Working closely with FDATA, the Indian Software Products Industry Roundtable (iSPIRT) developed Sahamati, the new collective of the account aggregator ecosystem which has stakeholders from all sides of the market. FDATA’s clear mission is to represent the data recipients or fintech role.
India has introduced a full customer data right which is currently going through Parliament with the intention of delivering through APIs, all financial products and then afterwards, extending beyond that following a scope similar to that of the Australian model. Having already delivered on the Unified Payments Interface (UPI) and Aardhar, India has a notable track record of delivering these programs at scale.
The Reserve Bank of India has appointed the Reserve Bank Information Technology Private Ltd. (ReBIT) to develop their technical standards. FDATA, together with the Open ID Foundation, will meet with them to encourage alignment with FAPI. There are exceptional market opportunities to be supported and realized on behalf of the consumer and ecosystem as a whole.
What we are doing in Asia – India
FDATA has played an active and successful role in Europe, particularly in the UK during its introduction of Open Banking. Our liaison with the CMA, FCA and Treasury, and position on the Board of Open Banking, helped to merge the dual introductions of the EU’s PSD2 and the UK’s API. We are now active in pressing for an extension of the scope of the UK’s API, and at EU level for refinements to
the implementation of the RTS to mitigate its unintended consequences.
FDATA is currently transitioning the leadership. If you would like to be considered in the search, please contact FDATA’s CEO, Richard Prior for further details.
The biography of the Region Director for FDATA Asia-India will be forthcoming when the search process has been concluded and the successful candidate announced to the market.
What we do for members
|We lobby government, regulators, policy makers and key stakeholders to support the benefits Open Banking and Finance brings to end consumers.
We represent our members’ views, giving them a collective seat at the industry negotiation table. We hold seats on a number of policy working groups, expert advisory groups, and task forces related to Open Banking. In these various forums, we ensure the risks and impacts to fintechs are considered, and that a collective position on the solution to these matters is presented to decision makers. We provide collective bargaining and negotiating power that individual firms cannot achieve on their own.
We also provide direct access and engagement to these decision makers for our members, with regular opportunities to speak directly to policy makers in industry roundtables we host.
FDATA gives members forward intelligence on key policy matters, changes, and trends. Our members can participate directly in various working groups, who serve to shape FDATA’s policy positions and recommendations.
We offer our member firms individual consultations on various policy, market positioning, and market expansion strategies. This service extends to introductions to potential partners across the ecosystem, from direct connections to opportunities to socialise with other ecosystem players at our hosted events and industry roundtables.