Media

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FDATA WELCOMES CREDIT KUDOS AS NEWEST MEMBER

Credit Kudos, a credit scoring platform that puts the consumer at the helm of the credit profile, has joined the Financial Data and Technology Association (FDATA).

The fintech startup, headed by Freddy Kelly and Matt Schofield, uses consumer transaction data to build highly accurate and transparent credit score-cards and affordability metrics.

Freddy Kelly presented his company’s model to FDATA’s open banking conference in March, and is the first FDATA member to join under the new start-up membership category.

Commenting, Freddy said:

“We’re delighted to be joining FDATA at such a critical phase in the journey toward an open banking landscape. Open Banking APIs will enable consumers to leverage their data to achieve better financial outcomes, be it savings, investments or credit scores. FDATA are leading the charge on financial innovation, and we’re excited to be able to play an active role in new developments through our relationship with them.”
Andy Maciver, Executive Director of FDATA, said:
“In 2016, we’re looking to incorporate start-ups into our membership to join the scaling and corporate entities we already have. We’re pleased to have Freddy and Credit Kudos on board. They have an exciting platform and really impressed the audience who heard Freddy’s presentation at our recent conference. We’re moving into an important phase as we take forward the work of the Open Banking Working Group, and it’s great that Credit Kudos is now part of the journey.”
For more information on Credit Kudos, click here.
ENDS
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FDATA welcomes new open banking push

The Financial Data and Technology Association (FDATA) has welcomed the decision by the Open Data Institute (ODI) to convene a new group to continue the work of the 2015 Open Banking Working Group.

The new group, which includes FDATA, will meet on 14th April for its first discussion.

Commenting, FDATA’s Executive Director Andy Maciver said:

“A huge number of people worked hard to produce last year’s Open Banking Standard, which was a solid foundation to move forward with an open API in UK banking. However much work remains to be done, and we share the ODI’s wish to build on the momentum which has been created.

“We’re delighted to join the new group, and our members will participate actively during the process. We must ensure that we mainstream the use of APIs and other data aggregation methods as widely and as quickly as possible in order to give the UK global leadership status.

“We are on the cusp of a great step forward in the UK banking industry, and we will work with everyone with a stake in it to create an open standard which empowers customers to make better decisions and take control of their financial lives.”

The ODI’s announcement can be read here.

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Agenda announced for API discussion

FDATA and techUK has announced the outline agenda for the discussion on APIs to be held in London on 23rd March. It is as follows:

Event Host: Keith Saxton, Chairman of techUK

Event Chair: Gavin Littlejohn, Chairman of FDATA

09.00 Registration and coffee

09.30 Opening remarks from Keith Saxton

09.45 Opening remarks from Gavin Littlejohn

10.00 Panel 1: APIs – Further and faster? (Panel chair: Dan Morgan, Innovate Finance)

10.45 Use case demonstrations – Round 1

11.20 Coffee

11.30 Panel 2: APIs – Open vs closed (Panel chair: John Midgley, Intuit)

12.15 Use case demonstrations – Round 2

12.50 Closing remarks from Chair

13.00 Lunch and networking

14.00 Close

Please contact either oisin.merrins@techuk.org or andy@fdata.org.uk for more information.
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A roundtable discussion on APIs

FDATA and techUK are holding a roundtable discussion:
 
MOVING FORWARD WITH THE API
 
Date: Wednesday 23rd March
Time: 09.00 to 13.00
Place: tech UK, 10 St Bride Street, London EC4A 4AD
 
Earlier this month, HM Treasury published the report of the Open Banking Working Group. It puts in place a framework and timetable for the implementation of an open API in the UK personal and business banking sector. The Financial Data and Technology Association (FDATA) and techUK believe that innovative financial applications and services can empower consumers and businesses to make better financial decisions, and that an open API can play a major part.
 
FDATA and techUK will host a round-table discussion during which technology companies, third party providers, account providers, regulators and other stakeholders will have the opportunity to discuss how the UK can move further and faster towards open banking, and why the openness of the data and the API is paramount.
 
 
Sessions will include:
  • a keynote address
  • a session on how and why the API could move further and faster
  • a session on why the API should be open
  • short demos from financial technology innovators
A full agenda will be provided in due course.
 
 
Please RSVP to either oisin.merrins@techuk.org or andy@fdata.org.uk to book your space.
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OBWG REPORT “A SOLID FOUNDATION” SAYS FDATA

  • But industry body says rollout of data into API can be wider and much faster

HM Treasury has today published the report of the Open Banking Working Group (OBWG), which it commissioned last August to develop a detailed framework for the design of an open API.

FDATA Executive Director Andy Maciver was a member of the OBWG Steering Group, and FDATA members sat on all six of the sub-groups it created to develop the detailed proposals.

Commenting on the release of the report, Andy Maciver said:

“We were delighted to be involved in this report, the production of which brought together all of the industries required to make open banking a success, including banks, regulators and financial technology bodies.

“We welcome the proposed framework which has been developed – the suggestions for how we operate standards, security and governance are robust and represent a solid foundation on which to build.

“We are also pleased that the banking industry felt able to sign up to a report which makes clear that the passing of data to authorised third parties on behalf of consumers, in order to help them make better financial decisions, is both possible and desirable.

“However, we would restate what we have campaigned on throughout the process; if the UK really is to develop any form of competitive advantage, and be seen as a leader in this field, then we must travel further and faster.

“The recommendation of the report, that some read-only data be available through an API from Q1 2017, with more being available from Q1 2018, and write-access from Q1 2019, effectively copies the timescales required by PSD2.

“We believe that all of a consumer’s financial data across all types of account should be available in an API far more quickly than this, and the technology already exists to make it happen.

