Morningstar Wealth’s Brian Costello on Potential Untapped Industries
Before we address untapped industries outside the financial space, it is important to note that the wealth management use cases have not yet received sufficient attention in the design and implementation of open banking/finance in the US and Canada. Current initiatives are almost exclusively focused on retail banking use cases for personal financial management (PFM), […]
FDATA’s Walter Pereira on Potential Untapped Industries
In Latin America, data openness can contribute not only to the financial sector but also to other sectors, such as telecom, healthcare, and delivery services, for example. One sector that has been advancing in the implementation of open data infrastructures is insurance in Brazil. The implementation will allow for the customization of policies based on […]
Xero’s Mike Cascone on Potential Untapped Industries
Focusing on individual use cases for open banking risks material small business productivity gains. We often hear of the one-off open banking use cases for individuals: sharing data with a broker to secure a home loan or comparing banking products to find the most competitive rate, for example. Designing open banking with these consumer processes […]
FDATA’S Ghela Boskovich on Potential Untapped Industries
Governments around the world have recognised that data-sharing economies are the next building block for economic growth, and ultimately better outcomes for end consumers. We’ve seen this with the adoption wave of open banking and finance, where each week seemingly brings an announcement that another country has published its regulatory framework to open up banking […]
FDATA’S Steve Boms on Potential Untapped Industries
When discussing potential untapped industries that could benefit from open banking and financial technologies, financial advisors stand out. Traditionally, fintech tools have been associated with direct consumer use; however, technology platforms can play a critical role in enabling financial advisors, to support and manage their clients’ financial wellbeing. The primary benefit of fintech platforms for […]
Finexos’s Darren Smith on Financial Inclusion
Increasing financial inclusion is vital in supporting the financial wellbeing of individuals and SMEs and to drive economic growth. In the UK, the government plays a crucial role in enabling financial inclusion. For example the House of Commons Treasury Committee Inquiry into SME Finance, the establishment of the Centre for Finance, Innovation and Technology (CFIT) […]
FDATA’s Walter Pereira on Financial Inclusion
Open Finance has been used as a promising avenue to enable financial inclusion for millions of Latin Americans, especially in countries like Brazil, Chile, and Colombia, which have made significant regulatory advancements. In Chile, for example, the Comisión para el Mercado Financiero (CMF) has been actively working to implement regulations that favor Open Finance. The […]
Ozone’s Huw Davies on Financial Inclusion
Financial inclusion remains a global challenge, with millions lacking access to vital financial services. Yet, within this challenge, lies an opportunity for innovation and collaboration. At Ozone API, we see open banking as pivotal in fostering financial inclusion worldwide. And it’s not just us that thinks so. A number of regulators are putting financial inclusion […]
FDATA’s Ghela Boskovich on Financial Inclusion
Empowering individuals with the ability to share their data can absolutely improve financial inclusion, especially fairer access to credit for vulnerable underserved communities. We talk a lot about thin-file or no-file credit history customers being brought into the fold by using transaction data to assess behavioural and affordability risk; we’ve seen considerable expansion in loan […]
FDATA’s Steve Boms on Financial Inclusion
From a North American perspective, financial inclusion is a critical issue that hinges on the balance of robust regulatory frameworks, consumer protection, and innovation in financial services. In Canada, financial inclusion has been significantly shaped by the government’s initiative towards an Open Banking regime as announced in the 2024 Budget. The 2024 Budget was powered […]
FDATA’s Walter Pereira on Mandatory vs Voluntary Approaches
During 2023, open data regulations in Latin America have significantly evolved, with industry, governments, and financial regulators collaborating to establish a regulated data-sharing infrastructure. Financial data sharing has been a reality in the financial system since its inception, adapting to a more digital and instantaneous reality as technology progressed. While some Latin American countries are […]
