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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

FDATA North America Monthly Newsletter for March 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 the Designation of Treasury Secretary Scott Bessent as Acting Director of the CFPB. On February 3, 2025, the Financial Data and Technology Association of North America (FDATA) welcomed the appointment of Scott Bessent as Acting Director of the Consumer Financial Protection Bureau (“CFPB” or “Bureau”). Steve Boms, Executive Director of FDATA North America, released the following statement: “Acting Director Bessent takes the helm at a crucial moment for financial data access and consumer protection. As the CFPB moves toward finalizing the implementation of Section 1033, we urge the Bureau to uphold its commitment to ensuring a competitive, innovative, and consumer-centric financial ecosystem. We look forward to engaging with Acting Director Bessent and his team to advance policies that empower consumers and support financial inclusion.” Read the full statement here.

FDATA North America Submits Comments to the CFPB’s NPRM on the Fair Credit Reporting Act. On February 24, 2025, the Financial Data and Technology Association of North America (FDATA) submitted comments to the CFPB opposing the misclassification of consumer-permissioned open finance platforms as CRAs under the FCRA. The proposed rule creates regulatory contradictions with the CFPB’s Section 1033 rule, adds compliance burdens, and risks limiting consumer choice. FDATA urges the CFPB to exclude these platforms from Regulation V or rescind the proposal to avoid disrupting consumer-permissioned data access. Read the full release here. Read the full letter here.

Member News & Activity

Basis Theory published a blog on how merchants can migrate to a new payment processor without disruptions. The post highlights common migration challenges, such as transferring stored customer payment data, and explains how using a third-party tokenization service provider (TSP) like Basis Theory can simplify the process. By securely storing cardholder data in a programmable vault, merchants can seamlessly switch between PSPs, avoid excessive fees and delays, and even implement a multi-processor strategy for cost savings and improved transaction success.

GoCardless’s Lewis Turek, General Manager of North America, was featured on the latest episode of What the FinTech? to discuss the evolving digital payments landscape in North America. He joins FinTech Futures editor Paul Hindle to explore how businesses in the region manage payments differently than those in the UK and Europe, the challenges of adopting new payment methods, and how GoCardless is driving innovation. Plus, Lewis shares which fintech buzzword he’d lock away in Fintech Jail!

Method published a blog on the transformative power of bank-fintech partnerships and how they drive financial innovation and inclusion. These collaborations combine the infrastructure of traditional banks with fintech agility, enabling use cases such as reducing the cost of credit, facilitating debt repayment, and delivering real-time financial insights. Method’s platform bridges the gap between financial institutions and consumers, ensuring secure, scalable solutions that empower individuals to manage their finances effectively.

Plaid was recognized on the Forbes Fintech 50 list for the 10th consecutive year. Over the past decade, finance has evolved, and we’re proud to continue driving innovation in payments, credit, and fraud prevention. Congratulations to our customers and partners who were also recognized—here’s to shaping the future of finance together.

Trustly was featured in a report highlighting the growing adoption of Open Banking in the travel sector, with a 230% increase in spending via Pay by Bank in the UK compared to last year. As airlines and hotel providers seek to reduce fraud risk, cut processing fees, and improve cash flow, Open Banking is becoming a key payment option alongside traditional cards. Trustly’s expansion into the U.S. through partnerships like Spreedly signals further momentum, despite challenges from established payment giants.

VoPay published a blog on the critical role of payment automation in property management software, highlighting how automation streamlines operations, ensures compliance, and enhances scalability. As property managers handle increasing transaction volumes, automated solutions reduce manual workloads, prevent payment delays, and improve financial transparency. By embedding payment automation tools, platforms can offer seamless compliance, flexible payment methods, and scalable solutions that drive efficiency and growth.

Events and Submission Deadlines

• March 7, 2025: Fair Credit Reporting Act (Regulation V); Identity Theft and Coerced Debt Comment Letter Due Date
• March 11, 2025, 10 a.m. ET — HFSC hearing titled, “Navigating the Digital Payments Ecosystem: Examining a Federal Framework for Payment Stable coins and Consequences of a U.S. Central Bank Digital Currency”
• March 25, 2025, 10 a.m. ET — HFSC Capital Markets Subcommittee hearing titled, “Beyond Silicon Valley: Expanding Access to Capital Across America”
• March 26, 2025, 10 a.m. ET — HFSC Financial Institutions Subcommittee hearing titled, “A New Era for the CFPB: Balancing Power and Reprioritizing Consumer Protections”
• March 31, 2025 — Comments due on CFPB on digital payment privacy and consumer protection proposed rule (information here)
• March 31, 2025 — Comments due to the HFSC on improving investor access and capital formation (information here)
• April 2, 2025 — Comments due on the CFPB’s “data broker” NPRM (information here)
• 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)
• 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]

