North America-Newsletters

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FDATA North America December Newsletter

FDATA North America Monthly Newsletter for December 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 North America Statement on the CFPB’s Final Larger Participant Rule. On November 21, 2024, FDATA North America (FDATA) expressed disappointment with the Consumer Financial Protection Bureau’s (CFPB) final rule defining larger participants in the digital payment application market, criticizing its failure to distinguish between digital wallet providers that hold consumer assets and platforms that merely store other payment methods. Steve Boms, FDATA’s Executive Director, stated that while FDATA supports the CFPB’s efforts to enhance consumer protection and financial transparency, the inclusion of payment facilitators under the rule introduces significant compliance costs for non-bank platforms without delivering additional consumer benefits. Boms warned that this approach could stifle innovation, limit competition, and reduce the availability of low-cost, efficient payment options, urging the CFPB to reconsider its framework to better balance regulation with market innovation. Read the full statement here.

Member News & Activity

Codat was featured in Fintech Futures during Money20/20 USA 2024, where Chief Revenue Officer Joey Rault joined Jesse Schwarz, Executive Director of Fintech Partnerships at JP Morgan Chase, to discuss innovations in B2B payments. Their conversation highlighted trends in the B2B payments space, emphasizing how businesses can leverage new technologies to enhance control over their payment systems. They explored the advantages of real-time payments (RTP) over traditional methods like checks and shared best practices for modernizing tech stacks, including the benefits of automation and virtual cards.

Envestnet and Pontera published a press release announcing the integration of Envestnet’s BillFin solution with Pontera’s platform to streamline 401(k) account billing for financial advisors. This collaboration enables advisors to efficiently calculate fees, create invoices, and manage payments while offering seamless billing for workplace retirement account management.

Flinks published a blog analyzing the Consumer Financial Protection Bureau’s (CFPB) finalization of Section 1033, which mandates that financial institutions provide consumers with secure access to their financial data. The rule, finalized on October 22, 2024, aims to enhance competition, privacy, and innovation in financial services by empowering consumers to share their data with authorized third parties. Flinks emphasized that data providers must invest in compliance and technology to meet obligations such as secure API interfaces, adapt to increased competition, and leverage partnerships with fintechs to remain agile and customer-focused in this evolving financial landscape.

GoCardless published a press release announcing the expansion of its partnership with Aryza Group, a leading financial software provider, to integrate open banking-powered payment solutions into Aryza’s platform. As part of the agreement, Aryza will incorporate GoCardless’ Instant Bank Pay (IBP) feature into its Aryza Lend software in 2025, offering merchants an alternative to traditional card transactions and reducing associated costs.

MX‘s Chief Advocacy Officer and Head of Global Public Policy, Jane Barratt, critiqued the CFPB’s Section 1033 final rule in her Open Banker op-ed, highlighting potential disruptions from its annual reauthorization requirement for third-party financial data access. While acknowledging the intent to enhance security and control, she warned the rule risked breaking user experiences and stifling innovation. Barratt advocated for a risk-based, nuanced approach to reauthorization that balanced privacy protections with convenience to fulfill the promise of Open Banking.

Plaid partnered with Fintech Takes to break down key parts of the playbook for navigating the new landscape of open banking following the CFPB’s Section 1033 rule. The article highlights how the rule shifts open banking from a market-driven model to a regulated environment where all financial institutions must participate, fostering smoother consumer experiences and greater fairness in competition. Key takeaways include the mandate for APIs as the industry standard, requirements for data sharing and authorization, and the need for financial services companies to simultaneously act as data providers and recipients to thrive in this evolving ecosystem.

Trustly‘s Director of Regulatory and Public Affairs, Matt Janiga, critiqued government efforts to enhance competition in payments in his Open Banker op-ed, questioning whether actions like the CFPB’s Section 1033 rule and Visa antitrust suit will drive meaningful change. While acknowledging progress, Janiga argued that outdated regulations, entrenched gatekeeping by financial giants, and barriers to portability continue to stifle innovation and consumer choice. He called for modernizing outdated credit-debit distinctions, addressing antitrust issues in banking, improving data portability, and treating similar payment transactions consistently to truly promote a competitive and consumer-friendly payments ecosystem.

Events and Submission Deadlines

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FDATA North America November Newsletter

FDATA North America Monthly Newsletter for November 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 North America Submits Comments to the Prudential Regulators’ RFI on Bank-Fintech Partnerships. On October 16, 2024, the Financial Data and Technology Association of North America (FDATA North America) submitted a comment to the Office of the Comptroller of the Currency (“OCC”), the Federal Reserve (“Fed”), and the Federal Deposit Insurance Corporation (“FDIC”; collectively, “the agencies”) in response to their Request for Information (“RFI”) on bank-fintech partnerships. FDATA expressed concern that the RFI did not adequately capture the variety of these collaborations and emphasized the benefits they bring to consumers, small businesses, and the financial marketplace, such as increased competition, reduced costs, and improved access to financial services. FDATA urged the agencies to defer oversight of consumer-permissioned data access to the CFPB, pending the finalization of its Personal Financial Data Rights rule, and allow for its full assessment before considering further regulatory action. FDATA released a statement on its submission of the letter, which can be found here.

FDATA North America Submits Comments on FDX’s Application for SSB Recognition Under Section 1033. On October 16, 2024, the Financial Data and Technology Association of North America (FDATA North America) submitted a submitted a comment in response to the Financial Data Exchange’s (“FDX”) application for recognition by the Consumer Financial Protection Bureau (“CFPB”) as a standard-setting body (“SSB”) under Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. In its letter, FDATA commended FDX’s efforts to enhance transparency and governance, ensuring representation from diverse stakeholders, including smaller entities and non-banks. FDATA urged the CFPB to require that recognized standard-setting bodies allow smaller participants to review existing technical standards, promoting balanced representation in the open finance ecosystem. They also expressed eagerness to collaborate with FDX in advancing secure, consumer-permissioned data sharing. FDATA released a statement on its submission of the letter, which can be found here.

