Behavioral data, separate from the transactions themselves, is informative and essential for improving consumer's access to quality financial services.
New York, NY (PRWEB) November 14, 2012
Plastyc announced today it will collaborate with the Consumer Financial Protection Bureau (CFPB) on Project Catalyst, an initiative designed to support consumer-friendly innovation and entrepreneurship in the marketplace. Plastyc is also participating in a CFPB public event on entrepreneurship and innovation today at the Computer History Museum in Mountain View, CA.
CFPB was created as part of the Dodd-Frank Wall Street Reform Act following the financial crisis of 2007-2008. The central mission of the CFPB is to make markets for consumer financial products and services work for Americans — whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products.
Through Project Catalyst, the CFPB will collaborate with companies on data sharing about consumer behaviors and trends. These collaborations help the Bureau better understand what works and does not work for consumers. As a data-driven agency, the CFPB always wants to learn more about what innovators are discovering about consumer wants, needs, and practices and the Bureau will use that data gathered to better inform policy decisions.
Plastyc's data-sharing collaboration with Project Catalyst will focus on the value consumers place on easily depositing and obtaining immediate access to their funds.
"Behavioral data, separate from the transactions themselves, is informative and essential for improving consumer's access to quality financial services," said Peyret. "We are thrilled to collaborate with the CFPB through Project Catalyst to support consumer-friendly innovation."
More information about Project Catalyst is available at: http://www.consumerfinance.gov
Plastyc delivers good banking for all by providing 24/7 access to FDIC-insured accounts through any Internet-connected computer or cell phone. Unlike traditional checking accounts, Plastyc's iBankUP portal and UPside cards offer smart, easy to use services at lower prices, with no risk of overdraft. Plastyc's principals and directors have a track record as financial services innovators at companies like Gemalto, Oberthur, Signio (now part of PayPal, an eBay company), ClairMail, Lending Club and Genetic Finance. Plastyc is privately held with headquarters in New York City. For more on Plastyc, visit http://www.plastyc.com.