FDATA North America June Newsletter

by rebecca


FDATA North America Welcomes Newest Member Portabl. FDATA North America’s newest member is Portabl, and company that is solving for reusable, privacy-preserving identity for use in the open finance ecosystem. By allowing end users to aggregate and share different types of identity and reputation information, Portabl is building trusted identity networks and simplifying and automating many parts of the identity compliance stack.

FDATA Holds Inaugural Open Finance Summit in Ottawa. FDATA North America hosted a first-of-its kind Open Finance Summit in Ottawa, Ontario on May 17th. The half day event in the Canadian capital city featured several panels of subject matter experts from FDATA member companies, FDX, Finance Canada, the Office of the Privacy Commissioner, and Canadian financial institutions. Attendees also heard keynote remarks from Ron Morrow, Executive Director of Retail Payments Supervision, Bank of Canada and from Abraham Tachjian, Canada’s Open Banking Lead.

Member News & Activity

Basis Theory CEO Colin Luce spent a few minutes in a recent New York Stock Exchange Floor Talk to explain their use cases, company beginnings, and shared the common challenges their customers face and they support them in this ever-changing regulatory environment.

Codat CTO David Hoare joined the Fintech Blueprint podcast to discuss data aggregation, API integrations, breaking down the requirements involved in integrating Codat into small business’ stack, and expanding on Codat’s partnership program with large enterprises.

Envestnet Yodlee’s Data and Analytics has partnered with Axway, the provider of Amplify Open Banking, to provide consistent API access via the FDX (Financial Data Exchange) standard, eliminating the need for proprietary APIs. “Our partnership with Axway will help shorten the time it takes to connect to financial institutions, and subsequently onboard partners, allowing consumers to quickly access their financial data via a secure, common API,” explains Lisa Novier, Head of Governance, Risk and Compliance for Envestnet Data and Analytics. “This seamless flow of data helps us give people and small-to-medium size businesses stronger control over sharing their financial data with third-party financial service providers and receive a more complete view of their financial lives.”

GoCardless has partnered with Bluefort, an independent software vendor and Microsoft solutions partner, to offer a simple way for businesses to manage their billing, payments and accounting directly within Dynamics 365. This integration, available for free through Bluefort’s payment automation platform Bluefort TAPP, will enable Dynamics 365 users across Finance & Supply Chain Management, Dynamics for Sales and Business Central to access Direct Debit and open banking payments, in addition to automatic reconciliation.

Fiserv’s Sunil Sachdev and Matt Wilcox of Fiserv spoke with FinTech Magazine about helping clients bring new financial innovations to market and crafting new digital experiences using open finance.

Morningstar ByAllAccounts Head of the Data Aggregation Strategy and Governance Brian Costello spoke with Tara Unverzagt, President of South Bay Financial Partners at the Morningstar Investment Conference discussing how data aggregation can build great trust between advisors and their clients. Read the retrospective from the moderator Craig Iskowitz, CEO of Ezra Group on the WealthTech Today blog.

Method’s Co-Founder Mit Shah dives into why the CFPB should consider alternatives to authenticate third-party permissioned data access that are safe & secure, and eliminate the need for firms to invest in expensive technological overhauls in a recent piece in the American Banker.

M Science CEO Michael V. Marrale spoke at the Finovate Spring conference on how data can offer valuable insights, and how AI can assist customers in making better business decisions.

MX’s Chief Advocacy Officer Jane Barratt joined the “Banking Transformed” podcast with Jim Marous to discuss how data and insight can transform banking into emotional relationships that can impact people, organizations, and communities.

Petal announced $35 million in new funding, raised in the most difficult technology funding environment in a decade, and announced that it has spun off its Prism Data cash flow underwriting product into an independent company. Prism Data’s open banking infrastructure and analytics platform helps clients improve underwriting capabilities, minimize first-party fraud, and better manage servicing of their portfolios. To date, Prism’s CashScore has been used to inform nearly $2 billion in real-world credit originations for hundreds of thousands of consumers.

Plaid was featured in a Bloomberg Markets Magazine piece which delved into its corporate history, product development, and its role in establishing open banking in the US. The piece also highlighted how Plaid has been working to move away from controversial screen scraping methods, with over 75 percent of its connections now facilitated by APIs.

Trustly recently published The Ultimate Guide to Real-Time Payments, which details the latest trends on RTP and an overview of its current impact globally and in the US. Trustly also released three new blogs: Fraud Prevention in Open Banking, What is Nacha, and Key Learnings from FIS’ 2023 Global Payments Report. Trustly will also partake in a webinar with Cross River Bank about the evolution of faster payments and how FedNow will expand RTP and business growth opportunities. The webinar will take place on June 20th at 9 AM PST, pre-register here.

Vopay recently published a new post on its blog entitled “Definitive Guide To ACH Payments: What Are They and How Do They Work?” This detailed guide includes several handy infographics and goes through the nuts and bolts of ACH systems, the differences between it and other payment methods, how Vopay is involved with this system, and explains some business uses cases and benefits.

Xero Chief Growth Officer Chris O’Neill published an opinion piece in TechRadar Pro entitled: “How SMBs can fast-forward digitalization to support increased productivity.” The piece laid out how small-and-medium sized business can benefit from optimal tech stack and app integration services to streamline their payroll, tax, and accounting practices.

Events and Submission Deadlines