---
title: "Fintech: Security and Privacy Concerns Lead to new Framework"
description: Fintech is pushing a new privacy and security framework. Fintech vs. banks.
---

[SecureWorld News ](https://www.secureworld.io/industry-news)

# [Fintech: Security and Privacy Concerns Lead to new Framework](https://www.secureworld.io/industry-news/fintech-new-security-and-privacy-framework)

 Written by [SecureWorld News Team](https://www.secureworld.io/industry-news/author/secureworld-news-team) | Sat | May 12, 2018 | 1:18 PM Z

The [Mint](https://www.mint.com/) app markets itself with this tagline: "When you're on top of your money, life is good!"

The popular app allows you to track and create budgets, bills and see your credit score all with a few taps on your phone or tablet.

But for a long time many banks have blocked Mint and most types of apps seeking to get your financial information. This has applied even if an app user, *the bank's customer*, gives the okay for information sharing between the bank and the outside service.

That standoff may be about to change, thanks to a new framework that could allow innovation *and maintain* privacy and security. And it's coming from Fintech.

American Banker [reports](https://www.americanbanker.com/news/envestnet-yodlee-quovo-byallaccounts-unveil-data-sharing-framework): 

*"The focus has shifted from criticizing banks for intentionally blocking apps from collecting someone’s data when a consumer puts the request in to establishing standards that find ways around those hurdles to create a new model for data-sharing.*

*Three leading data aggregators — Envestnet’s Yodlee, Quovo and Morningstar's ByAllAccounts — have united to create a data-sharing framework aimed at preserving innovation by providing the industry direction on transparency, traceability and accountability. As they see it, sharing data does not create a safety and soundness issue — both are permitted so long as standards are in place."*

The report says the new framework needs something else right now: support of the banking community.

The framework already has the support of the [Consumer Financial Data Rights Group](http://consumerfinancialdatarights.org/cfdrs-comments-to-cfpb-on-rfi-on-external-engagements/).

[View full post](https://www.secureworld.io/industry-news/fintech-new-security-and-privacy-framework)

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