Australasia News & Spotlights

Contact: Laine Williams, (202) 897-4757,  [email protected]  Washington, DC, December 16, 2024 – The Financial Data and Technology Association of North America (FDATA), a trade association representing more than three dozen financial technology and open finance companies in the United States and Canada, today expressed its disappointment with the proposals laid out by the government in the […]

Contact: Laine Williams, (202) 897-4757,  [email protected]  Washington, DC, December 12, 2024 – The Financial Data and Technology Association of North America (FDATA), a trade association representing more than three dozen financial technology and open finance companies in the United States and Canada, today congratulated Representative French Hill (R-AR) on being named the next Chair of the […]

Contact: Laine Williams, (202) 897-4757,  [email protected]  Washington, DC, December 6, 2024 – The Financial Data and Technology Association of North America (FDATA), a trade association representing more than three dozen financial technology and open finance companies in the United States and Canada, today submitted a comment in response to the Federal Deposit Insurance Corporation’s (“FDIC”) Notice […]

This is the December 2024 edition of the FDATA NA Monthly Newsletter.

Contact: Laine Williams, (202) 897-4757,  [email protected]  Washington, DC, December 3, 2024 – The Financial Data and Technology Association of North America (FDATA), a trade association representing more than three dozen financial technology and open finance companies in the United States and Canada, today expressed its disappointment with the Consumer Financial Protection Bureau’s (“CFPB” or “the Bureau”) […]

Contact: Laine Williams, (202) 897-4757,  [email protected]  Washington, DC, November 21, 2024 – The Financial Data and Technology Association of North America (FDATA), a trade association representing more than three dozen financial technology and open finance companies, today expressed disappointment with the Consumer Financial Protection Bureau’s (“CFPB” or “Bureau”) final Rule Defining Larger Participants of a Market […]

This is the November 2024 edition of the FDATA NA Monthly Newsletter.

Contact: Laine Williams, (202) 897-4757,  [email protected]  Washington, DC, October 28, 2024 – The Financial Data and Technology Association of North America (“FDATA North America”), a trade association representing more than three dozen financial technology and open finance companies, today submitted additional comments to the Consumer Financial Protection Bureau (“CFPB” or “the Bureau”) requesting a careful and […]

Contact: Laine Williams, (202) 897-4757,  [email protected]  Washington, DC, October 22, 2024 – The Financial Data and Technology Association of North America (“FDATA North America”), a trade association representing more than three dozen financial technology and open finance companies, today celebrated the release of the Consumer Financial Protection Bureau’s (“CFPB”) final rule implementing Section 1033 of the […]

Contact: Laine Williams, (202) 897-4757,  [email protected]  Washington, DC, October 16, 2024 – The Financial Data and Technology Association of North America (“FDATA North America”), a trade association representing more than three dozen financial technology and open finance companies, today submitted a comment in response to the Financial Data Exchange’s (“FDX”) application for recognition by the Consumer […]

Contact: Laine Williams, (202) 897-4757,  [email protected]  Washington, DC, October 16, 2024 – The Financial Data and Technology Association of North America (“FDATA North America”), a consortium of more than 30 financial technology companies providing consumers and small- and medium-enterprises with innovative financial products, services, and tools, today submitted comments to the Office of the Comptroller of […]

This is the October 2024 edition of the FDATA NA Monthly Newsletter.

This month’s FDATA Member Spotlight features Karim Nanji, Chief Executive Officer, Inverite.

Contact: Laine Williams, (202) 897-4757,  [email protected]  September 4, 2024, Washington, DC – The Financial Data and Technology Association of North America (FDATA), a consortium of more than 30 financial technology companies providing consumers and small- and medium-enterprises with innovative financial products, services, and tools, today submitted a comment in response to the Canadian Department of Finance’s […]

This is the September 2024 edition of the FDATA NA Monthly Newsletter.

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), […]

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 […]

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 […]

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 […]

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 […]

This month’s FDATA Member Spotlight features Kat Cloud, Principal Director Open Banking Compliance, Envestnet Yodlee.

ByAllAccounts: How Open Banking Enhances Wealth Management Open banking is revolutionizing the wealth management industry by providing greater access to financial data, which empowers both investors and their advisors. ByAllAccounts is at the forefront of this transformation, leveraging open banking to enhance investor insights, support fiduciary responsibilities, and streamline compliance of suitability performance reporting requirements. […]

Betterment: How Open Banking Enhances Goal Projections and Risk Analysis As a leading digital investment advisor, Betterment leverages open banking to provide clients with more accurate financial guidance. Here’s how open banking can further enhance the services Betterment offers: Enhanced Goal Projections: Betterment offers savings and withdrawal advice by projecting returns and volatility for assets […]

This is the August 2024 edition of the FDATA NA Monthly Newsletter.

Contact: Laine Williams, (202) 897-4757,  [email protected]  August 5, 2024, Washington, DC – The Financial Data and Technology Association of North America (FDATA), a trade association representing more than 30 financial technology companies and consumer-permissioned data access platforms in Canada and the United States, today submitted a comment in response to the Consumer Financial Protection Bureau’s (“CFPB” […]

Contact: Laine Williams, (202) 897-4757,  [email protected]  July 26, 2024, Washington, DC – The Financial Data and Technology Association of North America (FDATA) submitted to the Canadian House of Commons’ Standing Committee on Finance (FINA) its recommendations in advance of the 2025 budget. Our submission emphasized the need for the rapid and well-governed implementation of Canada’s open […]

Contact: Laine Williams, (202) 897-4757, [email protected]  July 24, 2024, Washington, DC– The Financial Data and Technology Association of North America (FDATA), a trade association representing more than 30 financial technology companies and consumer-permissioned data access platforms in Canada and the United States, today submitted a comment in response to the Consumer Financial Protection Bureau’s (CFPB or […]

This is the July 2024 edition of the FDATA NA Monthly Newsletter.

