Financial Data and Technology Association of North America

Contact: Laine Williams, (202) 897-4757,  [email protected] 

Washington, DC, April 29, 2025 – The Financial Data and Technology Association of North America (FDATA), a trade association representing more than 30 financial technology companies and consumer-permissioned data access platforms in Canada and the United States, today congratulated Mark Carney on his victory in the federal election and upcoming role as Canada’s next Prime Minister.

Steve Boms, Executive Director of FDATA North America, released the following statement:

“We congratulate Prime Minister-designate Carney on his election victory. As Canada prepares for a new chapter in federal leadership, we look forward to engaging with the incoming government on advancing open banking and open finance reforms.

Canada has a critical opportunity to modernize its financial services landscape—empowering consumers and small businesses with secure, transparent, and user-directed access to their financial data. With most G-20 nations already moving forward with open banking frameworks, we urge the new administration to make this long-overdue reform a top priority to enhance competition, financial inclusion, and innovation.

FDATA North America and its members stand ready to support the incoming Prime Minister and their team in building a modern, inclusive, and globally competitive financial ecosystem for all Canadians.”

London, New York, 2025 – Open Banking Expo is pleased to announce Mastercard is the headline partner of the inaugural Open Banking Expo USA 2025. The event will take place on June 26, in the bustling heart of New York.

Open Banking Expo USA offers an unmissable opportunity for leaders across America’s financial services spectrum, spanning banks, credit unions, cutting-edge fintech innovators, technology providers, and policymakers, to converge and map out an evolving future for consumer permissioned data sharing.

Visitors to the Expo can expect a packed agenda that explores real-world applications and offers valuable insights, delivered through expertly curated sessions, compelling case studies, and hands-on workshops.

Among the key themes to be explored during the one-day Expo are establishing consumer trust in data privacy, navigating regulatory complexity, and financial inclusion and access.

Additionally, the event promises to delve into the commercial possibilities within the payments sphere and anticipate the unfolding journey towards Open Finance in the US.

Bart Willaert, executive vice president, Open Banking, Americas at Mastercard, said: “Open Banking is transforming financial services, and the opportunities for growth are exponential. We look forward to convening at the Expo as we work together as an ecosystem to enable innovative and secure financial experiences that responsibly support all parties in the ecosystem.”

Adam Cox, co-founder and managing director of Open Banking Expo, said: “We are thrilled to make our debut in the US in 2025, and to welcome Mastercard as headline partner of Open Banking Expo USA.

“It is the perfect opportunity to bring together decision-makers and innovators. The Expo promises to be a landmark event that will shape the future of finance in the US.”

Find out more about Open Banking Expo USA and register to attend here.

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NOTES TO EDITORS

Visit the event website with agenda and booking platform

Download Open Banking Expo’s logo

For more information, please contact Adam Cox:

E: [email protected]

M: +44 7825 295222

Follow us on LinkedIn and X; #OBExpo

London, Toronto, January 23, 2025: Open Banking Expo is pleased to announce Symcor as the headline partner of Open Banking Expo Canada 2025, which takes place on June 17 at the iconic MTCC in Toronto.

This is the first year Symcor is headlining Canada’s flagship Open Banking Expo after supporting it as an event partner in previous years.

Symcor is a leading technology provider of customer communications, payment, fraud detection and Open Banking services, offering industry expertise and secure solutions for every stage of its clients’ business evolution.

Canada’s only dedicated consumer-driven banking and Open Banking Show is expected to welcome more than 600 visitors through the doors of the MTCC, where over 80 speakers, including industry leaders, regulators, and innovators, will share their insights across three dynamic stages.

Given recent political developments in Canada and the government’s proposed 2026 launch for consumer-driven banking, the show provides a timely opportunity for the financial ecosystem to delve into regulatory alignment, technical infrastructure, and enriching consumer experiences aimed at empowering Canadians.

Canada’s Department of Finance released key components of the Open Banking framework in the 2024 Fall Economic Statement in December, encompassing participants, the breadth of data sharing, and functionality.

With the groundwork laid, attendees are invited to engage in critical discussions, share insights, and align strategies as Canada advances toward operational Open Banking.

