FDATA North America August Newsletter

by rebecca

Member News & Activity

Basis Theory CEO and Co-Founder Colin Luce, wrote a guest post for Forbes outlining the four most important steps that fintech startups should be taking to secure their payment systems and unlock the value of their data. Basis Theory has also launched an Artificial Intelligence powered “Compliance Genie” in partnership with kapa.ai which can provide instant access to payments expertise and quickly sift through card network rules and get instant answers to regulatory questions.

Codat published a new blog post entitled “Can you really trust your customers’ accounting data?” which detailed how accounting data is more reliable than filed accounts and tax returns when it comes to evaluating a business’s creditworthiness. The post explains that many businesses update their accounting records much more regularly than their tax information, which can give a more accurate and up-to-date picture of a borrower’s creditworthiness at the time of application.

Envestnet Data and Analytics President Farouk Ferchichi penned an article in Finextra entitled:” Embracing Open Banking for Small Banks” which provided an overview of open banking, the importance open banking for smaller banks, and the upcoming Section 1033 rulemaking from the CFPB.

Fiserv’s Director of Communications Chase Wallace penned an article for their website entitled: “Accelerating the Pace of Innovation” which explained how the company sees the increasing use of AI and data affecting the financial services marketplace, and how Fiserv will be part of this transformation, particularly via deployment of its “easy-to-use APIs” which can “give credit unions and community banks a competitive edge.”

Inverite published a new post on their website entitled: “What is Data Aggregation” which explained data aggregation and aggregators, how it works, and how it can benefit businesses.

Method Co-Founder and COO Mit Shah penned a guest post in Fintech Nexus entitled: “It’s a rate-shopping environment: Do you have the data to compete?” which explored how open banking data and the upcoming Section 1033 rule from the CFPB will pose new challenges and opportunities in today’s rate-shopping environment, particularly in promoting a more competitive marketplace and empowering financial institutions to offer hyper-personalized products and services. He also shared data from a recent Financial Health Network study which showed that customers are three times more likely to be satisfied with their primary financial institution if they feel their institution truly cares about their financial wellness, and five times more likely to purchase additional products from their financial institution in the future.

MX has partnered with Finastra, a global provider of financial software applications and marketplaces to provide more seamless, personalized money experiences by integrating MX’s Personal Financial Management (PFM), Insights, and Account Aggregation solutions with Finastra’s Fusion Digital Banking solution. This partnership will enable more than 150 financial institutions using the Fusion Digital Banking solution to provide consumers with a robust set of PFM and financial wellness tools, including budgeting and debt management, personalized, proactive insights based on their spending and saving behaviors, and the ability to create a consolidated view of their finances by connecting all of their financial accounts.

Plaid’s Head of Public Policy John Pitts joined the Open Views podcast to discuss the story of open finance, highlighting how it has been driven by consumer demand rather than regulatory intervention. He also covers how, over time, banks have formed deep partnerships with open finance companies such as Plaid, signaling their willingness to adapt and meet consumer demands. John also discussed how regulators are crucial in shaping open finance regulations to protect consumers and foster innovation, the importance of trust and regulation in the financial services industry, and how open finance is seen as a solution to expand access to credit, particularly for credit-invisible individuals.

Trustly’s Matt Janiga, Legal Counsel, Director of Regulatory and Public Affairs, penned a new post for their blog entitled: “Open Banking Update: CFPB Regulation” which gives an overview of what open banking is, recent interest from members of Congress, and how the CFPB’s Section 1033 rule will implement it. Trustly CEO Alex Gonthier also joined PYMTS CEO Karen Webster to discuss the state, and future potential of real-time payments driven by open banking.

Vaultree Co-Founder and CEO Ryan Lasmaili joined the Bospar PR show Politely Pushy with Eric Chemi for a conversation on data privacy, cybersecurity challenges and his personal journey: from financial mathematics, to personally being a victim of data hacking, and leading the company that has pioneered the world’s first Fully Functional Data-In-Use Encryption (FFDUE).

Xero’s  Head of Government Experience Mike Cascone penned an article for Canadian SME entitled: “Open Banking and how Canada stands to benefit from it” which gave a strong overview of what open banking is and particularly how small and medium sized businesses can benefit from it.

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