HAT Microservers have been approved by the UK FCA for use with banking data and spending
13 August, London | HAT Microservers (www.hubofallthings.com) have been formally approved by the FCA to hold consumer finance data like banking and spending information. The HAT Data Exchange platform (www.hatdex.org) successfully completed an approval process with the Financial Conduct Authority (FCA) (www.fca.org.uk) to be an Account Information Service Provider (AISP) for consumer’s banking information.
The HAT Data Exchange platform’s AISP approval gives consumers using HAT Microservers (HATs) the ability to pull banking data from services like Monzo, Revolut, and high street banking providers into their personal data accounts, adding payments and transactions data to their social, fitness, productivity, and mobile data as they wish. HAT owners have full data rights to license the information within their HAT to websites and applications through the HATDeX platform that ensures real time, on demand data sharing.
Finance data is expected to be made available to HAT-owning consumers in this way over the next two months, as administrative and security requirements of this new data type are met following the go-ahead from the regulator. By November 2019 it is anticipated that HAT owners and HAT-enabled websites and applications can benefit from finance data for day-to-day use.
Says HATDeX CEO, Professor Irene Ng, “FCA Approval is an acknowledgement that individuals themselves can own their data for re-use and re-sharing with HAT MIcroservers as personal data accounts. Our partner websites and applications in the HAT ecosystem will now be able to request for data and spending insights from their own customers which is a testament to the fact that we can have innovative and data rich services while preserving individual privacy and data rights.”
Want to create finance data applications on top of user-owned personal data shared directly to by your users themselves? Build with the HAT by visiting us online at developers.hubofallthings.com or www.hatdex.org.