Saba Shariff, Senior Vice President, Chief Strategy, Product & Innovakon Officer at Symcor, said: “At the core of Open Banking is the secure and efficient exchange of data, which drives innovation and better outcomes for consumers. Symcor’s COR.CONNECT platform bridges the gap for both data providers and recipients, enabling collaboration and compliance while reducing the complexity of getting Open Banking-ready.

“By working together with industry participants, we can scale Open Banking faster, more securely, and more cost-effectively, unlocking powerful use cases that benefit all Canadians.”

On the main stage panel at Open Banking Expo Canada 2024, Shariff explored strategies for mobilizing a Made-in-Canada Open Banking framework and what businesses can do to prepare and support their customers’ needs.

Adam Cox, Co-founder and Managing Director of Open Banking Expo, said: “We are thrilled to announce Symcor as this year’s headline partner for the first time, after years of steadfast support as an event partner.

“Open Banking Expo Canada 2025 is an unmissable opportunity to immerse yourself in incisive discussions, gain fresh insights, and align your strategies as Canada takes strides to implementing Open Banking. Be part of the dialogue that will shape the financial future of a nation.”

Find out more about Open Banking Expo Canada and register to attend here.

NOTES TO EDITORS

Register your interest in Open Banking Expo Canada 2025 here

For more information, please contact Adam Cox:

E: [email protected]

M: +44 7825 295222

Follow us on LinkedIn and X; #OBExpo

Contact: Laine Williams, (202) 897-4757,  [email protected] 

Washington, DC, 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.

The FDATA Global Open Finance Summit, taking place May 5, 2025, in Washington, DC, convenes policymakers, financial institutions, fintechs, and regulators to shape the future of Open Finance across markets.

As Open Banking and Open Finance regulations continue to evolve globally, the summit will spotlight policy trends, consumer data rights, and emerging technologies.

Similarly, Open Banking Expo Canada and Open Banking Expo USA, scheduled for June 17, 2025, in Toronto, and June 26, 2025, in New York City, will gather leaders from across financial services to discuss Open Banking frameworks, data security, and innovation.

The media partnership ensures that insights, policy developments, and key takeaways from each event reach a global audience of industry stakeholders.

Steve Boms, Executive Director at FDATA North America, said: “This partnership is a natural step in strengthening global industry engagement on Open Finance. Both the FDATA Global Open Finance Summit and Open Banking Expo’s events serve as key platforms for fostering regulatory clarity, innovation, and collaboration.

“By working together, we can enhance industry dialogue and ensure that important discussions resonate across borders.”

Adam Cox, Co-founder and Managing Director of Open Banking Expo, added: “As Open Banking and Open Finance initiatives scale worldwide, we’re thrilled to partner with FDATA Global to elevate the voices of financial innovators, regulators, and thought leaders. Our joint coverage will help educate stakeholders and accelerate industry-wide progress.”

Contact: Laine Williams, (202) 897-4757,  [email protected] 

Washington, DC, March 18, 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 congratulated François-Philippe Champagne on his appointment as Minister of Finance of Canada.

Steve Boms, Executive Director of FDATA, released the following statement:

“We congratulate Minister Champagne on his appointment as Minister of Finance. Given his commitment to innovation and his unique experience in delivering more innovation to Canada, we look forward to engaging with him on the critical issue of open finance. Canada has an opportunity to modernize its financial services ecosystem and empower consumers and small businesses with greater control over their financial data. With open banking already implemented or underway in nearly every other G-20 nation, we hope that Minister Champagne will prioritize this long-overdue reform to enhance competition, innovation, and financial inclusion in Canada.

We stand ready to work with Minister Champagne and his team to ensure that Canada moves forward with an open finance framework that benefits consumers, businesses, and the broader economy during this economically uncertain period.”

Contact: Laine Williams, (202) 897-4757,  [email protected] 

Washington, DC, February 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 submitted comments in response to the Consumer Financial Protection Bureau’s (“CFPB”) Notice of Proposed Rulemaking (“NPRM”) on the Fair Credit Reporting Act (“FCRA”).