Contact: Laine Williams, (202) 897-4757, [email protected]  June 20, 2024, Washington, DC – The Financial Data and Technology Association of North America (FDATA), a trade association representing more than 30 financial technology companies and consumer-permissioned data access platforms in the United States and Canada, today sent a letter to Missouri Secretary of State Jay Ashcroft in response to […]

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) […]

This is the June 2024 edition of the FDATA NA Monthly Newsletter.

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 […]

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 […]

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 […]

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 […]

Contact: Laine Williams, (202) 897-4757, [email protected]  May 21, 2024, Washington, DC – The Financial Data and Technology Association of North America (FDATA), a trade association representing more than 30 financial technology companies and consumer-permissioned data access platforms in Canada and the United States, today responded to the Bank of Canada’s Retail Payments Supervision Consultation regarding its new […]

This is the May 2024 edition of the FDATA NA Monthly Newsletter.

Contact: Laine Williams, (202) 897-4757, [email protected]  May 2, 2024, Washington, DC – The Financial Data and Technology Association of North America (FDATA), a trade association representing more than 30 financial technology companies and consumer-permissioned data access platforms in Canada and the United States, today sent a letter to the Consumer Financial Protection Bureau (CFPB or Bureau) addressing […]

This month’s FDATA Member Spotlight features Michael Cascone, Vice President, Government Experience, Americas, Xero.

This month’s FDATA Member Spotlight features Eyal Sivan, General Manager, North America, aka. Mr. Open Banking, Ozone API.

Contact: Laine Williams, (202) 897-4757, [email protected]  Washington, DC, April 16, 2024 – The Financial Data and Technology Association of North America (FDATA), a trade association representing more than 30 financial technology companies and consumer-permissioned data access platforms in Canada and the United States, today applauded the government’s inclusion of a framework to deliver consumer-driven banking as part […]

This month’s FDATA Member Spotlight features Brian Costello, the Head of ByAllAccounts Data Aggregation Strategy and Governance at Morningstar Wealth.

This is the April 2024 edition of the FDATA NA Monthly Newsletter.

Contact: Laine Williams, (202) 897-4757, [email protected]  March 15, 2024 Washington, DC – The Financial Data and Technology Association of North America (FDATA) today sent a letter to Wyoming Governor Mark Gordon and Wyoming legislators including Representative Cyrus Western, Representative Daniel Singh, Representative Mike Yin, Senator Alfie Ellis, Senator Tara Nethercott, and Senator Chris Rothfuss, highlighting concerns about […]

This is the March 2024 edition of the FDATA NA Monthly Newsletter.

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 […]

Contact: Laine Williams, (202) 897-4757, [email protected]  February 28, 2024 Washington, DC – The Financial Data and Technology Association of North America (FDATA) today submitted comments to Canada’s Department of Finance as part of its consultation on strengthening competition in the financial sector. Our submission underscored the necessity for the enactment and realization of several previously announced initiatives […]

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. […]

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 […]

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 […]

Contact: Laine Williams, (202) 897-4757, [email protected]  February 9, 2024 Washington, DC – The Financial Data and Technology Association of North America (FDATA) submitted comments to Canada’s Department of Finance as part of its pre-budget consultations in advance of Budget 2024. Our submission emphasized the necessity for Canada to build upon the inclusion of consumer-driven banking (CDB) in […]

This is the February 2024 edition of the FDATA NA Monthly Newsletter.

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 […]

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. […]

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 […]

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 […]

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, […]

This is the January 2024 edition of the FDATA NA Monthly Newsletter.

Contact: Laine Williams, (202) 897-4757, [email protected]  December 27, 2023 Washington, DC – The Financial Data and Technology Association of North America (FDATA), a trade association representing more than 30 financial technology companies and consumer-permissioned data access platforms in Canada and the United States, today filed a comment letter in response to the Consumer Financial Protection Bureau’s (CFPB) […]

This is the December 2023 edition of the FDATA NA Monthly Newsletter.

Contact: Laine Williams, (202) 897-4757, [email protected]  November 21, 2023 Washington, DC – The Financial Data and Technology Association of North America (FDATA), a trade association representing more than 30 financial technology companies and consumer-permissioned data access platforms in Canada and the United States, today applauded the inclusion of consumer-driven finance in the 2023 Fall Economic Statement (FES). […]

This is the November 2023 edition of the FDATA NA Monthly Newsletter.

October 31, 2023 – The Financial Data and Technology Association of North America (“FDATA North America”) is the leading trade association advocating for consumer-permissioned access to financial data in both Canada and the United States. Our members include firms with a variety of different business models that collectively provide more than six million Canadian consumers […]

October 19, 2023, Washington, DC – The Financial Data and Technology Association of North America (FDATA), a trade association representing three dozen financial technology and open finance companies, today celebrated the release of the Consumer Financial Protection Bureau’s proposed rule implementing Section 1033 of the Dodd-Frank Act. Steve Boms, Executive Director of FDATA, released the following […]

OTTAWA, October 11, 2023 — The Fall Economic Statement presents an opportunity to modernize the Canadian Payments Act to strengthen financial competition, innovation, consumer protection and economic stability. Leaders across Canada’s payment industry continue to demonstrate unified support for amendments to the Canadian Payments Act to expand Payments Canada’s membership. This support was previously expressed through various pre-budget […]

This is the October 2023 edition of the FDATA NA Monthly Newsletter.

September 21, 2023, Washington, DC – Steve Boms, the Executive Director of the Financial Data and Technology Association of North America, a consortium of financial technology companies united behind the notion that consumers and small businesses should have full control over their financial data, today released the following statement in response to the Consumer Financial […]

This is the September 2023 edition of the FDATA NA Monthly Newsletter.

Our submission included three recommendations and urged the government to take swift action on the open banking file, which has unfortunately fallen behind the previously established timeline.

This is the August 2023 edition of the FDATA NA Monthly Newsletter.

This is the July 2023 edition of the FDATA NA Monthly Newsletter.

FDATA North America’s letter stressed that consumer-permissioned third-party financial service providers are not data brokers.

This is the June 2023 edition of the FDATA NA Monthly Newsletter.

This FDATA Member Spotlight features Nate Soffio, Co-Founder and CEO of Portabl.

