Financial Services

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Member Spotlight: Intuit


Intuit is a global technology platform that helps customers and communities overcome their most important financial challenges. Serving approximately 100 million customers worldwide with TurboTax, QuickBooks, Credit Karma and Mint, Intuit believes that everyone should have the opportunity to prosper and works tirelessly to find new, innovative ways to deliver on this belief.

Founded 38 years ago, the work Intuit does starts with a mission of powering prosperity around the world. Prosperity means something different for each person, but finances often sit at the core of living the life you want. Intuit believes that everyone should have access to the expertise, tools, and resources they need to take control of their financial life and pursue their dreams.

Across its platform, Intuit puts the power of technology and data on the side of customers by delivering simple, delightful solutions through their products:

  • QuickBooks is the world’s largest small business platform, serving as the center for small business growth. QuickBooks has helped customers simplify the financial complexities of managing their business and achieve success for more than 25 years. QuickBooks began by helping small businesses manage their books and grew into a platform that helps them get paid fast, manage capital, and pay employees with confidence.
  • TurboTax takes the complexity out of the tax code, helping people get the maximum refund they deserve.
  • Mint is a free personal finance app that helps users to get a holistic view of their financial picture and make smart money decisions.
  • Credit Karma is a data platform that helps people find the right financial products, putting more money in their pockets and providing insights and advice.

Intuit’s mission of powering prosperity also goes beyond its products. Intuit leverages its products, unique expertise, and scale to have a positive impact on communities around the world by investing in people and helping them meet the challenges they face. For example, to help struggling Canadian families and small businesses during the COVID-19 pandemic, Intuit launched its Prosperity Accelerator. The 5-month program encourages startups to leverage the power of AI to advance the financial prosperity of consumers and businesses in North America. Selected startups have access to a corporate and investor mentorship network, dedicated coaching, and the opportunity for follow-on investment from Highline Beta.

Additionally, Intuit QuickBooks leveraged its fintech experience to help customers access more than $1.2 billion in SBA-approved Paycheck Protection Program loans and keep thousands of employees on payroll in the United during the height of the COVID-19 pandemic. QuickBooks also launched a new platform for product-based businesses, offers on-demand accounting experts, and has helped to democratize machine learning by adding it to the company’s offerings for the benefit of small businesses.

Building on its commitment to help small businesses save time by simplifying complex business operations and taking the guesswork out of complicated compliance matters, Intuit QuickBooks Australia became the first accounting software firm in Australia to be accredited by the Data Recipient Accreditor at the unrestricted level and the third data recipient to be accredited overall in October 2020. The landmark accreditation gives Australians greater control over how their financial and banking data is accessed and used and allows them to securely share it with accredited third parties. In addition to saving users additional time – estimated at around eight to ten hours per week – as well as money and resources that are currently spent on financial management, the move allowed real time and simple cash flow management, with highly accurate future forecasting through richer insights.

Intuit is proud to join FDATA North America’s efforts to bring the benefits of opening banking to businesses in other geographies so that individuals and business owners can easily and securely access their banking data allowing them to spend their time focusing on what matters most to them.

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FDATA North America: White House EO Will Help Individuals, Families and Small Businesses Recovering From Pandemic

Contact: Kerrie Rushton, (202) 365-6338, krushton@allonadvocacy.com


July 9, 2021, Washington, DC – The Financial Data and Technology Association (FDATA) of North America today issued a statement following the release of President Joe Biden’s Executive Order on financial competition. In the order, the president directs the Consumer Financial Protection Bureau (CFPB) to issue a regulation that would allow bank customers to have access to, and share, their own financial data. FDATA North America Executive Director Steve Boms said:

“Today’s Executive Order represents a significant step forward for consumers and small business towards an open finance regime in the United States. Coming out of a pandemic and recession, a CFPB rule will improve financial inclusion, enhance customers’ access to affordable credit, and help families and businesses improve their financial wellbeing.

This order also will help create a customer-centric, 21st century financial services marketplace that boosts competition. Major markets around the world have implemented or are designing open finance regimes. U.S. consumers must not be left behind and, today, the White House is one step closer to making sure that they are not. FDATA North America and its members are eager to work with the CFPB and the Biden administration to implement this incredibly important regulation.”


ABOUT FDATA NORTH AMERICA
FDATA was heavily involved in the UK Open Banking Working Group in 2015. In 2016, the working group’s output was published by Her Majesty’s Treasury as the Open Banking Standard. FDATA North America was founded in early 2018. Its members collectively provide tens of millions of consumers in Canada, the United States and Mexico with aggregation-based tools to better manage their finances.

Members include: air (Alliance for Innovative Regulation), APImetrics, Betterment, BillGO, Codat, Direct ID, Envestnet Yodlee, EQ Bank, Experian, Fiserv, Flinks, Interac, Intuit, Inverite, Kabbage, Mogo, Morningstsar, M Science, MX, Petal, Plaid, Questrade, Quicken Loans, SaltEdge, Trustly, ValidiFI, VoPay, Wealthica, Xero, and others.