FDATA North America Applauds The CFPB’s Final Personal Financial Data Rights Rule. On October 22, 2024, the Financial Data and Technology Association of North America (FDATA North America) applauded the CFPB’s release of its final rule under Section 1033 of the Dodd-Frank Act, which grants consumers the right to access and control their financial data. FDATA celebrated the rule as a pivotal step toward a more consumer-focused and competitive financial services landscape, though it expressed disappointment over the exclusion of Electronic Benefit Transfer (EBT) data and urged for its future inclusion. Member companies like Betterment and Plaid voiced strong support, underscoring the rule’s potential to enhance financial access and spur innovation, while some, such as Trustly, raised concerns about provisions on reauthorization and tokenized account numbers. FDATA released a statement on the release of the final CFPB rule, which can be found here.

FDATA North America Submits Additional Comments to CFPB on FDX’s Application for SSB Recognition. On October 22, 2024, the Financial Data and Technology Association of North America (FDATA North America) submitted additional comments to the CFPB, urging a thorough review of the Financial Data Exchange’s (FDX) application for recognition as a standard-setting body. In light of recent litigation by the Bank Policy Institute (BPI) challenging the CFPB’s authority, FDATA highlighted potential conflicts of interest due to overlapping board memberships between FDX and BPI. FDATA also noted that FDX has advocated for the CFPB to establish standards for API performance, data breach liability, and technical certifications—roles not included in the CFPB’s final rule—and called for further examination of FDX’s capacity to independently manage these functions. FDATA released a statement on its submission of the letter, which can be found here.

Member News & Activity

FDATA North America was featured in The Paypers article, where Steve Boms, Executive Director of FDATA North America, discussed the CFPB’s new rule on consumer financial data. The rule enhances privacy protections by mandating explicit consumer consent for data usage and limiting it to specified purposes, with a 12-month expiration on authorizations. This regulation aims to strengthen Open Banking in the U.S., fostering competition, transparency, and better consumer access, while also setting a phased compliance timeline that extends to 2030 for smaller institutions.

FDATA North America was also featured in American Banker article, with Executive Director Steve Boms quoted expressing strong support for the CFPB’s new open banking rule, emphasizing its importance in giving consumers control over their financial data and enabling them to choose providers that best meet their needs. Despite this support, Boms voiced disappointment that Electronic Benefit Transfer (EBT) data was excluded from the scope of the rule, highlighting a missed opportunity to broaden financial inclusion.

ByAllAccounts published a blog highlighting the latest “tricks and treats” in financial data sharing this Halloween season. Among the treats, the CFPB’s new Personal Financial Data Rights rule brings clarity and uniformity to data access, empowering consumers and advisors alike. However, the Department of Education’s STOP Act implementation is seen as more of a “trick,” restricting advisor access to critical student loan data. Fidelity’s recent screen-scraping ban, viewed as either a trick or treat depending on perspective, seeks to bolster data security but also disrupts some advisor workflows.

GoCardless published a report exploring the trajectory of open banking payments in the UK, noting significant growth in adoption due to benefits like reduced costs, faster transaction speeds, and stronger security. The report outlines that while some sectors are adopting open banking payments rapidly, there are key barriers, including the need for consistent API standards, low consumer awareness, and limited integration with in-person payment systems. To reach mainstream adoption, the report recommends industry cooperation and regulatory support to address these challenges and expand open banking payment use cases across more sectors.

Inverite published a release announcing rapid growth through its partnership with Mortgage Automator, with over 90 mortgage lenders now utilizing Inverite’s open banking platform. This integration allows lenders to leverage Inverite’s real-time financial data, AI-driven risk scoring, and compliance solutions, streamlining mortgage processing while enhancing decision-making and fraud prevention. CEO Karim Nanji emphasized the significant demand for Inverite’s data solutions in the mortgage sector, highlighting improved compliance and faster, more accurate service. Mortgage Automator also praised the partnership, noting that Inverite’s technology aids lenders in meeting regulatory requirements and delivering a competitive edge in the mortgage industry.

MX’s Jane Barratt shared how technology can empower consumers financially and highlighted future trends she’s excited about on  The C-Suite Podcast at Money 2020. She emphasized the importance of the CFPB’s new data-sharing rule under Section 1033, which enables consumers to securely access and share their data, fostering a more competitive and privacy-focused financial landscape. Jane noted the transformative potential of AI in personalizing financial services but stressed that data quality remains key to unlocking AI’s full benefits. She also discussed the need for financial systems to adapt to changing income patterns, where tools can help individuals manage irregular cash flows effectively.

Plaid published a release celebrating the CFPB’s final rule under Section 1033, which affirms consumers’ rights to access and control their financial data, moving the U.S. closer to an open finance future. The release highlights Plaid’s commitment to supporting financial institutions and consumers through compliance tools that align with the new rule, including solutions for authorization, data management, and risk control. Plaid’s FDX-aligned Open Finance Solution suite, which aids institutions in transitioning to secure API connectivity, is also emphasized as part of its dedication to consumer transparency and choice in financial services.

Pontera and Envestnet were highlighted in a PR Newswire article announcing their integration to streamline 401(k) account billing for financial advisors. Pontera’s platform now includes access to Envestnet’s BillFin solution, which simplifies fee calculation, invoicing, and billing setup for advisors managing workplace retirement accounts. This integration aims to enhance the client experience by providing efficient, secure, and compliant billing processes, further empowering advisors to deliver comprehensive retirement management services.

Trustly, Inc. was awarded an InfoSec patent for its proprietary split-token authentication technology earlier this month. This technology enables users to be authenticated without their sensitive information being stored all in one place, substantially reducing the risk of fraud. More information about the patent can be found here.

Events and Submission Deadlines

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FDATA North America October Newsletter

FDATA North America Monthly Newsletter for October 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 North America Submits Comments to the Department of Finance’s Consultation on Budget 2024 Measures. On September 4, 2024, the Financial Data and Technology Association of North America (FDATA North America) submitted a comment in response to the Canadian Department of Finance’s consultation on Budget 2024 measures to promote fairness across generations. FDATA North America’s submission emphasized the need to explicitly include small and medium-sized enterprises (SMEs) in Canada’s open finance regime, advocated for a tiered accreditation approach to support smaller market entrants while maintaining data security, urged the Financial Consumer Agency of Canada (FCAC) to maintain a focused role within the open finance ecosystem, and called for liability to be assigned to the responsible entity in the event of data breaches to ensure proper consumer and SME protection. FDATA released a statement on its submission of the letter, which can be found here.

