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Fintech’s trade body welcomes end of redaction and committment to direct representation
The Financial Data and Technology Association (FDATA) has today welcomed the Competition and Markets Authority’s Final Report of its Retail Banking Market Investigation.
FDATA’s members provide innovative financial applications and services to empower customers to make better decisions and take fuller control of their financial lives across all their accounts, credit cards, loans and investments.
FDATA has been campaigning since the release of the CMA’s provisional remedies on a series of remaining concerns, as follows:
  • low uptake of the API as a result of redaction and limited data scope
  • an unambitious timescale
  • a lack of commitment to the future role of screen-scraping
  • a lack of clear post-launch governance
  • representation of FDATA’s members on the Implementation Entity
FDATA’s key issues are addressed in section 13 of the report, which can be read here.

Commenting on the release of the Final Report, FDATA’s Executive Director Andy Maciver said:

“Between its provisional remedies and its final report, the CMA has done a great service to the UK’s banking consumers, and on behalf of third party providers in the fintech sector we welcome its work.
“We are particularly pleased that the CMA is requiring direct representation for providers such as our members on the Implementation Entity and its Steering Committee, and we look forward to discussing which shape that might take with the existing Steering Committee.
“We also commend the CMA for accepting the compelling case against redacted data, which would have rendered the API unuseable for third party providers. 
“We remain concerned that the proposed timetable, which is now effectively aligned with PSD2, lacks ambition and risks losing the UK the competitive advantage in fintech which the sector has worked hard to create. And whilst we fully understand and respect the CMA’s logic for not widening the scope of data, we remain committed to making the case for extending the inclusions in the API well beyond current account data.
“Furthermore, we believe there is an urgent need to put in place enduring governance arrangements and we look forward to working with the IE to help put these structures in place as an immediate priority.
“However, we have always accepted that compromise is required in order to achieve the open banking environment which UK consumers demand, and in that spirit we welcome the CMA’s report and welcome the enthusiasm which the nine banks, along with Payments UK, have shown towards the implementation of the API.”
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FDATA responds to CMA’s retail banking market investigation

The Financial Data and Technology Association (FDATA) has today responded to the CMA’s provisional decision on remedies, the penultimate stage of its retail banking market investigation.

FDATA’s full response can be read here.

Commenting, FDATA’s Executive Director Andy Maciver said:

“FDATA has given a broad and strong endorsement to the CMA for its provisional remedies. We particularly welcome the provisional decision to require our largest banks to make transaction data available through an API, and the decision to pull forward by one year the write-access timetable suggested in the Open Banking Standard.

“FDATA has campaigned on the basis of four remaining concerns during this first half of 2016; those of the timescale for implementation, the scope of data to be included in the API, the role of screen-scraping and the problem of redacting data.

“We consider the CMA’s report to be a big step in the right direction on these issues and we believe that the CMA is determined to reach a destination which meets consumer demand. This is most welcome.

“However we have made several recommendations in our response which we believe would further improve the outcome and meet the aims of the CMA in terms of market impact, and we look forward to working with the CMA and other stakeholders on these recommendations between now and August.”


Download: FDATA submission response to CMAs Retail banking market investigation – Provisional decision on remedies – 7.6.2016

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The Financial Data and Technology Association has welcomed another new member. – a fintech which puts consumers in control and allows them to earn credits by sharing their data – is led by Nic Oliver and joined FDATA earlier this month.

Commenting, FDATA’s Executive Director Andy Maciver said:

“It’s great to welcome another new start-up to our membership. Our expanding membership is giving us a real expansion in our perspective on the myriad consumer benefits of open banking.

“Nic has already contributed to FDATA’s collective thinking as we continue to campaign for UK consumers to gain open access to their financial data, and we look forward to more of the same.”

Nic Oliver, Founder and CEO of, said:

“As a platform designed to reward people for taking control of their personal data, we’re energised by the finance industry’s move towards a more accessible data standard. Joining FDATA will enable us to work alongside other innovative platforms and to continuing representing our belief that consumers should have better access, control and ownership of their personal data.”