This is the May 2023 edition of the FDATA NA Monthly Newsletter.

This is the April 2023 edition of the FDATA NA Monthly Newsletter.

FDATA North America applauded this latest development toward implementation of Section 1033 of the Dodd-Frank Act.

  This article explores the pressing issue of social inequalities in developing countries and how financial inclusion can act as a public policy tool for empowering marginalized populations. By examining government aid programs, disruptive financial technologies, and open data in financial services, the article highlights the potential of a financially integrated population to improve social [...]

FDATA North America Executive Director Steve Boms expressed disappointment at the lack of progress in Budget 2023 toward the implementation of Canada’s open banking regime.

FDATA North America today submitted a letter in response to the Canadian government’s review of the Competition Act.

FDATA North America today submitted its response to draft regulations to implement the Retail Payment Activities Act (RPAA) in Canada.

This is the March 2023 edition of the FDATA NA Monthly Newsletter.

This month’s FDATA Member Spotlight features Lisa Novier, Head of Governance, Risk and Compliance at Envestnet Data Analytics.

FDATA North America and its 30+ member companies today released a set of principles to govern the usage, disclosures, liability, oversight, and technology involved in open finance ecosystems.

This month’s FDATA Member Spotlight features Mit Shah, COO and Co-Founder of Method Financial.

This is the February 2023 edition of the FDATA NA Monthly Newsletter.

FDATA North America submitted a comment letter to the Consumer Financial Protection Bureau (CFPB) in response to its Outline of Proposals for Consideration for the Small Business Regulatory Enforcement Fairness Act (SBREFA) implementing Section 1033 of the Dodd-Frank Act.

This is the January 2023 edition of the FDATA NA Monthly Newsletter.

This is the December 2022 edition of the FDATA NA Monthly Newsletter.

This FDATA Member Spotlight features Christine Day, Chief Information Officer at Questrade.

This month’s FDATA Member Spotlight features Cathy Ly, Vice President of Customer Experience and Operations at EQ Bank.

This is the November 2022 edition of the FDATA NA Monthly Newsletter.

October 27, 2022 Washington, DC- Following today’s Consumer Financial Protection Bureau publication of proposals for the upcoming Small Business Regulatory Enforcement Flexibility Act (SBREFA) panel for the Dodd-Frank Section 1033 rulemaking, FDATA North America Executive Director Steve Boms released this statement.

This is the October 2022 edition of the FDATA NA Monthly Newsletter.

This month’s FDATA Member Spotlight features Dominique Samson, VP of Corporate Affairs at Flinks.

September 29, 2022, Washington, DC- FDATA has developed four principles that will be critical to the design of a well-implemented API environment in North America.

September 26, 2022, Washington, DC – Today, FDATA North America submitted comments to Canada’s Standing Committee on Finance (FINA) as part of its pre-budget consultations in advance of the 2023 budget.

This month’s FDATA Member Spotlight features Josh Rubin, Associate General Counsel of Betterment.

This is the September 2022 edition of the FDATA NA Monthly Newsletter.

This month’s FDATA Member Spotlight features Pete Ohser, Director, Americas for Trustly.

This is the August 2022 edition of the FDATA NA Monthly Newsletter.

August 2- FDATA released a statement following a petition from several US banking trade associations to the CFPB urging supervision of both data aggregators and recipients.

This month’s FDATA Member Spotlight features Gabby Macsweeney, Head of Communications and Public Policy for Codat.

This is the July 2022 edition of the FDATA NA Monthly Newsletter.

June 29- FDATA’s comment letter focused on the interplay between this draft consultation and the concurrent development of Canada’s open banking framework, particularly the importance of clearly distinguishing third-party providers from open banking providers that will be accredited under the new OB system. 

This month’s FDATA Member Spotlight features Katy Gibson, Head of Product for Morningstar ByAllAccounts.

This is the June 2022 edition of the FDATA NA Monthly Newsletter.

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.

This is the May 2022 edition of the FDATA NA Monthly Newsletter.

April 8, 2022- FDATA used this opportunity to once again urge the CFPB to finalize a regulation under Section 1033 of the Dodd-Frank Act, an action which would create a long-overdue consumer data right in the US.

This is the April 2022 edition of the FDATA NA Monthly Newsletter.

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.

April 4, 2022: A newly released joint survey of Canadian consumers and small businesses from FDATA NA and Paytechs of Canada shows about half of respondents report feeling stress when interacting with the financial services sector and two-thirds believe more market competition would lead to better choices. Large majorities also agreed that nonbank fintech apps are easy to use, have lower fees, and help save money.

March 22, Washington, DC – The Financial Data and Technology Association (FDATA) of North America today issued a statement following the announcement that Abraham Tachjian will serve as Canada’s Open Banking Lead.

This is the first edition of the FDATA NA Monthly Newsletter.

FDATA NA’s analysis found several shortcomings in this paper, including incomplete definitions of open banking and proprietary data; failure to articulate the central role of regulatory leadership in well-implemented open banking frameworks; and incomplete discussion of the technological realities under which open banking solutions are currently delivered in the United States and in other jurisdictions across the globe. In our letter, we strongly and specifically described each of these concerns and encouraged NIST to appropriately revise this draft report.

February 22, 2022, Washington, DC – Today, the Financial Data and Technology Association (FDATA) of North America submitted comments to Canada’s Department of Finance in Response to its 2022 Budget Consultation.

February 7, 2022, Washington, DC – Today, the Financial Data and Technology Association (FDATA) of North America submitted comments to the Office of the Superintendent of Financial Institutions (OSFI) as part of its public consultation on Draft Guidance B-13: Technology and Cyber Risk Management.

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.

www.linkedin.com/pulse/what-2022-hold-consumer-data-right-open-banking-jamie-k

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.

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.

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.

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.

November 10, 2021, Washington, DC – Last week, the Financial Data and Technology Association (FDATA) of North America, along with the Paytechs of Canada Association and the Canadian Lenders Association (CLA), sent a joint letter to Finance Minister Chrystia Freeland requesting that the Department adopt the phase one and two recommendations of the Advisory Committee on Open Banking report and urging its public support for the same.