Member News & Activity

FDATA North America members MX and Prism Data were featured in an American Banker article discussing the impact of the CFPB’s proposed open banking rule. MX’s Jane Barratt emphasized that institutions providing the best customer experience will have a competitive edge, while Prism Data’s Jason Rosen noted that the rule aims to level the playing field, but small banks need a solid strategy to fully benefit.

Codat was featured in The Fintech Times article highlighting the hesitation of US mid-sized businesses to move away from paper cheques despite increasing fraud risks, with projected losses exceeding $24 billion by 2024. Codat’s head of commercial banking, Charles Kreitler, emphasized that banks need to effectively communicate the benefits of digital payments, as businesses are becoming more concerned with security and are open to switching if digital methods offer strong fraud protection.

Envestnet Yodlee published insights from industry leaders and regulators on the opportunities, challenges, and consumer benefits of Open Banking in South Africa. The discussion highlighted the evolving regulatory landscape, new business opportunities for financial institutions, and the empowerment of consumers with greater financial control. The webinar also addressed the technical and operational challenges in implementing Open Banking frameworks in the region, emphasizing the potential for innovation and inclusivity in the financial ecosystem.

Fiserv published an article discussing how financial institutions can prepare for the upcoming CFPB open banking rule under Section 1033 of the Dodd-Frank Act. The article suggests four key actions: mapping data elements within the institution, consolidating data for efficient access, understanding current data-transfer uses to evaluate costs and benefits of implementing developer interfaces, and embracing the opportunities that open banking can bring for enhancing products and services. Fiserv emphasizes that the rule presents possibilities for improved efficiency and customer engagement beyond regulatory compliance.

GoCardless published a blog highlighting their “Instant Bank Pay” solution, which uses open banking to provide instant, low-cost, bank-to-bank payments for one-off transactions. This feature aims to reduce transaction fees, improve security, and offer a better customer experience compared to traditional payment methods like cards and bank transfers.

MX was featured in a Fintech Takes article, which explored the future of the financial data economy. The piece highlighted how MX’s solutions, particularly their data access and customer analytics platforms, enable financial services providers to seamlessly link and verify financial accounts. By transforming consumer-permissioned data into actionable insights, MX helps institutions create a comprehensive view of core banking, aggregated, and open banking data, allowing them to better analyze, engage with, and act on this information.

Plaid started a series on “The Age of Open Finance” with John Pitts, Head of Policy at Plaid, titled “Becoming the center of your customers’ digital financial lives.” The episode discusses the upcoming CFPB open banking rule under Section 1033 of the Dodd-Frank Act and how it will require financial institutions to provide secure access to consumer financial data via APIs, or “developer interfaces.” Pitts and Meredith Fuchs, Plaid’s Chief Legal Officer, emphasize that while compliance is essential, the real opportunity lies in positioning financial institutions as the hub for their customers’ entire digital financial experience, offering seamless access to popular apps and services.

Events and Submission Deadlines

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FDATA North America September Newsletter

FDATA North America Monthly Newsletter for September 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 North America Submits Comments to the CFPB’s Medical Debt Rule. On August 5, 2024, the Financial Data and Technology Association of North America (FDATA) submitted a comment in response to the Consumer Financial Protection Bureau’s (CFPB) proposed rule aimed at limiting creditors from using information on medical debts for credit eligibility determinations under the Fair Credit Reporting Act (FCRA). While FDATA North America did not take a position on the rule’s underlying merits, it raised significant operational concerns regarding the practical implementation of the rule for consumer-permissioned open banking platforms that function as Consumer Reporting Agencies (CRAs). FDATA North America emphasized that without a mandatory requirement for data providers to identify medical debts, the current lack of a uniform mechanism for open banking platforms to identify whether an account connected by a consumer is a medical debt presents a major compliance challenge. To comply effectively with the CFPB’s proposed rule, FDATA North America urged the Bureau to require lenders to affirmatively identify accounts as medical debts whenever consumers grant data access to third-party platforms. This requirement is crucial for ensuring that open banking platforms, regulated as CRAs, have access to the same account information available in the traditional CRA space. FDATA released a statement on its submission of the letter, which can be found here.

Member News & Activity

ByAllAccounts published a blog discussing how the rapidly evolving wealthtech landscape offers opportunities for financial advisors and wealth management firms, despite the challenges posed by a fragmented tech ecosystem. The ByAllAccounts Data Network provides a streamlined solution by simplifying data exchange and integration, allowing wealthtech platforms to focus on innovation and growth rather than the complexities of data management.

Flinks published a blog summarizing a live session on building an efficient payments strategy by balancing cost, risk, and conversion. The session highlighted the fragmented payments landscape in Canada and emphasized the importance of finding the right balance between these three pillars to optimize payments strategy, with insights on future trends and advancements in payment technologies.

MX published a blog emphasizing the importance of secondary use cases in consumer financial health, particularly in light of the CFPB’s upcoming rule under Section 1033. The blog highlights concerns from a bipartisan group of Congress members about the potential negative impacts of restricting secondary data use, including stifling innovation, limiting fraud prevention, and disadvantaging smaller institutions.

Plaid published a blog highlighting five ways its open banking platform simplifies international expansion between Europe and North America. The blog emphasizes Plaid’s consistent APIs, extensive financial institution coverage, regulatory compliance, localized support, and scalable infrastructure, all designed to help fintech companies efficiently navigate and succeed in new markets.

Pontera posted a blog emphasizing that market volatility provides an opportunity for financial advisors to actively manage clients’ retirement plans and investment portfolios. The blog highlights the importance of proactive management during uncertain times, particularly as the market is expected to fluctuate leading up to the presidential election, ensuring that clients stay focused on their long-term financial goals.

Propel announced that its app, Providers, has been rebranded to align with the company’s name, now both known as Propel. This rebrand marks a decade of growth and innovation, reflecting Propel’s ongoing mission to support low-income Americans with tools like the Propel Card, Benefits Hub, and Job Board, all while continuing to advocate for financial security and dignity for their users.

TransUnion published a blog announcing its partnership with Snowflake to launch TruIQ Data Enrichment on the Snowflake Marketplace, providing on-demand access to pseudonymized TransUnion credit data within the Snowflake AI Data Cloud. This partnership enables organizations to efficiently link credit data with first and third-party datasets, enhancing data-driven insights while maintaining data security and minimizing data movement across platforms.

