Payment Account Data Portability

Payment account data portability is the ability of a customer to obtain the data a bank or payment provider holds about their account, such as transaction history, payees and standing orders, and to have it passed to another provider in a structured, machine-readable form. It is related to, but narrower than, payment account portability, which concerns moving the account itself. In Europe the general right comes from Article 20 of the General Data Protection Regulation (GDPR), while open banking rules under PSD2 let customers give authorised third parties ongoing access to payment account data. In the United States, the comparable framework is the Consumer Financial Protection Bureau's personal financial data rights rule under section 1033 of the Dodd-Frank Act. Also see financial data aggregation.