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.

Download Document Here

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.”

September 30, 2021, Washington, DC – The Financial Data and Technology Association (FDATA) of North America today issued a statement following the successful Senate confirmation for Rohit Chopra to be director of the Consumer Financial Protection Bureau.

September 29, 2021, Washington, DC – Today, FDATA North America submitted a letter for the record for the U.S. House Financial Services Committee’s Subcommittee on Consumer Protection and Financial Institutions hearing “The Future of Banking: How Consolidation, Nonbank Competition, and Technology are Reshaping the Banking System.” The letter outlines FDATA North America’s mission to advocate for a financial ecosystem in which the end user has complete utility of their financial data.

September 23, 2021, Washington, DC – Today, the Financial Data and Technology Association (FDATA) of North America submitted comments to the US financial regulators as part of their proposed interagency guidance and request for comment on managing risks associated with third party relationships.

September 20, 2021, Washington, DC – Today, FDATA North America submitted a letter for the record for the U.S. House Financial Services Committee’s Task Force on Financial Technology’s hearing “Preserving the Right of Consumers to Access Personal Financial Data.” The letter outlines FDATA North America’s mission to advocate for a financial ecosystem in which the end user has complete utility of their financial data.

Download Document Here

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 […]

June 29, 2021, Washington, DC – Today, the Financial Data and Technology Association (FDATA) of North America submitted comments to the US financial regulators as part of their Request for Information (RFI) on financial institutions’ use of artificial intelligence (AI), including machine learning (ML). The Federal Reserve, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (NCUA), National Credit Union Administration (NCUA), and Office of the Comptroller of the Currency (OCC) sought comments on the use of AI by financial institutions and their products and services to consumers.

September 3, 2021, Washington, DC – Today, the Financial Data and Technology Association (FDATA) of North America submitted comments to Ontario’s consultation on efforts to strengthen and modernize privacy protections in the province. 

FDATA ANZ and our members are pleased to offer this submission in response to the request for feedback on the proposed amendments. Download Document Here

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 […]

August 18, 2021, Washington, DC – Today, the Financial Data and Technology Association (FDATA) of North America submitted comments to Alberta’s consultation on efforts to strengthen and modernize privacy protections in the province. 

August 4, 2021, Washington, DC –The Financial Data and Technology Association (FDATA) of North America today issued a statement following Finance Minister Chrystia Freeland’s release of the report customer-directed finance (CDF) by the Advisory Committee on Open Banking.

August 3, 2021, Washington, DC – Today, the Financial Data and Technology Association (FDATA) of North America submitted comments to Canada’s Standing Committee on Finance (FINA) as part of its pre-budget consultations in advance of the 2022 budget.

Understand what Banking as a Platform (BaaP) is and how consumer expectations will change under this concept This article was originally posted in portuguese in my column at Exame, the main business magazine in Brazil. It can be found at the https://bit.ly/BD_exame2 Download Document Here

On behalf of the membership of FDATA Europe, please find our response to the questions set forth in the Payments Landscape Review Call for Evidence, 2020. Download Document Here

A Summary of the Final Report Download Poster of Future Directions

A Breakdown of the Inquiry into Future Directions for the Consumer Data Right –Final Report Download Document Here

A Breakdown of the Inquiry into Future Directions for the Consumer Data Right –Final Report Download Document Here

A Breakdown of the Inquiry into Future Directions for the Consumer Data Right –Final Report Download Document Here

A Breakdown of the Inquiry into Future Directions for the Consumer Data Right –Final Report Download Document Here

A Breakdown of the Inquiry into Future Directions for the Consumer Data Right –Final Report Download Document Here

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 […]

What is FData The Financial Data and Technology Association is a not-for-profit global association for financial sector companies that use open finance in their business models. Our members provide innovative financial applications and services to empower customers to make better decisions and take fuller control of their financial lives across all their payment accounts, credit […]

Contact: Kerrie Rushton, (202) 365-6338, [email protected] July 9, 2021, Washington, DC – The Financial Data and Technology Association (FDATA) of North America today issued a statement following the release of President Joe Biden’s Executive Order on financial competition. In the order, the president directs the Consumer Financial Protection Bureau (CFPB) to issue a regulation that would […]

We, as leading financial technology companies and their representatives, are writing to you in advance of the CMA Board’s consideration of the future of the Open Banking Implementation Entity (OBIE). We welcome the CMA’s recent review of the Open Banking Future Entity, however we have concerns about the process of reviewing UK Finance’s (UKF) proposal, […]

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 […]

June 29, 2021, Washington, DC – Today, the Financial Data and Technology Association (FDATA) of North America submitted comments to the US financial regulators as part of their Request for Information (RFI) on financial institutions’ use of artificial intelligence (AI), including machine learning (ML). The Federal Reserve, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (NCUA), National Credit Union Administration (NCUA), and Office of the Comptroller of the Currency (OCC) sought comments on the use of AI by financial institutions and their products and services to consumers.

Formal SubmissionsOn behalf of our members FDATA responded to a call for formal submissions by the Treasury Department on the proposed changes to Joint Account – Opt-Out model for Open Banking. Download Here 2021 Q2 Wrap

Open Finance, a precursor to the Consumer Data Right, began as a grassroots movement, campaigning for the legal rights of consumers and businesses to have control of their financial data and share this data with businesses of their choice digitally. It is part of a broader suite of Open Data initiatives to empower consumers and […]

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 […]

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? […]

Below is FDATA Europe’s response to the consultation on the SCA-RTS. We are grateful for the opportunity to respond, and would like to highlight a few points before presenting our formal response and recommendations: • Article 10a exemption for TPPs needs to explicitly carve out the requirement to perform SCA every 90 days, and make […]

Below is FDATA Europe’s response to the consultation put forward by the CMA on UK Finance’s report on the proposed Open Banking Future Entity; we are grateful for the additional time provided in order to properly respond to the questions raised. We would like to highlight few points before presenting out formal response and recommendations: […]

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 […]

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 […]

FDATA Response to Payment Systems Regulator Consumer Protection in Interbank Payments: Call for Views (CP21/4) FDATA appreciates the opportunity to respond to the PSR’s Call for Views on Consumer Protection in Interbank Payments. We address the questions contained in the CfV, and have also provided an overview of our analysis of PSR CP21/4. Below the […]

April 6, Washington, DC – The Financial Data and Technology Association (FDATA) of North America today announced it has added three new members—BillGO, Codat, and ValidiFI— boosting the organization’s roster of member companies and organizations to 28.