“Third party providers of account aggregation and payment initiation services exist because consumers have demanded it. Consumers want a smooth and sophisticated way to analyse and manage their financial lives. They want their financial data – all of it, unredacted and in real time – in one place. Our members provide that for them, and the slower this process is, the longer it will take for the UK to allow its consumers to access the services they want and need.”

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FDATA to sponsor FIMA conference

FDATA can announce that it will be a sponsor of FIMA 2015, to be held in London on 10th and 11th November. If you’re interested and you want to know more, please read on … more information from FIMA below, including details of a discount if you quote FDATA15:

—————

Data teams are under increasing pressure to become powerhouses of profit generation for their businesses.

But the sheer volume of new regulations is leaving Data Managers with significant challenges to overcome.

To get to the crux of the issues FIMA partnered with S&P Capital IQ and surveyed over 100 senior data professionals across Europe to find out how they are responding to these challenges.

Download the report now to discover how your organisation compares: http://bit.ly/1KfWyYW

Some of the key findings include:

  • 47% consider ‘Business Process Management’ as the most important factor in their data governance
  • There was an 11% increase in financial institutions with (or planning on bringing in) a CDO from 2014 to 2015
  • Nearly half of respondents (46%) cited ‘Sourcing and Aggregating all Required Data’ as their single biggest challenge related to regulatory compliance

You can download the full report for free here: http://bit.ly/1KfWyYW

Or alternatively email Sandra.Leibel@wbr.co.uk and she’ll send the report across to you.

All these areas will be discussed in full at FIMA (10th – 11th November, London) with over 350 CDOs and Data Managers and you still have the chance to register your place. Simply book online to make sure you’re a part of these important conversations, and through the Financial Data and Technology Association you can save 15% by quoting “FDATA15” or emailing Sandra.Leibel@wbr.co.uk to reserve your discounted place: http://bit.ly/1ivLC0e

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FDATA at Conservative Party Conference

The Financial Data and Technology Association (FDATA) organised a debate at the Conservative Party Conference in Manchester yesterday, Monday 5th October.

The debate, entitled APIs: The Future of finance and what fintech means for consumers and small businesses and hosted at TechCentral, brought together:

  • Harriet Baldwin MP, Economic Secretary to the Treasury
  • John Midgley, Head of Government Affairs at Intuit, a member of FDATA
  • Tim Yudin, Director of Design and Delivery at Payments UK
  • Eileen Burbidge, Partner at Passion Capital, was due to attend but unfortunately could not.

Andy Maciver, Director at FDATA, was in Manchester and said:

“It was hugely helpful to hear the Minister outlining the Government’s vision to make the UK the world leader in fintech. Open banking and financial data aggregation can play a huge role in that, and we’re delighted to be involved in the Minister’s working group as we work towards that goal.”

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FDATA Director to sit on HMT’s Open Banking Working Group

Andy Maciver, FDATA’s Director, has been invited to be a member of the Steering Committee of the Open Banking Working Group (OBWG).

The OBWG has been formed to build upon the UK Government’s call for evidence on data sharing and open data in banking, and has a remit to deliver a framework for an open API by the end of 2015.

Andy Maciver said:

“I’m delighted to have been asked to sit on this vital group. The Steering Committee will help to shape an open API, which could be a step on the journey to making the UK a world-leader in financial data aggregation.

“FDATA’s members exist as a result of huge consumer demand to be in more control of their financial data in order that they can make better financial decisions. A well thought out and implemented open API can play a big part in providing the environment for innovation to benefit consumers, and I’m pleased to be able to play my part.”

ENDS

NOTES TO EDITORS

For more information, see here.

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FDATA confirmed as media partner for the region’s leading online lending event

LendIt, the largest conference series dedicated to connecting the global online lending community, is returning to London on October 20-21, 2015.

The Financial Data and Technology Association (FDATA), the industry body for financial technology (fintech) companies which give consumers more control over their financial data, has today confirmed their participation at LendIt Europe 2015 as a media partner.

The UK is the birthplace of peer to peer lending, and LendIt Europe welcomes the addition of FDATA as a media partner.

About LendIt Europe

LendIt Europe is Europe’s largest annual gathering of the online lending community. Taking place at the Hilton London Metropole on October 20-21, this is where all the industry’s major players come to learn, network, and do business.

Last year’s inaugural event was a one-day event that attracted almost 500 attendees. This year we are expanding to two days and we expect 750 to 1,000 attendees.

Save 15% with FDATA – simply enter the VIP code FDATAVIP when registering online at http://www.lendit.co/Europe.

About FDATA

The Financial Data and Technology Association was formed in 2014 to represent financial account aggregators and pave the way for them to put more customers in control of their financial data. To learn more, visit http://www.fdata.org.uk

LendIt Contact

Caroline Hornby, Marketing: caroline@lendit.co

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TWO NEW MEMBERS JOIN FDATA

FDATA is delighted to welcome two new companies as members – Intelliflo and miiCard. Intelliflo offers a web-based business management system to the financial services community, and its Executive Chairman is Nick Eatock. miiCard, whose CEO is James Varga, offers consumers a trusted online identity to help them transact securely online.

Both companies would benefit from a liberalisation of financial data, which would allow them to provide their consumers with ever-better services.

Commenting, FDATA’s Director Andy Maciver said:

“We’re delighted to welcome miiCard and Intelliflo as members, taking our membership to 8 of the leading companies working with financial data aggregation. Both companies offer a new perspective and insight on the used and benefits of open financial data, and they will be a huge asset to us as we continue to push the case for fintech and for data aggregation.

“This industry is on the up, providing an exceptionally useful service for personal and small business consumers across the UK. A liberalisation of their operating environment will increase innovation and competition, and lead to more consumers being able to use our members services to make better financial decisions.”

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