In the letter, FDATA North America expressed concern that the proposed rule would inappropriately classify consumer-permissioned open finance platforms and financial providers as consumer reporting agencies (“CRAs”), creating consumer confusion and regulatory contradictions with the CFPB’s recently finalized Section 1033 rule. FDATA North America warned that this misclassification could impose unnecessary regulatory burdens, create legal uncertainty, and hinder financial innovation without providing any additional consumer protections.

The submission urged the CFPB to explicitly exclude consumer-permissioned open finance and financial providers platforms governed under the Bureau’s Section 1033 rulemaking from the proposed changes to Regulation V. FDATA North America also highlighted that the NPRM’s expanded definitions of data assembly and de-identified data could inadvertently subject a broad range of financial service providers—including data analytics firms and financial software providers—to CRA regulations, despite their activities not aligning with traditional credit reporting functions or Congress’ intended application of the Fair Credit Reporting Act (“FCRA”).

FDATA North America asserted that the CFPB’s final Section 1033 rule already establishes clear consumer protections and regulatory guidelines for authorized third-party financial data access. Applying the FCRA to consumer-permissioned open finance platforms would introduce conflicting compliance requirements, increase liability risks, and undermine the principles of consumer control and transparency that the CFPB has sought to promote through its open banking framework.

Given these concerns, FDATA North America recommended that the CFPB revise the proposed rule to remove consumer-permissioned open finance platforms and financial providers from its scope. If these revisions cannot be made, we strongly advised rescinding the proposal to prevent disruptions to existing consumer-permissioned data access models.

A full copy of the letter is available here.

Contact: Laine Williams, (202) 897-4757,  [email protected] 

Washington, DC, February 3, 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 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.”

Contact: Laine Williams, (202) 897-4757,  [email protected] 

Washington, DC, January 16, 2024 – 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 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 highlighted the  urgent need to ensure Canadians benefit from an open finance regime to foster affordability, competition, and improved consumer access to financial services. In the letter, we underscored that Canadians still lack these benefits seven years after the Government first announced its intention to establish a consumer-driven finance ecosystem in Budget 2018.

By empowering Canadians with control over their financial data, FDATA North America emphasized that such a framework would address barriers created under Canada’s highly concentrated financial sector. In this environment, consumers and small businesses frequently face high fees, limited access to credit, and slow transaction settlement times.

The letter noted that Minister Dominic LeBlanc is the third Minister of Finance with the opportunity to deliver an inclusive, consumer-centric ecosystem that could significantly improve the financial wellbeing of millions of Canadians. FDATA North America urged Minister LeBlanc to advance this initiative and reaffirmed its readiness to provide data, insights, and support to advance this critical work.

A full copy of the letter is available here.

Contact: Laine Williams, (202) 897-4757,  [email protected] 

Washington, DC, December 16, 2024 – 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 expressed its disappointment with the proposals laid out by the government in the Fall Economic Statement (“FES”) to expand the Consumer-Driven Banking Act (“CDBA”), and the government’s announcement that implementation of consumer-driven banking would be delayed by at least another year.

Steve Boms, Executive Director of FDATA North America, released the following statement:

“After almost seven years of deliberations and consultations, the Government has unfortunately put forth an open finance framework that will only further the status quo. By adopting a one-size-fits-all approach, the consumer-driven banking framework advanced by the Government loses the forest for the trees, burying innovative fintech providers in a sea of compliance obligations with little to no consumer protection benefit and guaranteeing that few, if any, fintech platforms will be able to use the open finance system the Government has spent the last several years designing.

A one-size-fits-all-approach will ensure that only the very largest tech companies and financial institutions will have the means to participate in the open finance system the proposed legislation would create. This is a direct contradiction to the Government’s stated goals of fostering competition in financial services and improving affordability for Canadians. This framework will discourage new entrants and stifle the very innovation that open banking was meant to support. Instead of promoting a vibrant and competitive fintech ecosystem, this framework threatens to further formalize a market dominated by just a handful of large incumbents.

We urge the Government to prioritize delivery of consumer-driven banking as soon as possible and to its approach to accreditation, as the current approach risks thwarting the promise of open finance in Canada and denying consumers and small and medium-sized enterprises the benefits of increased choice and innovation that a true open finance framework can provide.”