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, […]

Leveling up the UK Market: Why the FCA has determined the MCI has got to go [but also why API performance matters] It may seem like a minor change in regulatory policy; it, however, is not. I’ve said that repeatedly about various points in the FCA’s recent consultation on changes to the Regulatory Technical Standards […]

March 15, 2021, Washington, DC – Today, the Financial Data and Technology Association (FDATA) of North America submitted comments to Canada’s Department of Finance outlining its key recommendations for next steps in the deliver of Customer-Directed Finance (CDF). 

A CHOICE NEEDS TO BE MADEIf the current definition of CDR Data remains unchanged; the ability to permit accreditationto all levels of the eco system is only way that compliance with the legislation can occur. This includes accountants, advisers, brokers, bookkeepers, marketplace participants, etc. Download Document Here

A CHOICE NEEDS TO BE MADEIf the current definition of CDR Data remains unchanged; the ability to permit accreditation to all levels of the ecosystem is the only way that compliance with the legislation can occur. This includes accountants, advisers, brokers, bookkeepers, marketplace participants, etc. Download Document Here

Anyone who’s paid attention to the issue of 90-Day Reauthentication in the last three years since PSD2 went live in the European market is bound to have noticed the unexplainable and seemingly irrational conflicts that sit within the legal text that frames out the Regulatory Technical Standards (RTS) on Strong Customer Authentication (SCA). Download Document […]

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 […]

Open Finance, a precursor to the Consumer Data Right began as a grassroots movement, campaigning for the legal rights of consumers and businesses to have control of their financial data and to be able to share this data with businesses of their choice digitally. It is part of a broader suite of Open Data initiatives, […]

If you’ve read the previous tomes in this series, you’ll know that the FCA’s proposed change to the 90-day reauthentication requirement will have significant positive impact on the industry – and why this course correction is good for the competitive landscape and fintech innovation. You’ll also already know the context for how the rules combining […]

Secure Customer Authentication (SCA), combined with the requirement for end-users to reauthenticate every 90 days, is meant to provide a secure and reliable way for consumer to connect their bank accounts to regulated fintech services. Or at least that was the intention when it was enshrined in law as part of PSD2’s Regulatory Technical Standards […]

If you use any fintech product that relies on data from your primary bank account, you will have navigated Secure Customer Authentication (SCA) processes. You will also have run into the 90 Day Reauthentication requirement that demands you confirm you want the fintech to have access to your bank account data, while at the same […]

9 February 2021 Download Document here

Formal SubmissionsThe New Zealand government has responded to our ‘Options for a CDR’ submission (September 2020) and has requested a discussion around potential involvement. Data 17th February 2020. Download 2021-Q1-Wrap.pdf

February 3, 2021, Washington, DC – Today, FDATA North America submitted comments to the US Consumer Financial Protection Bureau (CFPB) in response to its Advanced Notice of Proposed Rulemaking (ANPR) regarding consumer access to financial records, or Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Thank you for the opportunity to respond to the BEIS Smart Data Cross Sector Options. The Financial Data and Technology Association (FDATA) has a vested interest how the HMG’s Smart Data initiative is delivered to market, as our members provide valuable digital financial services under Open Banking, and they will continue to serve UK residents […]

Please provide feedback on the following points: The need for VRP/Sweeping – why it is so much better than any other option for the customer – control, transparency, flexibility, speed, etc. Why this cannot be limited to 2 way sweeping, as this rules out many use cases which offer the most value to customers (eg. […]

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 […]

On behalf of the membership of FDATA Europe, please find our response to the questions set forth in the Financial Services Future Regulatory Framework Review, Phase II Consultation. Download Document Here

  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 […]

In 2020, fintechs in Brazil showed their resilience and attracted US$ 1,7 billion in investments. Check some of the trends and opportunities in the sector this year. Download Document Here

Download Document Here

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.

Bruno Diniz, Managing Partner at Spiralem and Director at FDATA South America, discusses the state of play in Open Banking in Latin America, the opportunities there, and further steps to unleash the potential of Open Banking Download Document Here

November 17, 2020, Washington, DC – In response to ongoing discussions by large U.S. financial institutions and some policymakers to impose a mandatory 90-day reauthentication requirement for customers wishing to utilize third-party financial tools, the Financial Data and Technology Association (FDATA) of North America today released a paper that outlines the detrimental impact this requirement would have based on the real-world experience of consumers in the European Union and United Kingdom whose access to financial technology tools is hindered by a similar requirement.

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.

October 22, Washington, DC – Steve Boms, Executive Director of the Financial Data and Technology Association (FDATA) of North America released the following statement regarding the Consumer Financial Protection Bureau’s advanced notice of proposed rulemaking (ANPR) on Section 1033 of the Dodd-Frank Act.

Customer-centric design is the process of building your product or service based on the wants, needs, and challenges of your customers. OPTIONS FOR ESTABLISHING A CONSUMER DATA RIGHT IN NEW ZEALANDFDATA ANZ Download Document Here

On behalf of the membership of FDATA Europe, please find our response to the Quarterly Consultation 29 CP20-18, specifically Chapter 3: Proposal to amend the open banking identification requirements (eIDAS certificates) below. Download Document Here

As the Department of Finance enters the second phase of its consultative process, FDATA North America provided several suggestions that should act as a guide for the deployment of a successful open finance regime, gleaned from experience in other markets.

