Good Financial Data Goes Beyond Bank Statements: Payroll data is an important part of a person’s financial picture.
When we think of consumer financial data, the first thing that comes to mind is usually banking data, but that is an incomplete picture.
This was borne out in a recent executive order, in which the Biden Administration encouraged the Consumer Financial Protection Bureau (CFPB) to issue rules allowing customers to download their banking data and take it with them.
Increasingly portability of banking data can help consumers, but a more robust picture can be painted by making sure consumers have easy access to their own payroll data as well, says Lindsay, Davis, the head of markets for Atomic Financial.
In the latest episode of the IPA Payments Pod, we discuss the importance of payroll data and how better access to it can improve the lives of consumers and make things easier for businesses and financial services companies. You can listen to the episode here.
You can find the fact sheet on the executive order here. The full text of the order can be found here. You can learn more about Atomic here.
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