FDATA’s Ghela Boskovich on Mandatory vs Voluntary Approaches
Financial services is a hyper conservative industry, and a protectionist stance is common. No institution naturally wants to share customer data with a competitor, and data custodianship is often conflated to mean institutional data ownership. The benefit of a mandatory approach is that it often enshrines a consumer data right, which clarifies the ownership vs. […]
FDATA’s Steve Boms on Mandatory vs Voluntary Approaches
In the evolving world of open banking and finance, the United States and Canada initially adopted similar voluntary approaches. FDATA North America has closely monitored this landscape, recognizing the importance of these nations’ transitions from voluntary to more mandatory frameworks. In the United States, the shift towards a mandatory approach in open banking has been […]
FDATA’s Ludmila Volochen on Mandatory vs Voluntary Approaches
Acknowledging the global context in which Open Finance operates, it’s important to understand the distinct roles of mandatory and voluntary approaches, particularly when contrasting Latin America’s experience with other regions. While the voluntary approach is more prevalent in other parts of the world, Latin America has been more inclined towards a mandatory framework, as highlighted […]
Moneyhub’s Sam Seaton on Open Wishes for the New Year
I have two special requests for the New Year: I would love to see more institutions, government sectors, and private entities embracing the principles of Open Data, making datasets publicly available in machine-readable format. Equally important is helping people to become more aware of the value of their own data and how useful it is […]
FDATA’s Ghela Boskovich on Open Wishes for the New Year
My wishes for 2024 hastening an open data sharing economy are centred around two things: 1) Enhancing trust in the system by ensuring permissioned data sharing and consent best practice principles are adopted by each and every government, industry, sector and scheme. Without a robust consent and authentication framework, trust in the system cannot exist. […]
FDATA’s Walter Pereira on Open Wishes for the New Year
In 2024, I believe that some countries in the region will still face technical challenges and issues related to the financing and maintenance of data-sharing infrastructures. However, Brazil, with its advanced implementation and exploration of investment and insurance data, and the regulatory advancements in Chile, could position both countries as regional and global benchmarks. The […]
FDATA’s Jamie Leach on Open Wishes for the New Year
Open Data has always been and will always be about placing “The Right Data, into the Hands, at the Right Time, Changing the World.” As we see some regions around the world maturing their regimes whilst others come online, my wish is to see the proverbial “Carrot and Stick” approach be sidelined, with the spotlight […]
FDATA’s Steve Boms on Open Wishes for the New Year
As we usher in the new year, members of FDATA North America are poised with great anticipation for the advancements in open banking and open finance, both regionally and globally. With significant strides made in the United States and Canada, there’s a collective optimism about shaping a more consumer-focused financial landscape. In the United States, […]
Video Member Spotlight: Inverite
This month’s FDATA Member Spotlight features Karim Nanji, Chief Executive Officer, Inverite.
Video Member Spotlight: Envestnet Yodlee
This month’s FDATA Member Spotlight features Kat Cloud, Principal Director Open Banking Compliance, Envestnet Yodlee.
Video Member Spotlight: Xero
This month’s FDATA Member Spotlight features Michael Cascone, Vice President, Government Experience, Americas, Xero.
Video Member Spotlight: Ozone API
This month’s FDATA Member Spotlight features Eyal Sivan, General Manager, North America, aka. Mr. Open Banking, Ozone API.
Video Member Spotlight: ByAllAccounts
This month’s FDATA Member Spotlight features Brian Costello, the Head of ByAllAccounts Data Aggregation Strategy and Governance at Morningstar Wealth.
Video Member Spotlight: Portabl
This FDATA Member Spotlight features Nate Soffio, Co-Founder and CEO of Portabl.
Video Member Spotlight: Envestnet
This month’s FDATA Member Spotlight features Lisa Novier, Head of Governance, Risk and Compliance at Envestnet Data Analytics.
Video Member Spotlight: Method Financial
This month’s FDATA Member Spotlight features Mit Shah, COO and Co-Founder of Method Financial.
Video Member Spotlight: Questrade
This FDATA Member Spotlight features Christine Day, Chief Information Officer at Questrade.
