Data Holder - Glossary of terms

A #

API (Application Programming Interface) #

A set of protocols and tools that allow different software applications to communicate and share data. In the context of Data Holders, APIs are used to enable secure data sharing with accredited Data Recipients.

C #

Consent Management #

The process of capturing, managing, and storing consumer consent to share data with third parties. Data Holders must ensure consumers can provide, review, and revoke consent easily.

D #

Data Holder #

An organization that holds consumer data and is obligated to share it securely with accredited Data Recipients upon consumer consent. This includes banks, energy providers, and other entities.

Data Holder Tester #

A conformance testing suite provided by Wych to ensure Data Holder systems comply with CDR standards. Available in both hosted and self-hosted configurations.

Data Recipient #

An accredited entity that receives consumer data from a Data Holder. These entities use the data to provide value-added services to consumers.

E #

Enterprise-Grade Security #

A level of security that meets the highest industry standards, ensuring that sensitive consumer data is protected from unauthorized access and breaches.

F #

Flexible Integration #

An approach that allows businesses to choose from various methods of integrating with Wych’s solutions, such as APIs or no-code options.

O #

Open Banking #

A system that enables secure data sharing between banks and third parties, empowering consumers to access better financial services. Data Holders play a critical role in Open Banking by sharing data with accredited Data Recipients.

P #

Product Reference Data #

Non-sensitive information about products (e.g., interest rates, fees) that Data Holders must make publicly available as part of their CDR obligations.

R #

Real-Time Data Access #

The capability to access and share data instantly, ensuring up-to-date information is available for consumer use.

S #

Self-Hosted Configuration #

A setup where the Data Holder Tester is deployed and managed by the organization itself, providing full control over the testing environment.

SOC 2 Type II #

A certification that demonstrates an organization’s adherence to strict information security standards, ensuring data is handled securely.

T #

Transaction Data #

Consumer financial data, such as bank transactions, that must be shared with accredited Data Recipients upon consumer consent.

W #

White-Label Solution #

A fully managed solution offered by Wych that businesses can rebrand as their own while maintaining the original functionality and compliance standards.