September 21, 2020, Washington, DC – Today, FDATA North America submitted comments to the US Federal Deposit and Insurance Corporation (FDIC) in response to its Request for Information (RFI) on standard setting and voluntary certification for models and third-party providers of technology and other services. 

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.

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.

Download Document Here

July 29, 2020, Washington, DC – Today, FDATA North America submitted comments to the US Office of the Comptroller of the Currency (OCC) in response to its Advanced Notice of Proposed Rulemaking (ANPR) regarding national bank and federal savings associations digital activities. 

July 28, 2020, Washington, DC – The Financial Data and Technology Association (FDATA) of North America today announced it has added two new members, boosting the organization’s roster of member companies and organizations united behind the notion that consumers and small businesses should have full utility over their own financial data.

July 17, 2020, Washington, DC – Today, the Financial Data and Technology Association (FDATA) of North America released a paper on competition issues surrounding customer-directed finance and the financial data access competitive landscape in Canada. The paper’s release comes ahead of a virtual presentation by FDATA North America Executive Director Steve Boms, Senator Colin Deacon, and Michael Binetti, partner at Affleck Greene McMurtry LLP.

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.

Download Document Here

Download Document Here

Please find below FDATA’s formal submission of response to the EBA’s Consultation on Revised Guidelines on Money Laundering and Terrorist Financing Risk Factors. Due to the limitations of the response form provided online and the lack of option to attach supporting evidence, we take this opportunity to send our analysis and position via email.We ask […]

Please find below FDATA’s formal submission of response to the EBA’s Consultation on Revised Guidelines on Money Laundering and Terrorist Financing Risk Factors. Due to the limitations of the response form provided online and the lack of option to attach supporting evidence, we take this opportunity to send our analysis and position via email. Download […]

Following recent notification by the UK Government, we are delighted to announce that the Global Open Finance Centre of Excellence (GOFCoE) has been successful in acquiring a seed fund of £23m by way of grant, to cornerstone its investment strategy. This major award is part of a much larger funding strategy to build a world-class [...]

June 26, 2020, Edinburgh, Scotland: Today, FDATA Global Executive Chairman Gavin Littlejohn announced in a letter to FDATA membership the association’s success in acquiring £23m in funding for the Global Open Finance Centre of Excellence (GOFCoE) to advance Open Finance across the United Kingdom, Europe, and around the world. 

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.

June 23, 2020, Washington, DC: Steve Boms, executive director of the Financial Data and Technology Association (FDATA) North America released the following statement regarding Mastercard’s acquisition of Finicity.

June 2, 2020, Washington, DC – Today, the Financial Data and Technology Association (FDATA) of North America released a paper on competition issues surrounding open finance and the financial data access competitive landscape in the United States. The paper’s release comes ahead of a virtual presentation by FDATA North America Executive Director Steve Boms and Duane Pozza, partner at Wiley LLP.

Despite the turbulent year, a major movement of regulatory and infrastructure updates planned for 2020 is following its course The portuguese version of this article can be found at FEBRABAN’s Noomis platform in the link: https://bit.ly/bdnoomis6 Download Document Here

May 27, 2020, Washington, DC – Today, FDATA North America submitted comments to the US Consumer Financial Protection Bureau’s (CFPB) Task Force on Federal Financial Law following its Request for Information on options to harmonize, modernize, and update Federal consumer financial protection laws. 

May 26, 2020, Washington, DC – The Financial Data and Technology Association (FDATA) of North America today announced it has added four new members, boosting the organization’s roster of member companies and organizations united behind the notion that consumers and small businesses should have full utility over their own financial data.

May 21, 2020, Washington, DC – Today, FDATA North America submitted a letter to the U.S. House Committee on Financial Services on consumer financial data privacy.

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.

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.

April 24, 2020, Washington, DC and Toronto -The Financial Data and Technology Association (FDATA) North America today announced its endorsement of the Canadian Lenders Association (CLA) proposal to include financial technology (fintech) participation in Canada’s COVID-19-related financial relief programs for small and medium-sized enterprises (SMEs).

The Financial Data and Technology Association (FDATA), on behalf of its members, is asking the European Commission and the European Banking Authority to urgently revisit the requirements on Secure Customer Authentication and 90-day Reauthentication, due to its extremely detrimental impact to Third Party Providers (TPPs). Companies who have operated as TPPs pre-PSD2, as well as […]

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.

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.”

What action can we take to help ensure the potential of open banking is maximised, for instance to support the development of new open banking services? Download Document Here

February 25, 2020, Washington, DC – FDATA North America has submitted remarks to the Consumer Protection Financial Bureau (CFPB) in advance of tomorrow’s symposium on Consumer Access to Financial Records.

The Financial Data and Technology Association (FDATA), on behalf of its members, is asking the European Commission to amend the 5th Anti-Money Laundering Directive to remove account information services providers (AISPs) and payment initiation services providers (PISP) from its scope, as soon as the opportunity arises. The inclusion of these services under European AML legislation […]

February 20, 2020, Washington, DC: Steve Boms, executive director of the Financial Data and Technology Association (FDATA) North America released the following statement regarding The Clearing House’s acquisition of Akoya.

São Paulo, 3 de fevereiro de 2020 – Bruno Diniz, um dos especialistas mais proeminentes em fintech do Brasil e cofundador da Spiralem, foi nomeado Líder da América do Sul pela (FDATA) Financial Data and Technology Association. Autor do recém-lançado livro “O Fenômeno Fintech”, da Alta Books, Bruno começa a exercer imediatamente a função, alocado […]

São Paulo, 3 de fevereiro de 2020 – Bruno Diniz, um dos especialistas mais proeminentes em fintech do Brasil e cofundador da Spiralem, foi nomeado Líder da América do Sul pela (FDATA) Financial Data and Technology Association. Autor do recém-lançado livro “O Fenômeno Fintech”, da Alta Books, Bruno começa a exercer imediatamente a função, alocado […]

Bruno Diniz, one of the most prominent experts in fintech in Brazil and co-founder of Spiralem, has been appointed as South America Chapter Leader with the Financial Data and Technology Association (FDATA). Bruno will begin the role with immediate effect, from the newly launched chapter’s headquarters in Sao Paulo, Brazil. FDATA is now operating in […]

January 31, 2020, Washington, D.C. – The Department of Finance Canada today released “Consumer-Directed Finance: The Future of Financial Services,” which is the result of more than nine months of consultation with stakeholders in the financial services and financial technology sectors. Financial Data and Technology Association (FDATA) of North America Executive Director Steve Boms issued the following statement upon release of the report:

Download Documents Here

Download Document Here

January 30, 2020, Washington, DC – Today, FDATA North America released a paper that summarizes the critical need for credential-based authentication to continue in order for consumers to maintain access to the tools on which they depend to manage their financial wellness.

