FDATA North America’s Response to Visa’s Acquisition of Plaid

by rebecca

FDATA North America’s Response to Visa’s Acquisition of Plaid

January 14, 2020, Washington, DC: Steve Boms, executive director of the Financial Data and Technology Association (FDATA) North America released the following statement regarding Visa’s acquisition of Plaid:

“Visa’s announcement of its intention to acquire Plaid is exciting news for supporters of open banking, and is the latest demonstration of the immense value that open banking can provide not only to consumers and small businesses, but to industry participants. The partnership between the two companies creates even more momentum for open banking to take hold in the North American market and is a harbinger of continued progress for consumers’ right to access their financial data.”

FDATA was heavily involved in the UK Open Banking Working Group in 2015. In 2016, the working group’s output was published by Her Majesty’s Treasury as the Open Banking Standard. FDATA North America was founded in early 2018. Its members collectively provide tens of millions of consumers in Canada, the United States and Mexico with aggregation-based tools to better manage their finances. Existing FDATA North America members include: air (the Alliance for Innovative Regulation), Betterment, Envestnet Yodlee, FGS, Flinks, Intuit, Kabbage, Lendified, Mogo, Morningstsar, M Science, MX, Petal, Plaid, Questrade, Quicken Loans, Petal, Plaid, The ID Co., TransUnion, Trustly, VoPay, Wealthica and others.