FDATA North America January Newsletter

by rebecca

FDATA North America Monthly Newsletter for January 2024

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.

FDATA North America News

FDATA NA Comment Letter Submitted on CFPB’s Section 1033 NPRM. On December 27, 2023, FDATA NA filed a comment letter in response to the Consumer Financial Protection Bureau’s (CFPB) Notice of Proposed Rulemaking (NPRM) on personal financial data rights, which will implement Section 1033 of the Dodd-Frank Act. FDATA views this rulemaking as a crucial step forward for U.S. competitiveness in a global economy in which many other countries have already developed and implemented open finance regimes. In its comment letter, FDATA underscored areas for potential improvements in the final rule that will more effectively align the rule with the vision the CFPB presented when announcing its pursuit of this rulemaking. FDATA released a statement on its submission of the comment letter, which can be found here.

Member News & Activity

API Metrics published a blog post providing comments to the CFPB’s Personal Financial Data Rights rulemaking, emphasizing the need for real-time compliance monitoring, scalability testing, standardization and compliance verification, and improved performance and uptime metrics in open banking. They stated that these measures are crucial for enhancing the security, efficiency, and consumer experience in the financial data services ecosystem.

Basis Theory published a blog post discussing the concept and importance of frictionless payments in both physical and digital retail environments. It highlighted the benefits and challenges of implementing such systems, emphasizing their growing relevance in the evolving e-commerce landscape and the increasing use of mobile technologies.

Envestnet Yodlee hosted a webinar entitled “The Opportunities and Challenges of Open Banking in Wealth Management.” During the webinar, they provided insights into how firms can leverage the right infrastructure to gain a competitive edge through enhanced data utilization, improved customer experiences, and increased loyalty, while also addressing U.S. open banking regulations and exploring innovative use cases.

Experian issued a press release announcing they integrated NeuroID’s behavioral analytics into its fraud prevention solutions, including CrossCore® and Precise ID®, to enhance protection against fraud rings and AI-enabled bots.

Fiserv published a press release discussing the rise of embedded finance and its integration into various business sectors, emphasizing how it enhances customer experiences and financial services.

Flinks posted a blog highlighting the transformative impact of transactional data on lending operations, detailing how it enhances understanding of borrowing behaviors and informs credit decision-making.

GoCardless was featured in an Open Banking Expo Unplugged podcast to discuss the key themes and trends set to define Open Banking payments in 2024. During the podcast, Siamac Rezaiezadeh, Vice President of product marketing and insights at GoCardless, took stock of the progress made in 2023, as Open Banking payments took off.

Intuit published a press release announcing their global QuickBooks brand campaign, “Business Differently,” which highlighted the innovative ways small businesses and solopreneurs work towards success.

Morningstar announced it unveiled Direct Web Services, a suite of APIs designed to enhance digital platforms with sophisticated investment data, research, and calculations.

Ozone API published a blog entitled “5 Observations from Supporting the Major Global Open Banking Standards,” which explored the fragmented yet interoperable landscape of global open banking standards and highlighted their mission to assist banks and financial institutions in leveraging these standards for regulatory compliance and revenue generation.

Plaid was featured in a PR Newswire article announcing a significant data-access agreement between it and TD Bank Group, facilitating secure and convenient financial data sharing for TD customers across North America.

Questrade was featured in a Yahoo Finance article announcing that it has been ranked #1 for providing the best mobile experience among Canadian self-directed online brokerages, as per Surviscor’s 2023 Mobile Brokerage Experience Review.

Trustly published a press release highlighting the transformative impact of Open Banking APIs in improving business processes for financial institutions. The release emphasized how these APIs facilitate secure and automated data exchange, driving efficiency, and innovation in the banking sector, and details Trustly’s role in enhancing customer experiences and operational capabilities.

Xero announced it partnered with Flinks to connect more Canadian and U.S. small businesses to their banking data, offering secure access to over 20 direct bank connections and enhancing the accuracy of banking transactions for Xero’s customers.

Events and Submission Deadlines