FDATA North America July 2025 Newsletter

by rebecca

FDATA North America Monthly Newsletter for July 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 Statement on Submission of Treasury RFI Comment Letter on Modernizing Payments. On June 30, 2025, FDATA submitted a letter in response to the U.S. Department of the Treasury’s Request for Information on Executive Order 14247, Modernizing Payments To and From America’s Bank Account. In its response, FDATA warned that the future of pay-by-bank—a secure, widely used alternative to check-based payments—is at risk following the CFPB’s recent decision to seek vacatur of its final rule implementing Section 1033 of the Dodd-Frank Act, which would have guaranteed consumers and small businesses the legal right to access and permission their financial data, a prerequisite for enabling real-time digital payments at scale. FDATA urged Treasury to prioritize pay-by-bank as a secure, cost-effective, and inclusive alternative to paper checks for federal disbursements, citing over 680,000 reports of check fraud filed by U.S. banks in 2022 as evidence of the need to implement the finalized Section 1033 rule. “Without clear rights to access and share their financial data, consumers and businesses cannot fully benefit from digital, fraud-resistant payment solutions,” said FDATA Executive Director Steve Boms. “Treasury’s vision for safer, faster, and more efficient payments depends on preserving Section 1033.” In its letter, FDATA called on Treasury to recognize pay-by-bank as a key tool to combat fraud and improve payment delivery, urge the CFPB to reverse course and preserve the final Section 1033 rule, and continue advancing open banking policy that protects payments as a core use case. FDATA and its members—who serve over 100 million consumers and small businesses—look forward to continued engagement with Treasury to modernize America’s payment infrastructure in line with EO 14247. A full copy of the letter is available here.

Member News & Activity

Experian and Plaid announced a strategic collaboration to provide lenders with real-time cashflow insights, helping them assess risk more accurately and expand access to credit. By integrating Plaid’s consumer-permissioned financial data with Experian’s credit analytics, lenders can generate predictive Cashflow Scores and attributes in near real time, enabling faster, more inclusive credit decisions. This partnership aims to drive financial inclusion by giving lenders a more holistic view of an individual’s financial health, especially for those with limited credit histories.

Fiserv announced a new collaboration with Early Warning Services to integrate the Paze digital wallet into its platform, enabling financial institutions to offer consumers a secure, tokenized online checkout experience through their trusted banks and credit unions. Merchants will also be able to accept Paze at checkout, expanding digital payment options across Fiserv’s ecommerce suite.

GoCardless announced an expanded partnership with FreeAgent to integrate its open banking payment solution, Instant Bank Pay, and its AI-powered payment recovery tool, Success+, directly into the FreeAgent platform. This enables small businesses, freelancers, and accountants to collect one-off and recurring payments more efficiently, reduce late payments, and recover failed transactions automatically. The integration offers a flexible, lower-cost alternative to card payments and enhances cash flow management within a single accounting platform.

Ozone API and Plaid published a joint announcement to advance open banking across North America, with Ozone API joining Plaid’s FDX enabled Gateway Partner Program. The partnership enables financial institutions to rapidly deploy secure, standards-based open banking APIs, accelerating compliance with the FDX framework and expanding access to Plaid’s network of thousands of fintech apps. Together, they aim to streamline API adoption and unlock the full potential of open finance in a digital-first economy.

Trustly announced a new partnership with The Swedish Postcode Lottery to enhance the organization’s payment experience through its Pay by Bank solution. The integration streamlines the Direct Debit sign-up process by eliminating the need for manual bank detail entry, resulting in a faster and more seamless checkout. According to Mikael Glimbråten, Product Owner for the Payments team at The Swedish Postcode Lottery, “Direct Debit has quickly become the most popular payment method online. With an impressive success rate, it has proven to be a reliable and efficient solution for our customers.” Since implementation, Trustly now powers 60% of all checkouts—demonstrating strong adoption among users.

Xero announced its plans to acquire Melio, a leading U.S. bill pay platform, to deliver a fully integrated accounting and payments experience for small businesses, accountants, and bookkeepers. The acquisition will allow Xero users to seamlessly manage invoicing, bill payments, and cash flow within one platform, reducing manual work and increasing efficiency. Melio’s standalone product will continue to be supported, while Xero enhances its broader ecosystem with more flexible and user-friendly payment solutions.

FDATA Job Board

➡️ Governance Risk Management and Compliance Manager @ Envestnet | Yodlee
https://lnkd.in/eBx5rJAs

➡️ Policy Manager @ Plaid
https://lnkd.in/ecCu9SaK

➡️ Government Relations, Lead @ Interac
https://tinyurl.com/7j47d8hv

➡️ Legal Counsel, Privacy @ Interac
https://tinyurl.com/3ws3tk25

Events and Submission Deadlines
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