FDATA North America Monthly Newsletter for April 2025
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 North America Provides Input in Response to Canada’s 2025 Pre-Budget Consultation. On March 10, 2025, the Financial Data and Technology Association of North America (FDATA) submitted its response to the Canadian Department of Finance’s 2025 pre-budget consultation. In the submission, we urged the Department of Finance to: (1) deliver of open finance in Canada without delay; and (2) adjust the initial design of Canada’s open finance regime. FDATA North America encouraged the Government to prioritize delivering a comprehensive open finance regime to Canadian consumers and small- and medium-enterprises. We encouraged the Government to revise elements of its initial open finance regime to promote competition and innovation in Canada’s financial sector, including clearly providing for the inclusion of small- and medium-enterprises in the system, providing the Bank of Canada with the authority to oversee the system, and devising a tiered accreditation framework that will allow Canadian startups to come to market and flourish. Read the full comment here. Read the full release here.
FDATA North America Statement on François-Philippe Champagne’s Appointment as Minister of Finance. On March 18, 2025, the Financial Data and Technology Association of North America (FDATA) congratulated François-Philippe Champagne on his appointment as Minister of Finance of Canada. Steve Boms, Executive Director of FDATA, congratulated Minister Champagne on his appointment as Minister of Finance and looked forward to engaging with him on the critical issue of open finance. Read the full statement here.
FDATA Global and Open Banking Expo Announce Media Partnership to Advance Open Finance Awareness. On March 24, 2025, the Financial Data and Technology Association of North America (FDATA), a trade association representing more than three dozen financial technology and open finance companies in the United States and Canada, today announced, along with Open Banking Expo, a media partnership to amplify industry engagement and discussions around Open Finance. The collaboration will support both organizations’ flagship events—the FDATA Global Open Finance Summit and Open Banking Expo’s regional summits—providing unparalleled coverage and expert insights to drive the conversation forward. Read the full release here.
Member News & Activity
Experian published a press release announcing the launch of Cashflow Score, a new solution aimed at enhancing credit decision-making by using consumer-permissioned transaction data. This tool provides a clearer view of an applicant’s financial behavior, offering up to a 25% improvement in predictive performance compared to traditional credit scores. It’s designed to be integrated with conventional credit scores, helping lenders make more informed decisions for both first and second-chance credit applicants. Experian positions itself as uniquely capable of providing both traditional and cashflow-based scoring solutions, supporting broader financial inclusion for underserved consumers.
Flinks announced a strategic partnership with Koxa, an ERP-banking provider specializing in treasury and commercial banking integrations. This collaboration aims to enhance ERP connectivity for Canadian financial institutions by integrating Koxa’s Treasury Gateway platform with Flinks’ extensive bank network, facilitating seamless connections to major ERP systems such as Microsoft Dynamics, NetSuite, Workday, and Sage. The partnership is expected to improve data access, reconciliation processes, and financial insights for banks serving enterprise and mid-market clients.
GoCardless published a press release announcing that Capital on Tap has selected it to provide Variable Recurring Payments (VRPs) through its open banking feature, Instant Bank Pay. This move builds on a decade-long relationship and will allow Capital on Tap’s small business customers to benefit from more flexible repayment options, including recurring and one-off payments using open banking. The integration of VRPs enhances payment convenience and user experience by enabling dynamic, real-time transactions through a secure open banking framework.
Trustly was featured in Fintech Takes by Alex Johnson, who discussed the growing trend of “Pay by Bank” payments. He highlighted how JPMorgan Chase is actively opposing payment initiation being included in the CFPB’s Open Banking rule, fearing it could boost Pay by Bank’s growth. The success of Pix, Brazil’s bank-to-bank payment system, serves as proof that Pay by Bank can effectively challenge traditional credit and debit card payments. With Open Banking infrastructure and partners like Trustly, Pay by Bank is poised to expand as merchants increasingly seek alternatives to reduce costs and gain deeper insights into their customers’ financial behaviors.
Events and Submission Deadlines
- April 1, 2025, 10 a.m. ET — House Financial Services Committee’s National Security, Illicit Finance, and International Financial Institutions Subcommittee hearing entitled, “Following the Money: Tools and Techniques to Combat Fraud” (information here)
- April 2, 2025, 10 a.m. ET — House Financial Services Committee, Markup of Various Measures (information here)
- April 2, 2025 — Comments due on the CFPB’s “data broker” NPRM (information here)
- April 9, 2025, 10 a.m. ET — House Financial Services Committee’s Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee hearing entitled, “American Innovation and the Future of Digital Assets: Aligning the U.S. Securities Laws for the Digital Age”
- April 11, 2025 — Comments due on CFPB request for information regarding the collection, use, and monetization of consumer payment and other personal financial data (information here)
- April 21-22, 2025 — Financial Data Exchange Global Summit (information here)
- April 29, 2025, 10 a.m. ET — House Financial Services Committee’s Financial Institutions Subcommittee hearing entitled “Regulatory Overreach: The Price Tag on American Prosperity”
- May 5, 2025: FDATA 2025 Open Finance Summit, Washington, DC
- Join us at the FDATA 2025 Open Finance Summit, where key policymakers, regulators, and industry leaders will convene to discuss the state of open finance and payment modernization, and share insights and lessons learned from around the globe.
- Reserve your hotel room here; Rate Code: G-FDA3; Room Cutoff Date: April 4, 2025.
- Want more information on sponsorship opportunities? Interested in speaking? Have questions? Contact: [email protected]
- June 17, 2025: Open Banking Expo Canada, Toronto, Canada
- June 26, 2025: Open Banking Expo USA, New York, New York City