Trustly’s Founder and CEO, Alexandre Gonthier, wrote an op-ed featured in the American Banker, where he expressed concerns about the CFPB’s proposed Section 1033 rule, particularly the inclusion of tokenized account numbers (TANs). Gonthier warned that TANs could create barriers for smaller financial institutions, increase fraud risks, and lead to consumer confusion. He urged the CFPB to reconsider the inclusion of TANs to protect competition, consumer choice, and the security of financial transactions.

ValidFi posted a blog discussing the challenge of balancing customer experience with fraud prevention in today’s competitive landscape. The blog emphasizes the importance of using layered fraud protection solutions while clearly communicating the benefits to customers, ensuring they feel secure and understand the value of sharing their personal information.

Events and Submission Deadlines

by rebecca rebecca No Comments

FDATA North America August Newsletter

FDATA North America Monthly Newsletter for August 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 North America Responds to the CFPB’s BNPL Interpretive Rule. On July 24, 2024, the Financial Data and Technology Association of North America (FDATA) submitted a letter to the CFPB’s interpretive rule classifying Buy Now, Pay Later (BNPL) loans as Regulation Z-regulated products under the Truth in Lending Act. FDATA commends the CFPB for including BNPL loans as “covered data” under the forthcoming Section 1033 rule of the Dodd-Frank Wall Street Reform and Consumer Protection Act, enabling consumers and small and medium-sized enterprises to share their balance and transaction information with third parties, enhancing financial transparency and empowerment. This classification will help consumers make informed financial decisions and better manage BNPL loans. FDATA also urges the CFPB to expand the types of accounts covered under Section 1033 to ensure all consumers can access and share their financial data with robust privacy and security protections. FDATA released a statement on its submission of the letter, which can be found here.

FDATA North America Submits 2025 Pre-Budget Submission to Canadian House of Commons’ Standing Committee on Finance. On July 26, 2024, the Financial Data and Technology Association of North America (FDATA) submitted recommendations to the Canadian House of Commons’ Standing Committee on Finance (FINA) for the 2025 budget, emphasizing the need for the rapid and well-governed implementation of Canada’s open banking system and its expansion into an open finance framework. FDATA urged the Canadian government to include language in Budget 2025 to ensure open banking implementation, outline the approach to open finance, and ensure that the Financial Consumer Agency of Canada (FCAC) governs the system in a way that does not dissuade smaller entities from participating. FDATA highlighted the importance of Budget 2024’s delivery of the initial CDB framework and called for Budget 2025 to ensure delivery of open banking, including small business accounts in the first phase, and appropriately tier FCAC enforcement based on size, complexity, and use case. FDATA released a statement on its submission of the letter, which can be found here.

Member News & Activity

Basis Theory published a blog highlighting the benefits of tokenization for merchants, emphasizing improved security and reduced friction in purchase processes. However, they also outlined five pitfalls to avoid, such as using the wrong kind of token, neglecting programmability and storage, misunderstanding maintenance obligations, ensuring PSP compatibility, and managing underlying data properly.

Envestnet hosted their Data Driven Finance Podcast with Steve Boms, Executive Director of FDATA NA, where he explained that having existing data privacy frameworks in place for financial services enables the advancement of open data ecosystems like open banking, as seen in markets such as Canada, where consumers are granted a fundamental data portability right. Steve noted that Financial services organizations should strategically position themselves to leverage this framework for improved user outcomes and ensure compliance with upcoming regulations to interact with this data.

Method was featured in BAI with their op-ed discussing the integration of open banking into traditional bank branches. They highlighted how Personal Identifying Information (PII) authentication can bring the efficiency of digital banking to in-person transactions, enhancing the borrower experience. Despite the rise of digital banking, brick-and-mortar locations remain crucial for financial equity, especially for marginalized populations.

MX posted a blog highlighting the transformative potential of AI in banking. Key opportunities include enhancing data analysis for smarter insights, improving operational efficiencies, promoting financial inclusion, advancing fraud detection, and delivering personalized customer experiences at scale.

Pontera published a blog emphasizing the increasing need for personalized, professional 401(k) guidance as more Americans rely on 401(k) plans for retirement income. Research shows that professional advice significantly improves financial outcomes, with many savers feeling more confident about meeting their retirement goals when supported by advisors.

Plaid published a blog outlining their solutions for data providers to prepare for the upcoming Section 1033 regulation, which will enhance consumer protection and promote financial transparency in the open banking ecosystem. Their offerings, including Core Exchange, Permissions Manager, and App Directory, aim to simplify compliance, improve data connectivity, and meet consumers’ expectations for secure and efficient digital financial experiences.

Trustly was featured in a PYMNTS article discussing its partnership with Lenovo to offer open banking at checkout for customers in the U.K. and continental Europe. This partnership provides a more secure and cost-effective payment method, allowing direct bank account payments with lower fraud rates and instant refunds, compared to traditional debit and credit card transactions.

VoPay CEO Hamed H. Arbabi was featured on the Leaders in Payments Podcast, where he highlighted two pivotal changes shaping the future of payments. He emphasized the seamless integration of payments into various industries, making them autonomous and embedded within software, and the unification of payment rails, allowing for easier global access across different payment methods under unified service providers.

Events and Submission Deadlines

by rebecca rebecca No Comments

FDATA North America July Newsletter

FDATA North America Monthly Newsletter for July 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 North America Sends Letter to Missouri Regulator to Support Consumer-Permissioned Data Access. On June 20, 2024, the Financial Data and Technology Association of North America (FDATA) sent a letter to Missouri Secretary of State Jay Ashcroft in response to warnings issued by the Missouri Securities Division. These warnings, sent on May 23, 2024, to over 40 state-registered advisors, raised concerns about the use of clients’ log-in credentials to access financial information with client consent. FDATA North America’s letter emphasized the importance of allowing financial advisors to access and review clients’ financial information for providing informed recommendations that improve financial outcomes for Missourians. They highlighted the negative impact of the Division’s warning, which discourages the use of third-party tools that enhance clients’ investment and financial outcomes. FDATA North America reiterated its commitment to data privacy and information sharing, advocating for secure consumer-permissioned data access. They urged the Missouri Securities Division to consider mandating secure interfaces for consumer-permissioned data access for retirement and securities accounts, in alignment with forthcoming federal rules by the Consumer Financial Protection Bureau, ensuring consumers can safely share their financial data with third parties. FDATA released a statement on its submission of the letter, which can be found here.