Video Member Spotlight: EQ Bank
This month’s FDATA Member Spotlight features Cathy Ly, Vice President of Customer Experience and Operations at EQ Bank.
Video Member Spotlight: Flinks
This month’s FDATA Member Spotlight features Dominique Samson, VP of Corporate Affairs at Flinks.
Video Member Spotlight: Betterment
This month’s FDATA Member Spotlight features Josh Rubin, Associate General Counsel of Betterment.
Video Member Spotlight: Trustly
This month’s FDATA Member Spotlight features Pete Ohser, Director, Americas for Trustly.
Video Member Spotlight: Codat
This month’s FDATA Member Spotlight features Gabby Macsweeney, Head of Communications and Public Policy for Codat.
Video Member Spotlight: Morningstar ByAllAccounts
This month’s FDATA Member Spotlight features Katy Gibson, Head of Product for Morningstar ByAllAccounts.
Video Member Spotlight: Xero
FDATA North America member Xero is a cloud-based accounting software platform for small businesses with more than 3 million subscribers globally. This Member Spotlight interview features Faye Pang, Xero’s Country Manager for Canada.
Video Member Spotlight: MX
FDATA member MX has been a leader in the open banking movement in North America with their approach to modern connectivity. In this interview, Chief Advocacy Officer Jane Barratt explains how the company has been on the front lines of promoting open baking to the public and policymakers.
Member Spotlight: Xero
Xero is a cloud-based accounting software platform for small businesses with more than 3 million subscribers globally. Through Xero, small businesses and their advisors have access to real-time financial data at anytime, anywhere, and on any device.
Member Spotlight: TransUnion
TransUnion has been on the cutting edge of consumer data technology for more than half a century and is one of the world’s leading global information and insights companies. TransUnion serves consumers in more than 30 countries on five continents. In the United States alone, more than 166 million people have received free access to their credit information through TransUnion or its partners.
Member Spotlight: Petal
Technology has changed the way people bank, invest, and manage their money. Petal takes a new approach to consumer credit, enabling customers to use their own bank account data – rather than a traditional credit report – to access safe and affordable financial products and services and to build credit, avoid debt, and spend responsibly.
Member Spotlight: Morningstar
Morningstar empowers investor success by providing independent investment data, research, and analysis to investors of all kinds. This spirit of independence and transparency ignited in 1984, when Joe Mansueto left his job as a stock analyst. Today, Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data.
Member Spotlight: MX
Founded in 2010, MX helps organizations everywhere connect to consumers’ financial data to deliver intelligent and personalized money experiences. MX leads the industry with the most secure, reliable and direct API connections to the world’s top financial institutions using the most advanced AI and machine learning enhancement engine to categorize transaction data with 98 percent coverage. By connecting with 16,000 financial institutions and fintechs, MX provides the industry’s most reliable and secure data connectivity network reaching more than 200 million consumers worldwide.
Member Spotlight: Basis Theory
Basis Theory has built a developer platform for encryption and tokenization that can accommodate any type of data (including sensitive payments data). The company, launched in 2021 and fully distributed, helps financial services and financial technology clients stay in complete control of their customer’s data without taking on the compliance burden. The company was built during the COVID-19 pandemic, when, overnight, consumers become even more reliant on technology to shop, order take out, see their doctor and, of course, bank. Over those months of isolation, founders Brian Billingsley, Colin Luce, and Ben Milne and their team of engineers “built a secure PCI-compliant foundation to enable the collection and storage of payments data” on the Basis Theory platform.
Member Spotlight: Marble
What sort of promise does open banking and customer-directed finance hold for Canadians? As Marble Financial CEO Karim Nanji has said, “The amalgamation of customer data provides an opportunity for Marble to offer and deliver more efficient processing and approvals of credit solutions. Ultimately, we collect the customers goals which along with the consolidation of financial data creates an opportunity for us and our partners to access this information to provide new services and more robust solutions in the areas of personal finance, money management including savings, investment, tax and insurance.”