FDATA North America Monthly Newsletter for February 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 Urges Minister LeBlanc to Implement Canada’s Consumer-Driven Finance Framework. On January 16, 2025, the Financial Data and Technology Association of North America (FDATA) sent a letter to The Hon. Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs, urging him to prioritize the long-delayed implementation of Canada’s consumer-driven finance framework. FDATA North America emphasized the urgent need to establish an open finance regime that fosters affordability, competition, and improved consumer access to financial services, noting that Canadians still lack these benefits seven years after the government first announced its intention in Budget 2018. The letter highlighted how granting consumers control over their financial data would help address barriers created by Canada’s highly concentrated financial sector, where high fees, limited credit access, and slow transaction settlement times are common challenges. With Minister LeBlanc being the third finance minister with the opportunity to deliver a consumer-centric ecosystem, FDATA North America urged him to advance this initiative and reaffirmed its readiness to provide data, insights, and support. A full copy of the letter is available here. Read the full release here.

Member News & Activity

GoCardless was featured in Fintech Futures, where Pat Phelan, Chief Customer Officer and Managing Director of UKI, GoCardless, highlighted the advantages of being an early adopter of payment technology. While open banking payments in the UK now exceed 22 million per month, they are still years away from becoming mainstream. Drawing parallels to the decades-long evolution of credit cards, Phelan emphasized that adopting new payment technology early can provide businesses with a competitive edge, improved efficiency, and better financial visibility. GoCardless’ research with 11:FS found that businesses using open banking reported faster payments (48%), reduced fraud (35%), and lower payment management costs (33%). Beyond these benefits, early adopters position themselves as market leaders, enhance customer acquisition and retention, and gain a critical learning curve advantage—potentially shaping the development of new financial products.

Method was featured in TechCrunch for its role in helping fintech companies like SoFi integrate repayment functionality into their apps. By leveraging consumer credit access protections from the Dodd-Frank Act, Method aggregates users’ debts and enables balance transfers, bill payments, and payoffs through a seamless API that requires only a phone number. With over 30 million account connections and $500 million in liability repayments facilitated, the company recently raised a $41.5 million Series B to expand its banking partnerships and credit card integrations, aiming to enhance the user experience and increase conversion for fintechs.

MX published a blog highlighting how Open Banking is becoming a key competitive advantage for financial institutions, with new research showing that 55% of U.S. consumers would share more financial data in exchange for a better experience—up from 46% in May 2024. With new regulations like the CFPB’s Section 1033 ruling and Canada’s consumer-driven banking framework solidifying data ownership and privacy rights, institutions that embrace Open Banking can gain deeper insights, personalize offerings, and stay ahead of the competition. While some may delay adoption due to regulatory uncertainties, MX emphasizes that early adopters will be better positioned to succeed in 2025, while those who wait risk falling behind.

Ozone API published a blog celebrating the Consumer Financial Protection Bureau’s (CFPB) official designation of Financial Data Exchange (FDX) as a Standards Setting Body on January 8, 2025, marking a major milestone for open banking in the United States. With over 94 million U.S. accounts already using the FDX API, this move solidifies a regulated framework under Section 1033 and positions the U.S. as a leader in financial data access and security. Industry leaders, including Don Cardinal of FDX and Eyal Sivan of Ozone API, emphasized that this recognition removes uncertainty, allowing data providers to move forward with confidence in building secure, interoperable financial APIs. Ozone API also provided key resources to help financial institutions navigate Section 1033, including technical guides, security insights, and expert discussions on open banking implementation.

Pontera posted a blog highlighting the disparities in retirement savings, particularly among women, people of color, and individuals with lower educational attainment, emphasizing the systemic barriers that prevent equal access to financial security. The blog underscores the need for personalized financial guidance, expanded access to employer-sponsored plans, and increased financial literacy to help close the retirement gap. Advisors can play a crucial role by educating underserved communities, advocating for equal pay and workplace opportunities, and leveraging resources like the DOL’s lost and found retirement account database to ensure more equitable financial outcomes.

Events and Submission Deadlines

• February 3-4, 2025: 6th Annual Fintech Retreat (North America), San Francisco, CA
• February 3-4, 2025: 5th Annual DeFi Retreat (North America), San Francisco, CA
• February 11-12, 2025: The 2nd Annual Fintech Risk & Compliance Forum, Oak Brook, IL
• February 24-25, 2025: Future Digital Finance, New Orleans, LA
• March 7, 2025: Fair Credit Reporting Act (Regulation V); Identity Theft and Coerced Debt Comment Letter Due Date
• 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]