Member News & Activity

Basis Theory published a blog highlighting how connected payments help improve margins and reduce risk for merchants. Connected payments allow merchants to implement a logical layer between purchase requests and transaction submissions, enabling flexibility, improved fraud detection, and reduced risk, ultimately enhancing profitability and ensuring secure, continuous improvement of their payment systems.

Codat published a blog explaining how their bank transaction categorization engine works to improve decision-pmaking and efficiency in business lending by automating and accurately categorizing transactions. By leveraging real business data and integrating banking and accounting information, Codat’s engine helps lenders enhance data accuracy, streamline operations, and make more informed lending decisions.

Envestnet posted a new podcast episode on Data Driven Finance featuring Steve Boms, Founder & President at Allon Advocacy, discussing regulations in financial services. Key highlights include regulation readiness for open banking, key metrics for connected finance, and reassurances consumers need when sharing data.

Fiserv published an article discussing how financial institutions can combine self-service convenience with personal attention to satisfy consumers in the age of digital banking. By evolving and automating branches, financial institutions can balance delivering personal attention with providing self-service capabilities, ultimately improving efficiency, customer satisfaction, and revenue growth.

Flinks posted a blog announcing that Flinks Pay now supports Electronic Funds Transfers (EFTs) and has introduced an improved payment workflow that unifies the experience from onboarding to account activation. By providing a single, seamless workflow for validation, authorization, and payment setup, Flinks Pay helps Canadian lenders and borrowers manage their payments efficiently, reducing manual processes, minimizing fraud risk, and enhancing overall operational efficiency.

GoCardless was featured in the Summer edition of Financial IT Magazine, where CPO Andy Wiggan addresses whether open banking was overhyped, the potential for bank payments to compete with cards, and what it will take for VRPs and commercial use cases to achieve unanimous success.

MX’s Jane Barratt attended the Fifth Workshop on Credit Card Lending, Consumer Finance, and the AI Revolution on June 27–28, 2024. The Federal Reserve Bank of Philadelphia and the Supervisory Research and Policy Forum (SURF) organized the workshop, providing a platform for regulators, industry experts, and academics to discuss key topics shaping the consumer finance industry, including innovations in open banking, payment networks, data privacy, and the impact of ML/AI on consumer lending.

Plaid was featured in a Fast Company article highlighting its new Plaid Layer technology, which simplifies the process of signing up for financial accounts and linking bank accounts to just 15 seconds. This innovative solution allows users to set up accounts with compatible financial services using stored data, significantly reducing the time and effort required for onboarding and boosting user conversion rates by up to 25%.

Events and Submission Deadlines

by rebecca rebecca No Comments

FDATA North America June Newsletter

FDATA North America Monthly Newsletter for June 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 North America Sends Letter to CFPB Advocating for Distinction Between Digital Wallets and Passthrough Payment Platforms. On May 2, 2024, the Financial Data and Technology Association of North America (FDATA) sent a letter to the Consumer Financial Protection Bureau (CFPB or Bureau) addressing concerns in the Bureau’s approach to digital wallets and passthrough payment platforms in both its Notice of Proposed Rulemaking (NPRM) on Personal Financial Data Rights and its NPRM on Defining Larger Participants of a Market for General-Use Digital Consumer Payments. In the letter, FDATA NA critiqued the CFPB’s approach for not distinguishing between digital wallets, which hold consumer assets, and passthrough payment platforms, which facilitate transactions through other financial institutions. FDATA NA argued that this lack of distinction could lead to regulatory inefficiencies, consumer confusion, and stifled innovation. FDATA NA’s letter advocated for more tailored regulations that reflect the unique functions of digital financial services, emphasizing the need to exempt passthrough platforms from certain regulatory burdens to protect innovation and ensure precise, effective consumer protections. FDATA released a statement on its submission of the letter, which can be found here.

FDATA North America Responds to the Bank of Canada’s Retail Payments Supervision Consultation. On May 21, 2024, the Financial Data and Technology Association of North America (FDATA) responded to the Bank of Canada’s Retail Payments Supervision Consultation regarding its new supervisory guidelines for payment service providers (PSPs). Representing over 30 financial technology companies and consumer-permissioned data access platforms in Canada and the United States, FDATA expressed broad support for the Retail Payments Activities Act (RPAA) regulations while requesting additional clarity. FDATA emphasized that implementing the RPAA regulations will establish a robust regulatory framework for up to 2,500 PSPs, significantly advancing Canada’s financial services modernization. The association highlighted the importance of including payment use cases in Canada’s consumer-driven banking framework to align with other G7 nations. In its detailed response, FDATA addressed key aspects of the draft supervisory guidelines, such as urging comprehensive due diligence for outsourced service providers, flexible compliance standards, clear thresholds for different types of PSPs, and an extended 24-hour reporting period for material breaches. It also proposed reporting incidents solely to the Office of the Privacy Commissioner to reduce duplicative reporting and requested clarity on the definition of “holding funds,” recommending the exclusion of firms that facilitate transactions without holding funds. Additionally, FDATA called for explicit criteria for changes warranting notification, particularly for cloud migration. FDATA released a statement on its submission of the letter, which can be found here.

Member News & Activity

ByAllAccounts published a blog on designing open banking experiences for delegated access, highlighting the importance of accommodating complex relationships outside the current third-party data-sharing models. The blog discussed how ByAllAccounts is working with financial institutions and industry standards bodies to support consumer relationships with financial advisors, trustees, and guardians within the new open banking frameworks.

Basis Theory published a blog on the different types of payment tokens: universal, PSP, and network tokens, highlighting how each type masks sensitive payment data to improve security and streamline payment processing. The blog emphasized that while universal tokens offer the highest level of security and flexibility across various payment systems, PSP tokens are convenient for single-provider setups, and network tokens are specific to card networks, making them less versatile.

Betterment was featured on The Balancing Act which covered how Betterment’s combination of human expertise and technology makes it easy for consumers to invest. Watch the full segment here.

Envestnet launched a podcast featuring Farouk Ferchichi, Group President of Envestnet | Yodlee, discussing his fintech entrepreneurial background and its application at Envestnet. The episode covered topics such as internal transformation, data democratization, financial wellness, customer needs, and the role of AI in financial management and advisement.