Ghela Boskovich, the economist, fintech expert and diversity champion has been appointed as the European Chapter Leader at the Financial Data and Technology Association (FDATA). She goes into post with immediate effect and joins fellow chapter leaders at FDATA North America, FDATA Australia/New Zealand and FDATA Asia.  The Financial Data and Technology Association is a […]

Steve Boms, executive director of the Financial Data and Technology Association (FDATA) North America released the following statement regarding Visa’s acquisition of Plaid

November 20, 2019, Washington, DC – Today, FDATA North America submitted comments to the US House Financial Services Committee Task Force on Financial Technology in advance of its November 21st hearing, “Banking on Your Data: the Role of Big Data in Financial Services.”

November 19, 2019, Washington, DC – FDATA North America today announced the release of a white paper that provides guidance to United States and Canadian standards-creation bodies and policymakers as they seek to establish industry-led working groups that would begin to design voluntary standards around open banking regimes in their respective countries.

October 4, 2019, Washington, DC – Today, FDATA North America submitted a whitepaper to Canada’s Department of Finance on digital identity and the notion that it is not a necessary component of open banking.

July 24, 2019 – Today, FDATA North America submitted comments to the US House Financial Services Committee Task Force on Financial Technology in advance of its July 25th hearing, “Examining the Use of Alternative Data on Underwriting and Credit Scoring to Expand Access to Credit.”

July 9, Washington, DC – The Financial Data and Technology Association (FDATA) of North America today announced it added five new members in June, bringing the association’s total membership to 22.

In advance of the first hearing of the United States House of Representatives’ Task Force on Financial Technology, titled “Overseeing the Fintech Revolution: Domestic and International Perspectives on Fintech Regulation,” the Financial Data and Technology Association (FDATA) of North America submitted a Letter for the Record on the importance of adopting a modernized financial regime, similar to other countries around the world, that provides consumers with the legal right to their financial data in a well-managed, safe and secure ecosystem.

Fintech bodies call for National Regulators to work with industry to prioritise customer needs ahead of other regulatory factors The Financial Data and Technology Association (FDATA Europe), in association with the European Third Party Providers Association (ETTPA), has highlighted a material risk to individual and business consumers in the next phase of the implementation of […]

Document co-authored by FDATA Europe and ETTPA. Download here.

Fintech bodies call for National Regulators to work with industry to prioritise customer needs ahead of other regulatory factors The Financial Data and Technology Association (FDATA Europe), in association with the European Third Party Providers Association (ETTPA), has highlighted a material risk to individual and business consumers in the next phase of the implementation of […]

May 7, 2019 – The OpenID Foundation (OIDF), the international standardization organization which maintains a standard known as the Financial-grade API (FAPI), and the Financial Data and Technology Association (FDATA Global), the global trade association for companies working to promote ‘open finance’ and best practice financial data sharing, have signed a liaison agreement to enable them to work jointly across the world.

Not-for-profits to campaign jointly on open finance initiatives The OpenID Foundation (OIDF), the international standardisation organisation which maintains a standard known as the Financial-grade API (FAPI), and the Financial Data and Technology Association (FDATA Global), the global trade association for companies working to promote ‘open finance’ and best practise financial data sharing, have signed a […]

April 2, 2019, Washington, DC – The Financial Data and Technology Association of North America today released a new paper, “Opportunities in Open Banking,” that outlines the benefits of open banking for U.S. consumers, businesses, financial institutions and the economy.

March 20, 2019, Washington, DC – In advance of a Canada Standing Senate Committee on Banking, Trade and Commerce hearing on March 21, the Financial Data and Technology Association today released a new paper, “Opportunities in Open Banking,” that outlines the benefits of open banking for Canadian consumers, businesses, financial institutions and the economy.

FDATA North America has published a submission to Finance Canada’s Open Banking Review.

Across the world, governments, regulators, banks and fintechs are talking about open banking, and also trying to follow the progress and success of UK Open Banking. They sense excitement, threat and opportunity, and there is much talk about innovation, security, standards and risk. But are we all talking about the same thing? What is ‘open […]

FDATA North America has published a submission to Finance Canada’s Open Banking Review.

Across the world, governments, regulators, banks and fintechs are talking about open banking, and also trying to follow the progress and success of UK Open Banking. They sense excitement, threat and opportunity, and there is much talk about innovation, security, standards and risk. But are we all talking about the same thing? What is ‘open banking’?

FDATA North America has published a submission to Finance Canada’s Open Banking Review.

While the U.S. government hobbles from one crisis to the next — the partial shutdown is just the latest example — policymakers in several other countries are staking out long-term positions that embrace financial technology innovation for the benefit of their citizens.

Collectively, the fintech members of the Financial Data and Technology Association of North America provide approximately 3.5 million Canadians – about 15 per cent of the country’s adult population – with access to new, technology-powered financial tools that help them manage their finances. Despite an ambiguous regulatory environment that can sometimes lead to blockages and restrictions from their banks, these consumers and small businesses have voted with their smartphones in favour of financial technology.

Click below to see FDATA Europe’s response to the Financial Conduct Authority’s Consultation paper 18/25 – Approach to final Regulatory Technical Standards and EBA guidelines under the revised Payment Services Directive (PSD2). FDATA response to FCA CP 18-25

Click below to see FDATA Europe’s response to the Financial Conduct Authority’s Consultation paper 18/25 – Approach to final Regulatory Technical Standards and EBA guidelines under the revised Payment Services Directive (PSD2). FDATA response to FCA CP 18-25

FDATA North America has published a submission to the Global Financial Innovation Network’s (GFIN) consultation, via the Bureau of Consumer Financial Protection.