For more information on, click here.

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Credit Kudos, a credit scoring platform that puts the consumer at the helm of the credit profile, has joined the Financial Data and Technology Association (FDATA).

The fintech startup, headed by Freddy Kelly and Matt Schofield, uses consumer transaction data to build highly accurate and transparent credit score-cards and affordability metrics.

Freddy Kelly presented his company’s model to FDATA’s open banking conference in March, and is the first FDATA member to join under the new start-up membership category.

Commenting, Freddy said:

“We’re delighted to be joining FDATA at such a critical phase in the journey toward an open banking landscape. Open Banking APIs will enable consumers to leverage their data to achieve better financial outcomes, be it savings, investments or credit scores. FDATA are leading the charge on financial innovation, and we’re excited to be able to play an active role in new developments through our relationship with them.”
Andy Maciver, Executive Director of FDATA, said:
“In 2016, we’re looking to incorporate start-ups into our membership to join the scaling and corporate entities we already have. We’re pleased to have Freddy and Credit Kudos on board. They have an exciting platform and really impressed the audience who heard Freddy’s presentation at our recent conference. We’re moving into an important phase as we take forward the work of the Open Banking Working Group, and it’s great that Credit Kudos is now part of the journey.”
For more information on Credit Kudos, click here.
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FDATA welcomes new open banking push

The Financial Data and Technology Association (FDATA) has welcomed the decision by the Open Data Institute (ODI) to convene a new group to continue the work of the 2015 Open Banking Working Group.

The new group, which includes FDATA, will meet on 14th April for its first discussion.

Commenting, FDATA’s Executive Director Andy Maciver said:

“A huge number of people worked hard to produce last year’s Open Banking Standard, which was a solid foundation to move forward with an open API in UK banking. However much work remains to be done, and we share the ODI’s wish to build on the momentum which has been created.

“We’re delighted to join the new group, and our members will participate actively during the process. We must ensure that we mainstream the use of APIs and other data aggregation methods as widely and as quickly as possible in order to give the UK global leadership status.

“We are on the cusp of a great step forward in the UK banking industry, and we will work with everyone with a stake in it to create an open standard which empowers customers to make better decisions and take control of their financial lives.”

The ODI’s announcement can be read here.

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Agenda announced for API discussion

FDATA and techUK has announced the outline agenda for the discussion on APIs to be held in London on 23rd March. It is as follows:

Event Host: Keith Saxton, Chairman of techUK

Event Chair: Gavin Littlejohn, Chairman of FDATA

09.00 Registration and coffee

09.30 Opening remarks from Keith Saxton

09.45 Opening remarks from Gavin Littlejohn

10.00 Panel 1: APIs – Further and faster? (Panel chair: Dan Morgan, Innovate Finance)

10.45 Use case demonstrations – Round 1

11.20 Coffee

11.30 Panel 2: APIs – Open vs closed (Panel chair: John Midgley, Intuit)

12.15 Use case demonstrations – Round 2

12.50 Closing remarks from Chair

13.00 Lunch and networking

14.00 Close

Please contact either or for more information.
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A roundtable discussion on APIs

FDATA and techUK are holding a roundtable discussion:
Date: Wednesday 23rd March
Time: 09.00 to 13.00
Place: tech UK, 10 St Bride Street, London EC4A 4AD
Earlier this month, HM Treasury published the report of the Open Banking Working Group. It puts in place a framework and timetable for the implementation of an open API in the UK personal and business banking sector. The Financial Data and Technology Association (FDATA) and techUK believe that innovative financial applications and services can empower consumers and businesses to make better financial decisions, and that an open API can play a major part.
FDATA and techUK will host a round-table discussion during which technology companies, third party providers, account providers, regulators and other stakeholders will have the opportunity to discuss how the UK can move further and faster towards open banking, and why the openness of the data and the API is paramount.
Sessions will include:
  • a keynote address
  • a session on how and why the API could move further and faster
  • a session on why the API should be open
  • short demos from financial technology innovators
A full agenda will be provided in due course.
Please RSVP to either or to book your space.
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  • But industry body says rollout of data into API can be wider and much faster

HM Treasury has today published the report of the Open Banking Working Group (OBWG), which it commissioned last August to develop a detailed framework for the design of an open API.