Experian published a press release announcing the launch of Cashflow Attributes™, a solution aimed at expanding credit access for underserved consumers by integrating over 900 income, cashflow, and affordability attributes into lending decisions. This tool leverages banking data to provide a more comprehensive view of a consumer’s financial health, potentially improving predictive accuracy by up to 20% and supporting financial inclusion for nearly 106 million U.S. consumers who struggle to secure credit at mainstream rates.

Fiserv posted an article about Finxact, a next-generation banking platform designed for flexibility and scalability in banking, fintech, and embedded finance. Finxact’s open, API-first architecture allows financial institutions to offer personalized digital experiences and integrate seamlessly with other technologies, providing enhanced data access and real-time transaction processing.

Flinks published a blog highlighting the pivotal role of Electronic Funds Transfers (EFTs) in Canada’s shift towards a cashless economy, accounting for 59% of total payment value in 2022. The blog discussed how EFTs provide secure, efficient, and convenient digital transactions, transforming financial operations for individuals and businesses while addressing challenges such as privacy, digital access, and the transition from traditional cash use.

GoCardless was featured in Payments Dive in an op-ed discussing how Pull-ACH can help finance leaders reduce costs and increase revenue by automating payment processes. The piece highlighted the advantages of Pull-ACH, including faster payment receipt, lower transaction fees, reduced failed payments, and improved cash flow management, making it a vital tool for businesses aiming to future-proof their payment systems.

MX published a blog advocating for Open Finance, emphasizing the benefits of accessible and actionable financial data for consumers. The blog highlighted key statistics showing that a significant majority of consumers desire a consolidated view of their finances, personalized financial services, and secure data connectivity, supporting the need for an open finance ecosystem as formalized by U.S. and Canadian governments.

Plaid published a blog announcing new solutions to help customers prepare for the upcoming U.S. open banking regulation, known as the CFPB’s 1033 rule, which will ensure consumers have control over their financial data. They introduced an open banking readiness toolkit and the Data Transparency Messaging tool, which provides detailed information about data usage and simplifies compliance with new authorization and data retention requirements.

Trustly published a press release announcing a partnership with PayNearMe to integrate Trustly’s Open Banking solution into PayNearMe’s MoneyLine™ platform. This collaboration will enhance iGaming and Online Sports Betting by enabling real-time ACH deposits and withdrawals, improving user experience and reducing operator risk.

Events and Submission Deadlines

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FDATA North America May Newsletter

FDATA North America Monthly Newsletter for May 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 North America Statement on Budget 2024 Initiating Consumer-Driven Banking Framework. On April 16, 2024, the Financial Data and Technology Association of North America (FDATA) applauded the government’s inclusion of a framework to deliver consumer-driven banking as part of Budget 2024. FDATA North America, a longtime advocate for the benefits of open finance for consumers and small businesses, commended the government for its detailed plan and commitment to implement an open finance system through legislation this spring, which will be interoperable with similar U.S. frameworks. FDATA NA encouraged including small business accounts to ensure benefits extend to Canadian small businesses. FDATA NA Executive Director Steve Boms expressed strong support for this move, noting it aligns with global trends towards consumer-centric financial services and promises to enhance financial inclusion and innovation in Canada’s financial sector. FDATA released a statement, which can be found here.

Member News & Activity

Basis Theory published a blog outlining strategies for merchants to modernize their payments infrastructure, emphasizing the importance of evolving with the digital economy to enhance efficiency and reduce costs. The post highlights the critical role of adopting advanced systems like token vaults and payment processor decisioning to optimize transaction fees and improve overall financial performance.

Betterment was featured in a PR Newswire article announcing its acquisition of Marcus Invest’s digital investing accounts from Goldman Sachs, aiming to enhance its award-winning retail platform. This strategic move is set to expand Betterment’s scale by integrating Marcus Invest’s digitally customized portfolios, further establishing its position as a leader in the digital investment advisory space.

ByAllAccounts was featured in a Fintech Global article, which detailed how the company enhances data connectivity for wealth management firms and wealthtechs by addressing challenges in integrating data across diverse technology platforms. The article highlighted ByAllAccounts’ role in providing a single connection to its network, which facilitates access to a multitude of data sources, thereby simplifying data management and improving operational efficiency for its clients.

Codat posted a blog announcing their new Supplier Enablement data product designed to help issuing banks transition from checks to virtual card payments in B2B transactions. By partnering with J.P. Morgan, this innovative solution leverages data APIs to streamline the integration of supplier and spend data, enhancing payment processes and driving adoption of virtual cards.

Envestnet posted a blog highlighting how open banking is poised to transform South Africa’s economic landscape and enhance financial inclusion. Although still in its nascent stages, open banking facilitates the sharing of consumer-permissioned financial data through open APIs, paving the way for innovative financial services and broader access to financial products for underserved populations.

Fiserv published a press release detailing their new enhancements to billing and payment communications, designed to help billers increase on-time payments and streamline operations. By integrating call-to-action notifications and alerts into their BillMatrix® system and partnering with Tilli, Fiserv aims to improve customer engagement and operational efficiency through personalized, multi-channel communication.

Flinks posted a release outlining the significant updates in Canada’s Consumer-Driven Banking for 2024, emphasizing the formal adoption of Open Banking as mandated in Budget 2024. This initiative, set to commence this spring, involves the implementation of foundational components such as governance structures and technical standards, positioning financial institutions to adapt to evolving regulatory and technological landscapes.

Interac published a release announcing its acquisition of exclusive Canadian rights to the Vouchr platform, aiming to enhance Interac e-Transfer with personalized multimedia notifications. This strategic move allows Interac to integrate Vouchr’s technology into their services, offering customizable and engaging e-gifting experiences that reflect the increasing consumer preference for digital-first interactions.

Inverite was featured in a Yahoo Finance article highlighting its remarkable achievement of recording a record number of transactions in the first quarter of 2024 through its AI-driven open banking platform. The article details how Inverite Insights Inc. has seen significant growth in revenue-based transactions, with a 29% increase from the same period last year, emphasizing the company’s strong position in the financial technology sector.