Member Spotlight: Interac
In 1984, Canada’s top financial institutions came together to create Interac Association, a cooperative venture dedicated to giving Canadians broader access to their money through a single shared network. Twelve years later, eight of the founding institutions created Acxsys Corporation, a new entity that would develop new business partnerships and services for financial transfer, online […]
Member Spotlight: M Science
M Science is a groundbreaking analytics firm that provides research, data, and pioneering methodologies to financial institutions and corporations. Their experts take unstructured data in near real-time and discern critical insights that help clients make smarter, more informed business decisions. Specifically, the firm provides: Data-driven research that leverages data and domain expertise to provide in-depth […]
Member Spotlight: Intuit
Intuit is a global technology platform that helps customers and communities overcome their most important financial challenges. Serving approximately 100 million customers worldwide with TurboTax, QuickBooks, Credit Karma and Mint, Intuit believes that everyone should have the opportunity to prosper and works tirelessly to find new, innovative ways to deliver on this belief. Founded 38 […]
Member Spotlight: Kabbage
In the wake of the Great Recession, Kathryn Petralia and Rob Frohwein launched Kabbage, a startup whose mission would be to use data-driven solutions to empower small businesses to grow with flexibility, efficiency, and prudence. Since then, Kabbage, which is now an American Express company, transformed itself from a funding startup for eBay sellers into […]
Member Spotlight: SaltEdge
Founded in 2013 , Salt Edge Inc., a leader in creating and providing open banking solutions, takes intercommunications and interoperability between banks, third-party service providers, and their end-users to a whole new level. The company achieves this goal by creating stable, secure connectivity channels between financial institutions and their consumers. For consumers, Salt Edge’s solutions […]
Member Spotlight: BillGO
Founded in 2015, BillGO is driven by the core belief that everyone deserves access to a healthy financial future. BillGO helps facilitate this access by providing consumers, billers, fintechs and financial institutions with a faster, smarter, more secure way to pay and manage bills and subscriptions. So how can bill payment technology improve financial wellbeing? […]
Member Spotlight: Codat
Codat works with small businesses across the globe to help them harness their data in a way that allows firms to grow. Founded in the United Kingdom in 2017, Codat recently expanded its operations into North America. How will businesses in the United States and Canada benefit from this move? During the COVID-19 crisis, Codat’s […]
Member Spotlight: Experian
While Experian is primarily recognized as one of the three nationwide credit bureaus, the company has a diverse business that provides an array of data and analytical tools. At its core, Experian is committed to helping people and businesses take control of their financial well-being and to seize new opportunities. In many parts of the […]
Member Spotlight: ValidiFI
Can open finance positively impact the traditional financial services sector? ValidiFI has proven it can. ValidiFI is a technology company that delivers data solutions to business and financial service providers. Simply: through a combination of technology and strategic partnerships, ValidiFI creates better ways to validate and analyze customer information. ValidiFI’s data—which is sourced from banks, […]
Member Spotlight: Fiserv
Established in 1984, Fiserv is a leading global provider of payments and financial services technology, including data aggregation. Today, the firm, which has been named among Fortune “World’s Most Admired Companies” for eight years running, helps thousands of financial institutions, millions of businesses, and tens of millions of consumers in more than 100 countries move […]
Member Spotlight: Envestnet | Yodlee
A founding member of FDATA North America, Envestnet® | Yodlee® is one of the world’s leading data aggregation and analytics platforms for financial service providers. Our platform has proudly fueled innovation for financial institutions (FIs) and FinTech for more than 20 years, and has refined the art of normalizing, categorizing, and enriching data, making the […]
Member Spotlight: DirectID
Most consumers are aware that their financial institution holds all kind of information about them that is used to determine everything from interest rates to credit-worthiness. But how could this data be used by small enterprises, and consumers themselves, for consumers’ own benefit? That was the question DirectID CEO James Varga asked about a […]
Member Spotlight: AIR
The Alliance for Innovative Regulation, or AIR, is a nonprofit organization dedicated to bringing financial regulation into the 21st century. What would consumers and small businesses have to gain from this move? According to AIR, improved financial inclusion, better consumer protection, lower rates of financial crime, and continuous innovation that helps them save and earn more and that drives economic expansion.
