Don’t Let Your Finances Undo The Knots

| November 29, 2016

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Marriage in India is considered a holy union where two souls meet, merge and are supposed to live together for eternity. But, as a certain saying goes, marriages are made in heaven, but after the ceremony you have to come back down to earth. So, unlike fairy tales where couples always live happy ever after, living together in real life has its own ups and downs. And money certainly plays a major part in influencing these ups and downs. Which is why a financially well-prepared couple has a better chance of staying together through this roller coaster ride called life. Unfortunately, not everyone knows how to financially prepare themselves to face tomorrow. If you’re one of those married couples still scrambling around in the dark, here’s a guide to help you get organized.

Spotlight

Glatfelter Insurance Group

Glatfelter Insurance Group is an all lines, full service insurance broker that markets property, casualty, life, accident and health insurance products and risk management services on both a retail and wholesale / specialty basis throughout the country. An employee-owned company, Glatfelter Insurance Group has more than 500 associates who serve the insurance needs of more than 30,000 clients in all 50 states and Canada, placing them among the top 25 privately owned insurance brokers in the United States. The product and service distribution is headquartered in York, PA, with five marketing offices located country-wide and through a network of more than 4,500 independent agents and brokers who place business in one or more of our specialty programs.

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Article | March 11, 2020

Open Banking is all about the customer being in control of their data and funds. It gives them the freedom and flexibility to decide when and with whom to share their valuable information. However, as with all vibrant and progressive ecosystems, speed, security, and ease of use will determine open banking’s future success along with the key issue of trust. Will the end user trust people to share data with them and trust their banks to still protect their data? PSD2 Open Banking gives Payment Service Users (PSUs) the legal right to share their transactional account data with regulated third party providers (TPPs). For this to be possible, the 6,000+ Financial Institutions providing transactional payment accounts that can be accessed online have to put in place open banking APIs. These APIs give TPPs the access required to either make payments on an account holder’s behalf or view account data and funds, both of which require the account holder’s prior explicit consent. 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Source: Konsentus The ability for TPPs, many of whom may be unknown to these Financial Institutions, to request immediate access to valuable data and funds presents many challenges and risks – all of which must be addressed without introducing potential friction in the customer journey. The main challenges are knowing if a TPP is who it claims to be and whether it is regulated to provide the services being requested at the time of the transaction request. After all, these are the key factors enabling the bank to trust the TPP and feel confident the end user can trust them. The added difficulty of knowing which markets within the EEA a TPP is authorised to operate in is an additional challenge. Financial Institutions have long been the trusted guardians of their customers’ data and funds. 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Glatfelter Insurance Group

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