Method published a blog emphasizing the critical need for diverse authentication regimes as the Consumer Financial Protection Bureau (CFPB) moves forward with finalizing Section 1033 of the Dodd-Frank Act, which aims to enable inclusive access to the benefits of open banking for all consumers, especially the unbanked, underbanked, and non-digitally banking populations. Highlighting the potential for existing credential-based authentication methods to exclude millions from accessing open banking benefits, Method proposes an alternative approach. This approach utilizes personally identifiable information and account numbers, aiming to ensure secure and inclusive access to financial services, fostering financial health and empowerment across broader demographics.

MX published a blog post discussing the recent progress in Canada’s Consumer-Driven Banking Framework, detailing the Canadian government’s plans to introduce legislation this spring as part of Budget 2024. The post highlights that this legislation will set the governance, scope, and technical standards for Open Banking in Canada, aiming to enhance financial data control for Canadians and foster a more inclusive and competitive financial ecosystem.

Petal was highlighted in a PR Newswire article discussing Empower Finance, Inc.’s definitive agreement to acquire Petal, a U.S.-based fintech company, alongside the completion of its acquisition of Cashalo, a lending company in the Philippines. The acquisitions are part of Empower’s strategy to expand access to fair credit and improve financial services for underserved consumers, using innovative approaches like cash flow underwriting and alternative data analysis to reshape credit accessibility globally.

Plaid published a blog post authored by Victoria Margolin, a product marketer focused on the evolution of open finance, providing a comprehensive overview of the upcoming Dodd-Frank Section 1033 rule by the Consumer Financial Protection Bureau (CFPB). The post details the implications of the rule for companies, emphasizing the need for compliance in managing consumer data rights and the benefits it brings in promoting a more secure and consumer-friendly financial ecosystem.

Trustly posted a release announcing their recent activation on the FedNow®️ rail, marking a significant advancement in their capabilities to offer instant payouts, particularly through their collaboration with ESPN BET. This integration not only enhances Trustly’s leadership in instant payments in the U.S. but also positions ESPN BET as the first sports betting merchant to leverage FedNow®️ for instant payout options, broadening access across the nation.

Events and Submission Deadlines

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FDATA North America April Newsletter

FDATA North America Monthly Newsletter for April 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 Sends Letter to Wyoming Governor Mark Gordon and Wyoming Legislators Urging Revision of Open Banking Legislation. On March 15, 2024, the Financial Data and Technology Association of North America (FDATA) sent a letter to Wyoming Governor Mark Gordon and legislators, including Representatives Cyrus Western, Daniel Singh, Mike Yin, and Senators Alfie Ellis, Tara Nethercott, Chris Rothfuss. The letter, motivated by the recent enactment of HB 145, raised concerns over its alignment with the essential tenets of open banking, particularly the principle that allows consumers and small businesses complete control over the sharing of their financial data. As a globally recognized advocate for consumer-permissioned, third-party access to financial data, FDATA underscored the importance of revising Wyoming’s open banking legislation to reflect global best practices. With the Consumer Financial Protection Bureau on the verge of implementing a federal open banking framework, FDATA offered to provide input and collaborate with Governor Gordon and the state’s legislators to explore solutions that could establish Wyoming’s open banking regulations as a model for consumer empowerment and market competitiveness. FDATA released a statement on its submission of the letter, which can be found here.

Member News & Activity

API Metrics published a blog highlighting the importance of interoperability in the digital transformation of financial services. Through their advanced solutions and involvement in standards bodies like FDX and the OpenID Foundation, APIContext is leading the way in fostering financial inclusivity and innovation by ensuring APIs are built with open standards, focusing on reliability, security, and meeting the challenges of Open Banking standards.

Basis Theory published a blog emphasizing their commitment to security, especially in protecting Personal Health Information and other sensitive data, highlighting recent achievements of SOC2 Type1+HIPAA and ISO 27001 certifications. These certifications demonstrate their adherence to stringent security standards and regulations, ensuring the protection and compliance of user data through technical and organizational safeguards.

Codat posted a blog underscoring the potential of banking data as a key asset in the lending industry for making informed decisions on creditworthiness. The blog emphasized the need for lenders to automate the processing and categorization of banking data to unlock actionable insights and improve underwriting efficiency, highlighting Codat’s role in simplifying this process through its technology that connects open banking and accounting data for enhanced decision-making.

Envestnet Yodlee posted a blog discussing the burgeoning interest in open banking within South Africa as part of a global trend toward increased data-sharing and financial innovation. The blog highlighted South Africa’s potential to lead in open banking, given its Financial Sector Conduct Authority’s interest in an Open Finance regime, the proactive stance of major banks, and the opportunity to enhance financial inclusion for the unbanked or underbanked, promising a series of deeper explorations into the benefits and regulations of open banking in the region.

Flinks published a blog detailing the growing momentum of Open Banking in Canada, driven by consumer and business demand for personalized financial services and the Canadian government’s commitment to establishing a consumer-driven banking framework. Highlighting Flinks’ role in facilitating this transition, the blog showcased their partnerships and contributions to developing Open Banking capabilities, positioning them as a key player in enhancing financial innovation, competition, and consumer choice in Canada’s financial ecosystem.

GoCardless published a press release announcing its approval as a supplier on the Crown Commercial Service’s Open Banking Dynamic Purchasing System framework, enabling it to bid for account information and payment initiation services tenders from UK public sector bodies. This inclusion marks a significant step for GoCardless, allowing it to expand its strategic opportunities within government sectors and strengthen its presence in the charity sector.

MX published a blog addressing the struggle of many financial providers to fully utilize consumer financial data for enhancing customer and business outcomes. Highlighting findings from a Forrester Consulting study, the blog underscored the critical need for financial institutions to embrace data intelligence, invest in breaking down data silos, and leverage technology and partnerships to unlock the transformative potential of this data for improved personalization and decision-making.

Plaid published a blog detailing how integrating with Plaid’s Payment Initiation services helped Paysend, a global payment platform, to overcome challenges in customer bank account top-ups, resulting in a 125% increase in transaction volume within a year. The partnership enabled Paysend to offer instant bank transfers, significantly improving customer satisfaction and expanding their service with successful launches in the UK and plans for further expansion across the European Union.

Trustly posted a blog highlighting the advantages of ACH autopay for billers, emphasizing its potential to significantly reduce processing fees compared to card payments, thereby maximizing revenue and safeguarding cash flow. The blog also discussed how leveraging Open Banking can address the inefficiencies of traditional ACH setups by providing a streamlined user experience, reducing manual input, and enhancing security, ultimately increasing ACH autopay adoption among customers.

