To increase the resiliency of each participating institution
Of the Sheltered Harbor standards by financial institutions
To the standards so that consumers benefit from the added protections
Financial Services industry trade groups and leaders, along with core processing providers, have established new resiliency capabilities. These ensure that consumers will be able to access their financial accounts - even if their bank or brokerage becomes inoperable.
All participating institutions, on a regular basis, make a copy of the consumer's account data in a standard format, which enables the restoration of accounts in the event of a major outage.
The account data is archived in a secure data vault that is protected from alteration or deletion. The data will stay intact and accessible if needed - exactly as when it was archived.