FDATA North America Submits Comments to Canada’s Standing Committee on Finance (FINA) Pre-2024 Budget Consultations. Our submission stressed that Canada needs to remain diligent in its pursuit of an open banking framework, that is must recognize that other countries are rapidly implementing their own open banking regimes, and remain keenly aware that every day that passes without open banking development risks leaving Canadians further behind their international counterparts and competitors. Our letter also expressed disappointment with the lack of progress on the open banking file, and called on the government to include language in Budget 2024 to rapidly implement the recommendations that Open Banking Lead Abraham Tachjian will provide in his forthcoming final report. Our submission also called for the government to outline its approach to open finance, the next logical step after open banking, and amend the Canadian Payments Act to enable Payments Canada to expand its membership to include federally regulated payment service providers, providing access to its forthcoming real-time payment system.
Member News & Activity
APImetrics published a new blog post entitled: “Why You Need to Think of APIs as Products” which demonstrates how a product-centric approach to API development means implementing security and privacy aspects right from the design phase through well after deployment.
Codat published a new blog post entitled: “Why big banks are finally making moves in business banking” which explained how small business borrowers can increase their access to credit by connecting and permissioning their deposit account data to SMB lenders.
Envestnet Data and Analytics hosted a webinar entitled” Open Banking Around the World” which outlined the evolution of open banking and open finance in several countries across the globe. It also featured discussion of the different paths countries have taken toward open banking accreditation, and described the use cases – like lending, payment initiation, personal finance, and more – that have been successful in each region.
Fiserv was recently recognized by CNBC in the Digital Payments Category of its “World Top Fintech Companies” list for the depth and breadth of capabilities it provides merchants and financial institutions, including solutions that enable digital commerce, digital money transfers, and mobile payments.
GoCardless has announced it is renewing its strategic partnership with fellow FDATA North America member Xero, the global small business platform, for another five years. The agreement builds on a long-term relationship which started in 2016, focused on helping small businesses get paid faster. For GoCardless this also represents a doubling down in the accountancy space, a key sector for the fintech as it executes on its ambitious growth plans.
Method was named a finalist in the PayTech Start-up of the Year category at the PayTech Awards USA 2023. Additionally, their founding software engineer Mustafa Ali spoke at Fintech Devcon on the importance of idempotency in building resilient, dependable APIs, and why adopting an idempotent-first mindset is vital for API-first companies.
MX published a new blog post and whitepaper entitled: “How Open Finance Improves Security,” which explain how consumer-permissioned data access leads to more consumer control and awareness of their financial data, as well as allowing for modern data security methods, particularly account access without the use of usernames and passwords.
Plaid’s Global Head of Policy John Pitts joined the “Breaking Banks” show along with Jonah Crane, partner at Klaros Group, and Dara Tarkowsi, partner at Actuate Law, to discuss open finance, the recent Interagency Guidance on Third Party Due Diligence from U.S. regulators, and how fintechs that are third-party bank partners must understand the importance of this guidance and prepare themselves for more interaction with regulators in the future.
Trustly’s Director of Regulatory and Public Affairs, Matt Janiga, joined Harold Levey at Pymnts to discuss the CFPB ‘s proposed rules and standards coming in October and the landscape of Open Banking regulation in the US. Matt put this latest regulatory work in context by explaining how laws designed to protect consumer information have been on the books for decades, and how the spirit of those laws is tied to a basic principle: If companies are sharing your data — whether it’s with another company or even the government — you should have some right to know about it and also to know what information the company has about you.
Vaultree’s CEO and founder Hamed Arbabi penned an article for the Forbes Technology Council entitled: “How To Better Support Gig Workers Through Payment Modernization,” which how payment modernization, particularly on payroll systems, is critical for providing gig workers the financial services needed to meet their work circumstances.
Events and Submission Deadlines
- September 11-13: Finovate Fall NYC
- September 12-13: Fintech South Atlanta
- (HOLD FOR HILL BRIEFING)
- September 18–21: Sibos Toronto
- October 2-4: Lend360 Atlanta
- October 22-25: Money 20/20 USA
- October 27: Deadline for submissions to FDIC Consumer Research Symposium
- December 6 -7: FTT Embedded Finance & Super-Apps North America