VoPay was featured in a PYMNTS article announcing its partnership with Cross River Bank to expand its embedded payments technology into the U.S. market, providing VoPay with access to major payment rails and networks along with Cross River’s regulatory expertise. This collaboration aligns with VoPay’s goal of delivering innovative financial solutions and will enable the company to offer a wider range of payment services including ACH, Same-Day ACH, RTP, FedNow® Service, and Pull-from-Card, enhancing its North American service offerings.

Events and Submission Deadlines

by rebecca rebecca No Comments

FDATA North America March Newsletter

FDATA North America Monthly Newsletter for March 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 Submits Comments to Canada’s Pre-Budget Consultations 2024. On February 9, 2024, FDATA NA submitted comments to Canada’s Department of Finance as part of its pre-budget consultations for Budget 2024. The submission advocated for Canada to enhance the inclusion of consumer-driven banking (CDB) outlined in the 2023 Fall Economic Statement, aiming for a comprehensive Canadian open finance framework. Our comments also called on the Canadian government to legislate a CDB Framework in Budget 2024, establish a robust governance entity to oversee this framework, and outline a vision for open finance, signifying the next advancement in financial services. The submission noted that the proposed governance entity should be neutral, transparent, capable of making quick, binding decisions, and accountable, ensuring the framework’s success and sustainability while promoting market innovation and competition for the benefit of Canadian consumers and SMEs. FDATA released a statement on its submission of the comment letter, which can be found here.

FDATA NA Submits Comments to Canada’s Consultation on Strengthening Competition in the Financial Sector. On February 28, 2024, FDATA NA submitted comments to Canada’s Department of Finance regarding the consultation on strengthening competition in the financial sector. Our comments outlined four initiatives crucial for creating a more inclusive, innovative, and competitive financial ecosystem: 1) advancing Consumer-Driven Finance (CDF) and adopting an open banking regime to empower consumers and SMEs with control over their financial data; 2) accelerating the deployment of the Real-Time Rail (RTR) to modernize payment infrastructure, enabling instant payment processing; 3) implementing the Retail Payment Activities Act (RPAA) regulations for payment service providers (PSPs) within a robust regulatory framework to enhance payment system security and efficiency; and 4) amending the Canadian Payments Act (CP Act) to allow non-bank payment providers direct access to payment rails. 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 announcing the formation of APIContext Inc., a merger between APImetrics Inc and Contxt Ltd, to offer comprehensive solutions for API oversight and integrity. The newly formed company aims to address the challenges of creating reliable, productized APIs by providing end-to-end visibility, proactive risk measures, and comprehensive monitoring capabilities to empower businesses.

Basis Theory posted a blog explaining the intricacies of global payment processing, highlighting its necessity for e-commerce businesses to reach an international customer base and the variety of services offered by global payment processors to facilitate cross-border transactions efficiently. The blog emphasized the importance of selecting the right global payment processor, considering factors such as supported currencies, fees, security, and integration capabilities, to enable businesses to cater to global markets effectively.

Betterment’s VP of Legal, Joshua Rubin, discussed on the #inSecuritiespod how the company navigates the complex regulatory landscape, including its approach to the fiduciary rule, by addressing overlapping regulations and explaining why their stance sometimes diverges from the broader financial services industry’s perspective on rulemaking proposals.

EQ Bank was mentioned in a Business Wire article for partnering with Trulioo, an industry-leading identity verification platform, to streamline its digital banking onboarding process. This partnership enables EQ Bank to provide a frictionless customer experience with enhanced security and compliance, utilizing Trulioo’s advanced document verification, AI checks, and customizable workflow solutions.

Flinks posted a blog highlighting the growing importance of Account-to-Account (A2A) payments, describing them as a significant evolution in the financial transaction landscape. A2A payments, which enable direct fund transfers between accounts and bypass traditional intermediaries, are gaining traction due to their speed, cost efficiency, and enhanced security, supported by financial institutions, fintech companies, and payment processors.

GoCardless published a blog post announcing the extension of its partnership with Dyce Energy, a UK-based energy provider, for an additional three years, for easy bill collection through Direct Debit payments.

Inverite was mentioned in a BNN article for its advancements in the fintech and alternative lending sectors through its Open Banking Platform. The article noted that Inverite is revolutionizing consumer directed banking, providing innovative solutions for data enrichment, identity verification, risk management, and compliance, thereby transforming the alternative credit economy.

Morningstar Wealth published a blog highlighting the significance of diversity, equity, and inclusion (DEI) within the U.S. financial data-sharing ecosystem, particularly focusing on the evolving open banking system. Brian Costello, Head of Data Aggregation Strategy and Governance at ByAllAccounts, emphasized the importance of empowering consumers with greater control over their financial data to support innovation in financial services, advocating for a holistic approach that promotes DEI in financial product design and implementation to ensure the financial well-being of all.

MX published a blog summarizing the ten key themes of the Consumer Financial Protection Bureau’s proposed rulemaking on personal financial data rights, including concerns about the scope of data covered, restrictions on secondary use cases, ambiguity in liability definitions, the potential for charging fees, the need for technical and interface standards, transitioning from screen scraping, consent and authentication protocols, tokenized account numbers, overlaps with existing regulations like Fair Credit Reporting Act and Gramm–Leach–Bliley Act, and concerns about the proposed compliance timeline.

Trustly’s Matt Janiga, Legal Counsel and Director of Regulatory and Public Affairs, published a blog applauding the CFPB’s efforts in advancing Open Banking through Section 1033 of the Dodd-Frank Act, while offering suggestions to improve the proposal for a more inclusive Open Banking ecosystem. Janiga emphasized the need for adjustments in areas such as data-sharing duration to align with consumer expectations, the practicality and security concerns around Tokenized Account Numbers (TANs), the importance of allowing safe, pro-consumer secondary data usage, and enhancing consumer experiences through better API standards and fallback options.

Ozone API was mentioned in The Paypers article for partnering with CLOWD9 to enhance their services to clients, combining Ozone API’s expertise in facilitating Open Banking innovations with CLOWD9’s payments processing platform. The article noted that the collaboration aims to create a comprehensive ecosystem to support banks and financial institutions in adapting to the evolving landscape of Open Finance, promising to foster growth and innovation within the industry.

Events and Submission Deadlines

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