FDATA Executive Director Andy Maciver was a member of the OBWG Steering Group, and FDATA members sat on all six of the sub-groups it created to develop the detailed proposals.

Commenting on the release of the report, Andy Maciver said:

“We were delighted to be involved in this report, the production of which brought together all of the industries required to make open banking a success, including banks, regulators and financial technology bodies.

“We welcome the proposed framework which has been developed – the suggestions for how we operate standards, security and governance are robust and represent a solid foundation on which to build.

“We are also pleased that the banking industry felt able to sign up to a report which makes clear that the passing of data to authorised third parties on behalf of consumers, in order to help them make better financial decisions, is both possible and desirable.

“However, we would restate what we have campaigned on throughout the process; if the UK really is to develop any form of competitive advantage, and be seen as a leader in this field, then we must travel further and faster.

“The recommendation of the report, that some read-only data be available through an API from Q1 2017, with more being available from Q1 2018, and write-access from Q1 2019, effectively copies the timescales required by PSD2.

“We believe that all of a consumer’s financial data across all types of account should be available in an API far more quickly than this, and the technology already exists to make it happen.

“Third party providers of account aggregation and payment initiation services exist because consumers have demanded it. Consumers want a smooth and sophisticated way to analyse and manage their financial lives. They want their financial data – all of it, unredacted and in real time – in one place. Our members provide that for them, and the slower this process is, the longer it will take for the UK to allow its consumers to access the services they want and need.”

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FDATA to sponsor FIMA conference

FDATA can announce that it will be a sponsor of FIMA 2015, to be held in London on 10th and 11th November. If you’re interested and you want to know more, please read on … more information from FIMA below, including details of a discount if you quote FDATA15:


Data teams are under increasing pressure to become powerhouses of profit generation for their businesses.

But the sheer volume of new regulations is leaving Data Managers with significant challenges to overcome.

To get to the crux of the issues FIMA partnered with S&P Capital IQ and surveyed over 100 senior data professionals across Europe to find out how they are responding to these challenges.

Download the report now to discover how your organisation compares:

Some of the key findings include:

  • 47% consider ‘Business Process Management’ as the most important factor in their data governance
  • There was an 11% increase in financial institutions with (or planning on bringing in) a CDO from 2014 to 2015
  • Nearly half of respondents (46%) cited ‘Sourcing and Aggregating all Required Data’ as their single biggest challenge related to regulatory compliance

You can download the full report for free here:

Or alternatively email and she’ll send the report across to you.

All these areas will be discussed in full at FIMA (10th – 11th November, London) with over 350 CDOs and Data Managers and you still have the chance to register your place. Simply book online to make sure you’re a part of these important conversations, and through the Financial Data and Technology Association you can save 15% by quoting “FDATA15” or emailing to reserve your discounted place:

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FDATA at Conservative Party Conference

The Financial Data and Technology Association (FDATA) organised a debate at the Conservative Party Conference in Manchester yesterday, Monday 5th October.

The debate, entitled APIs: The Future of finance and what fintech means for consumers and small businesses and hosted at TechCentral, brought together:

  • Harriet Baldwin MP, Economic Secretary to the Treasury
  • John Midgley, Head of Government Affairs at Intuit, a member of FDATA
  • Tim Yudin, Director of Design and Delivery at Payments UK
  • Eileen Burbidge, Partner at Passion Capital, was due to attend but unfortunately could not.

Andy Maciver, Director at FDATA, was in Manchester and said:

“It was hugely helpful to hear the Minister outlining the Government’s vision to make the UK the world leader in fintech. Open banking and financial data aggregation can play a huge role in that, and we’re delighted to be involved in the Minister’s working group as we work towards that goal.”