In addition, the Model Agreement contains obligations for the recipient of the agreement to transmit some of its obligations to the recipients of the data, which are defined together as “necessary general provisions”. The necessary general provisions include the obligations of the recipient regarding the subject matter covered by the following titles of the standard contract: declaration information concerning the customer account, scope of access, exclusions of liability, disclosure and consent of the designated customer, retention of records, audits, personnel of the recipient of the data, fight against corruption; No insider trading, exit rights, suspension rights and insurance. It should be noted that the term “recipient customer” defined in the standard agreement does not refer to the bank`s customer who wishes to share their data with the recipient of the data, but “a third-party developer or other service provider who receives or has access to account information to view or use the account information in a data recipient service.” TCH has done well to generate this type of deal in response to the growing demand for consumer-controlled financial data, but the details show that we still have a long way to go. Customers should have a predictable experience and competitive products, whether they are banking with a large Wall Street institution, a digital Neobank, or its credit union in the neighborhood. The TCH model agreement is based on banking controls that will not work like fintech as it exists today, where consumers and small businesses can choose from more than 3,000 innovative applications and services. And it won`t work for a future where these decisions continue to grow. A particularly delicate area: which party is responsible in the event of an infringement. The new model agreement stipulates that data recipients must work with banks on cyber risks and reimburse lenders for all costs resulting from a breach that took place under their supervision. This complements the CFPB`s consumer protection principles: the transfer and aggregation of financial data that focuses on consumer control, transparency, security and protection of bank data, as well as “appropriate accountability” for all risks introduced into the financial system. TCH`s release of the Model Agreement reflects efforts to implement open, market-oriented banking in the United States that take into account the guidelines of companies such as the CFPB and the U.S. Treasury. This contrasts with the TERMS AND CONDITIONS OF SALE FOR API users in the UK, which are a standard form of agreement that can be entered into by API users (defined as individuals or organisations that choose to access open banking APIs). Such terms and conditions of sale are the product of Open Banking Limited UK`s top-down regulatory approach (Open Banking) and govern the relationship between Open Banking and any API user….