Welcome to FDATA North America’s monthly newsletter! These regular dispatches will share developments from our organization and our 30+ member companies, all of which are promoting financial access and inclusion with open finance use cases. We also include a list of upcoming industry events, and coverage of any market developments that impact fintech innovators. Know someone who’d like to receive these monthly updates? Send them here to sign up.
Member News & Activity
API Metrics released a blog post last week entitled “Unlocking The Unmet Potential Of Open Banking” where they discussed the ways in which open banking has yet to meet its capabilities in multiple markets and outlined recent statistics in the UK compared to geographical variations in open banking. The blog advocates for the market’s need to ensure customer trust and reliability in building an open banking infrastructure and how API Metrics continues to do so for their customers.
Basis Theory published a blog post regarding their partnership with Method Financial. In this customer story, they highlight Method’s mission to assist fintech developers integrate key functionalities like real-time financial data, repayment, balance transfers, and bill pay automation into their apps. In Basis theory, Method found a partner that could move as quickly as they moved, and ever since they have been satisfied with the ease of integration and the level of support from Basis Theory.
Codat released a study, discussed in detail in a piece in The Fintech Times, of 115 business lenders in the US and UK found that digital lenders are also seeing a rise in default rates (41 per cent), and, as a result, are tightening lending standards to manage risk. Despite economic difficulties, Codat also reveals that, “business lenders continue to innovate and evolve their offerings. Providers are adapting their strategies and priorities to narrow in focus on operational efficiency, retaining current customers and launching new lending products.”
Experian was named a market leader in fraud prevention by Liminal’s Link Index Report for Account Opening in Financial Services. The report recognizes Experian for leadership in compliance and fraud prevention capabilities. Experian’s identity verification and fraud prevention solutions received the highest Link Score out of the 32 companies highlighted in the report. It found that Experian was recognized by 94% of buyers and 89% identified Experian as a market leader.
Fiserv was named to TIME World’s Best Companies 2023 for leading global providers of payments and financial technology solutions. Fiserv was awarded this honor based on three primary dimensions: employee satisfaction, revenue growth, and sustainability.
Flinks published a article last month entitled, “Open Banking in Action – A Look at Use Cases,” where they discuss data-in use cases and data-out use cases and how how these two different types of open banking options can be put to work right away. Flinks dives into the most relevant open banking use cases for financial institutions and how FIs can upgrade their digital experiences to maximize conversions and gain a competitive advantage.
Intuit was ranked by Fortune Magazine as #5 on their 2023 Best Workplaces in Technology list. This award follows their recent launch of Intuit Assist, which reinforces their goal to cultivate a strong culture of tech innovation to solve their customers’ most important problems.
Method posted a recent blog post highlighting how the Peach app, powered by Method’s Liability APIs, delivers clear insights into debts and devises personalized repayment strategies for a debt-free future. By partnering with Method, Peach has connected more than 55k accounts, delivering a transparent view into debt management and providing step-by-step repayment strategies to help users become debt-free.
MX held their Money Experience Summit from September 19-21, which is the premier gathering of finance and fintech leaders, influencers, builders, and connectors. Stay in the loop for insightful discussions, unique networking opportunities, and one-of-a-kind experiences.
Plaid announced last month that it will be participating in FinRegLab and the Department of Commerce’s new pilot program through the Minority Business Development Agency (MBDA), which studies how cash flow data can improve credit access for minority-owned companies and underserved small businesses. Plaid will provide free account connectivity services to participating mission-based lenders to allow loan applicants to authorize their account data to be accessed for underwriting.
Portabl published a recent blog entitled, “What is consumer-permissioned data & how does it work?” The blog outlines that while banks and aggregators have done an impressive job shaping conventions and standards around consumer-permissioned data, Portabl offers the market the ability to bridge the gap between simpler account access and secure data sharing.
TransUnion published a recent blog titled, “Point-of-Sale Installment Loans and Your Credit,” where they show BNPL and POS installment loans can be appealing because a large purchase doesn’t have to be paid in full upfront. POS loas have been used by as many as 100 million Americans at least once in the past year, according to 2022 TransUnion Consumer Pulse research.
Trustly penned a new post for their blog entitled: “Maximizing Value Through Grocery Payments: How Open Banking Can Help,” which outlines the ways in which open banking can help grocery store merchants improve shopper experience, lower payment acceptance costs, and maximize value through payments during these more challenging economic times.
Events and Submission Deadlines
- October 2-4: Lend360 Atlanta
- October 12: CFPB Webinar: Reporting and Investigating Elder Financial Exploitation
- October 22-25: Money 20/20 USA
- October 25: SEC’s Securities Enforcement Forum 2023
- October 27: Deadline for submissions to FDIC Consumer Research Symposium