to implement common industry best practices and standards for the safe and effective use of financial data. CardLinx members understand the importance of establishing consumer data rights as an integral component to the continued growth and innovation in our industry.Silvio TavaresChairman of the Board of Directors