DCI and Privacy Lock Announce New Partnership Bringing Data Privacy Tools and Open Banking Compliance to Banks Across the Country 

HUTCHINSON, KAN., September 12, 2024 – DCI, the privately-owned developer of core processing, digital banking, and fintech processing solutions, and Privacy Lock, the privacy platform that helps banks and financial companies automate compliance with state and federal data privacy laws, have teamed up to offer data privacy solutions and open banking compliance to banks across the country. Data privacy and data breach compliance requirements for financial institutions are increasing across the country as several states have enacted new data privacy laws, and as federal frameworks like open banking require new data protections for consumer information.

Through this partnership, DCI and Privacy Lock will offer a comprehensive data privacy solution to DCI banks, facilitating centralized management of consumer data protection and data governance, and future-proofing their data processes for compliance with open banking requirements.

Congress passed into law new personal financial data rights for consumers in 2010, directing the Consumer Financial Protection Bureau (CFPB) to accelerate the move to open banking. Open banking requires financial institutions to share financial data more openly in order to drive more competition to financial products. Increased flows of consumer financial information, however, will lead to increased risk of data breach, identity theft, and financial loss for consumers. The shift to open banking necessitates extensive security and privacy compliance measures to protect both consumers and financial institutions.

“DCI’s partnership with Privacy Lock provides a comprehensive approach to financial data
infrastructure,” said Sarah Fankhauser, President and CEO of DCI, “that enables banks and Fintechs to leverage new financial technologies, while complying with state and federal rules for data privacy protection.”

“Open banking is a game-changer for privacy in the financial sector,” added Privacy Lock CEO, David Ritter. “Consumers care deeply about having financial institutions protect their personal information. Privacy Lock helps financial institutions implement privacy controls in their data processing activities, so that they can improve their data processes without compromising consumer privacy.

“The coming years will see a transformation in the way that financial businesses collect and process consumer financial information,” added Ritter. “We are excited to partner with DCI, a leading innovator in core banking, on providing solutions for financial businesses to scale their data operations with next generation privacy tools.”

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About DCI:
DCI is the developer of the award-winning iCore360® core banking software, plus iCoreGO® digital banking and fintech processing solutions for community financial institutions nationwide. We’re privately owned by our community bank clients, with several serving as board members and user group leaders. DCI offers private ATM network/card management, FrontLine teller software, custom data analytics, risk/vendor management, and more. And, by providing digital and Fintech deliverables that integrate with any system – even those of our competitors – we offer unique partnerships to both existing and prospective customers. For additional information about DCI, visit www.datacenterinc.com or contact info@datacenterinc.com.

About Privacy Lock:
Privacy Lock is a privacy platform that helps banks and financial companies automate compliance with state and federal data privacy laws. Their mission is to help businesses transform the way they collect and manage data by embedding privacy protections. Privacy Lock is the only privacy solution that never collects customer data. Find out how Privacy Lock can be your partner in privacy. Click here to learn more: https://www.myprivacylock.io.