FDATA North America has published a submission to the Global Financial Innovation Network’s (GFIN) consultation, via the Bureau of Consumer Financial Protection. FDATA North America GFIN submission

FDATA North America has published a submission to the Global Financial Innovation Network’s (GFIN) consultation, via the Bureau of Consumer Financial Protection.

For Canadian Consumers and Small Businesses, Open Banking is the Way Forward

American Banker and Finextra cover launch of FDATA North America Sept. 21, 2018, Washington, DC— The launch of the Financial Data and Technology Association’s (FDATA) North America chapter was covered in two major financial publications today. You can read American Banker’s story here, and Finextra’s here.

American Banker and Finextra cover launch of FDATA North America

FDATA-North America to Advocate for Open Banking Rules in Canada, Mexico & the United States Sept. 20, 2018, Washington, DC— The Financial Data and Technology Association (FDATA), which played a pivotal role over the last five years in crafting the design and implementation of open banking standards in the United Kingdom and in Europe, announced today […]

FDATA-North America to Advocate for Open Banking Rules in Canada, Mexico & the United States

Click below to see FDATA Europe’s members’ feedback on the EBA Draft Guidelines on the conditions to be met to benefit from an exemption from contingency measures under Article 33(6) of Regulation (EU) 2018/389 (RTS on SCA & CSC).  Click to read submission  

FDATA Europe – Assessment of the Challenges in PSD2 Implementation V2 This report catalogues some of the technical challenges encountered by Third Party Providers (TPPs) during their initial connections with the Open Banking Directory and in particular thereafter with the API connections identified in a technical workshop organised by FDATA . 

FDATA, together with the Electronic Money Association, techUK and UK Finance, have published a set of voluntary guidelines and encouraged market behaviours under PSD2 in the ‘transitional period’. You can download them below. Voluntary-Guidelines-and-Encouraged-Market-Behaviours-Under-PSD2-FINAL

This paper sets out a number of amendments to the Proposed Amendments to the Agreed Arrangements to fulfil the objectives of the Retail Banking Market Investigation Order 2017. Open Banking: Proposed amendments to the Agreed Arrangements

Open Banking Standards to Expand Functionality and Cover all PSD2 Products The Open Banking Implementation Entity (OBIE), the body set up by the Competition & Markets Authority (CMA) to enable a new, secure way for customers to take control of their financial data and share it with organisations other than their banks, today announces a […]

This note aims to address some of the market confusion in relation to the rights of firms to move between EU jurisdictions when performing operations related to the second EU Payment Services Directive (PSD2). FDATA – EU Passport under PSD2 – April 2018

Leading fintech trade association calls launch “the first waypoint on a long journey” The Financial Data and Technology Association, the leading advocate of open banking in the UK and around the world, has welcomed the parallel implementation of PSD2 across Europe, and the launch of Open Banking amongst the large banks here in the UK. […]

Please click the link below to read FDATA’s response to HMT’s consultation on the implementation of PSD2. FDATA submission to HMT – Implementation of the revised EU Payment Services Directive II

The Financial Data and Technology Association has responded to the European Banking Authority’s consultation on authorisation and registration under PSD2. The responses (submitted online) are: Q1: Do you consider the objectives of the Guidelines as identified by the EBA to be plausible and complete? If not, please provide your reasoning. FDATA considers the objectives to […]

The Financial Data and Technology Association (FDATA) has responded to the CMA’s draft order following its publication of the retail banking investigation, which led to the creation of the Implementation Entity. Commenting on the submission, which can be read here, FDATA’s Executive Director Andy Maciver said: “FDATA’s interpretation of the purpose of this order is […]

Please click the link below to see FDATA’s response to the draft order by the CMA on open banking. FDATA-response-to-CMAs-Order-23.12.16

The Financial Data and Technology Association has submitted a response to the EBA consultation “Guidelines on the criteria on how to stipulate the minimum montary amount of the professional indemnity insurance under PSD2”. There were seven questions, which can be seen below along with FDATA’s answers: Question 1: Do you agree with the requirement that […]

Fintech’s trade body welcomes end of redaction and committment to direct representation   The Financial Data and Technology Association (FDATA) has today welcomed the Competition and Markets Authority’s Final Report of its Retail Banking Market Investigation.   FDATA’s members provide innovative financial applications and services to empower customers to make better decisions and take fuller control of […]

Download: FDATA submission response to CMAs Retail banking market investigation – Provisional decision on remedies – 7.6.2016

The Financial Data and Technology Association (FDATA) has today responded to the CMA’s provisional decision on remedies, the penultimate stage of its retail banking market investigation. FDATA’s full response can be read here. Commenting, FDATA’s Executive Director Andy Maciver said: “FDATA has given a broad and strong endorsement to the CMA for its provisional remedies. […]

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 […]

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 […]

OBWG – The Open Banking Standard

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 […]

Financial Data and Technology Association’s submission to the HMT outlines options for data aggregation industry 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 submitted evidence to HM Treasury on its call for evidence on data sharing and open data in […]

FDATA submission response to HMTs call for evidence on data sharing and open data in banking – 25.2.2015

Financial Data and Technology Association’s submission to the FCA provides pathway to open access to aggregation services 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 submitted evidence to the FCA on its cash savings market study. FDATA’s members – […]

FDATA submission response to FCA cash savings market study – 18.2.2015

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 welcomed the Treasury’s call for evidence on open data and open banking, and committed to responding to it. The call for evidence was pledged in the Autumn report, which announced […]

The Financial Conduct Authority (FCA) has today published its Cash savings market study, which covers both problems in the sector and proposed remedies. One set of remedies, the Convenience Remedies, relate directly to the work of FDATA members in the area of financial data aggregation. FDATA has been in private discussions with the FCA and […]