FDATA North America Statement on Mastercard Acquisition of Finicity

by rebecca

FDATA North America Statement on Mastercard Acquisition of Finicity

Contact: Kerrie Rushton, (202) 365-6338, [email protected]

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:

“Mastercard’s acquisition of Finicity is the latest sign that open finance is the future of consumer and small business financial services. As we have seen in every other market that has implemented such regimes, establishing a legal right in which consumers and small businesses can access and share their financial data with trusted third parties is paramount to implementing open finance frameworks. FDATA North America continues to urge U.S. policymakers to follow suit.”

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), API Metrics, Betterment, Direct ID, Envestnet Yodlee, Experian, FGS, Fiserv, Flinks, Interac, Intuit, Kabbage, Mogo, Morningstsar, M Science, MX, Petal, Plaid, Questrade, Quicken Loans, TransUnion, Trustly, VoPay, Wealthica and others.