Member Spotlight: APImetrics
Headquartered in Seattle, FDATA North America member APImetrics offers the fintech industry’s only intelligent, analytics-driven API performance solution built specifically for the enterprise. By interfacing with all current and legacy API protocols, APImetrics helps companies to know if their APIs are performing as designed. Clients include Microsoft, Philips Signify, leading global banks, and mobile telephone carriers.
Member Spotlight: Trustly
Trustly joined FDATA North America to bring more opportunities like these to more consumers in the United States and Canada. “We look forward to helping U.S.and Canadian consumers pay their favorite merchants and billers with our Online Banking Payments service, a modern, simple and safe alternative to cards,” said Alex Gonthier, CEO of Trustly Inc.
Member Spotlight: EQ Bank
EQ Bank is the digital banking platform offered by Equitable Bank, Canada’s Challenger Bank™. Equitable employs more than 900 Canadians and is now the country’s ninth largest independent Schedule I bank. Launched in 2016, EQ Bank provides state-of-the-art digital banking services, including the Savings Plus Account which reimagines banking by offering an everyday high interest rate, plus the flexibility of a checking account, with free transactions, no everyday banking fees, no minimum balances, fast, cheap, and fully transparent international money transfers, and more—all from one account.
Member Spotlight: Flinks
Founded in 2016, Flinks is a Montreal-based company that empowers businesses to provide better financial services to consumers and small businesses. Data security and privacy are among the company’s very top priorities.
Member Spotlight: Fintech Growth Syndicate
Since its founding in 2016, Canada’s Fintech Growth Syndicate (FGS) has won multiple awards and helped companies transform through corporate innovation. FGS is a trusted innovation firm for large international and Canadian corporations, visionary startups, multi-stakeholder organizations, academic institutions, and governments.
Member Spotlight: Questrade
Questrade, an FDATA North America founding member, offers Canadians simpler and more affordable ways to become financially successful and secure. Founded in 1999, the firm is now the country’s fastest growing online brokerage firm, and has been named as one of Canada’s Best Managed Companies for nine consecutive years.
Member Spotlight: Wealthica
In 2015, Martin Leclair and Simon Boulet launched Montreal-based Wealthica to “challenge the status quo of financial institutions and portfolio advisers.” The company continues that mission today by helping tens of thousands of investors see all their investments on a single dashboard.
Member Spotlight: Mogo
Founded in 2003, Mogo is Vancouver-based financial technology company that offers a finance app that empowers consumers with simple solutions to help them get in control of their financial wellness.
Member Spotlight: VoPay
VoPay, whose mission is to digitize online bank account payments with speed, transparency and traceability, joined FDATA North America because it believes creating connections between financial institutions and global digital enterprises will “democratize financial services for everyone.”
FDATA North America December Newsletter
This is the December 2024 edition of the FDATA NA Monthly Newsletter.
FDATA North America November Newsletter
This is the November 2024 edition of the FDATA NA Monthly Newsletter.
FDATA North America October Newsletter
This is the October 2024 edition of the FDATA NA Monthly Newsletter.
FDATA North America September Newsletter
This is the September 2024 edition of the FDATA NA Monthly Newsletter.
FDATA North America August Newsletter
This is the August 2024 edition of the FDATA NA Monthly Newsletter.
FDATA North America July Newsletter
This is the July 2024 edition of the FDATA NA Monthly Newsletter.
FDATA North America June Newsletter
This is the June 2024 edition of the FDATA NA Monthly Newsletter.
FDATA North America May Newsletter
This is the May 2024 edition of the FDATA NA Monthly Newsletter.
FDATA North America April Newsletter
This is the April 2024 edition of the FDATA NA Monthly Newsletter.
FDATA North America March Newsletter
This is the March 2024 edition of the FDATA NA Monthly Newsletter.