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Member Spotlight: Kabbage


In the wake of the Great Recession, Kathryn Petralia and Rob Frohwein launched Kabbage, a startup whose mission would be to use data-driven solutions to empower small businesses to grow with flexibility, efficiency, and prudence. Since then, Kabbage, which is now an American Express company, transformed itself from a funding startup for eBay sellers into a leading cash-flow management platform for all small businesses. Over half a million small businesses accessed more than $16 billion through Kabbage and, during the COVID-19 pandemic, it was the second largest Paycheck Protection Program (PPP) lender in the United States during the first round of PPP, approving nearly 300,000 applications.

By connecting real-time, existing third-party business data to Kabbage, small businesses can be approved for a line of credit between $1,000 to $150,000 in minutes. (Kabbage charges no origination fees, annual fees, monthly maintenance fees, or documentation fees for its small business loans.) It’s new online Kabbage Checking™ account comes with no monthly maintenance fees and small business customers receive a 1.10 annual percentage yield (APY) on balances up to $100,000. Kabbage Payments helps businesses send, process, and settle invoices quickly.

The company’s offerings have been particularly helpful for underserved entrepreneurs. As Kabbage noted in a February 2020 news release, a joint report penned by the Federal Reserve Bank of Atlanta and the Federal Reserve Bank of Cleveland found credit-worthy Black-owned small businesses are about 20 percent less likely than credit-worthy white-owned small businesses to receive approval for financing at both large and community banks. Even when approved for credit, minority-owned businesses are less likely to be approved for the amount they need. Kabbage and its automated underwriting platform improves financing experiences for underserved small businesses by only measuring their true business performance to make credit decisions, creating a blind application process.

With Kabbage, small businesses are approved by analyzing their real-time, and objective, business performance data, eliminating hurdles that may contribute to the struggles minority-owned firms face in traditional loan-application processes. Kabbage also offers data insights to arm entrepreneurs with knowledge to grow their companies. The firm’s Small Business Resource Center includes information on topics ranging from invoicing to competitor analysis to switching checking accounts.

Kabbage was acquired by American Express in 2020 to continue to expand American Express’s B2B offerings beyond their Card business with Kabbage’s broader set of cash flow management tools.

Kabbage co-founder Kathryn Petralia discussed the future of financial technology with Forbes in February 2021. Her comments sum up the benefits of a customer-directed finance system. Petralia said, “It all boils down to the user experience and consumers’ on-demand expectations. Banks are increasingly being commoditized. Fintechs will become the de facto face of money management, as they provide exceptional user experiences that remove friction points common with traditional banking. It shouldn’t take days or weeks to open a bank account, multiple days to settle funds, or months to be approved for a loan. Fintechs will make financial services more seamless and accessible for everyone.”

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Member Spotlight: SaltEdge


Founded in 2013 , Salt Edge Inc., a leader in creating and providing open banking solutions, takes intercommunications and interoperability between banks, third-party service providers, and their end-users to a whole new level. The company achieves this goal by creating stable, secure connectivity channels between financial institutions and their consumers.

For consumers, Salt Edge’s solutions help create tools that give them a wider view of their finances. With Oval Money Ltd., for example, Salt Edge provided an API to track users’ expenses and earnings automatically from any account. Open banking is integral to this product. As Salt Edge explained, “This wide functionality is only possible if all the users’ transactions are consolidated automatically from various sources and they do not have to input data manually.”

For lenders, Salt Edge helps users access a new channel of real-time financial data that automatically verifies applicant’s identity, account number, income sources, and balance in real time. Lenders can evaluate a potential borrower’s financial behavior more accurately, which helps them keep risk under control.

Today, Salt Edge is connected to more than 5000 financial institutions across the world. By joining FDATA North America, Salt Edge plans to bring the same cohesive, secure, consumer-friendly system to individuals, families, and small businesses in Canada and the United States. “We’re all into proactive engagement, pursuing an appropriate legal framework, which will support the development of open-banking-based financial services. Open banking in North America is quite different from the European practice, so getting a mandated and regulated state of certainty will definitely catalyze things to move forward,” Salt Edge CEO Dmitrii Barbasura said.

In a February 2021 blog post, Barbasura outlined the six elements necessary to make open banking work in any country. These include:

  • Control – any market participant that seeks to get access to the open banking ecosystem should be verified and licensed.
  • Providing third parties with access to financial data or payment initiation capabilities should apply the most secure, but at the same time, convenient means of authorization and user authentication.
  • Uniformity of conditions.
  • Insuring every involved party against fraudulent acts, data breaches, operational disruption, and other risks.
  • Ensuring monetization of APIs.
  • Access to all consumer accounts, if a consumer allows it. Accounts will determine the next step in open banking evolution – open finance.

Barbasura concluded, “Combined with mobile platforms, open banking provides secure and fast access to financial services anywhere and in the most comfortable format for the user.”

Salt Edge joined FDATA North America in April 2021.

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Member Spotlight: BillGO


Founded in 2015, BillGO is driven by the core belief that everyone deserves access to a healthy financial future. BillGO helps facilitate this access by providing consumers, billers, fintechs and financial institutions with a faster, smarter, more secure way to pay and manage bills and subscriptions.

So how can bill payment technology improve financial wellbeing?

Consider this: even though most consumers trust financial institutions (FIs) to manage their money, only 22 percent of them use the bill pay technology their FIs provide. Seventy-six percent, meanwhile, pay their online bills directly to biller websites, which is both a cumbersome and risky method of managing bills.

When asked why they reject FI-offered bill pay technology, many consumers say their FI bill pay technology is outmoded. It is difficult to use, offers little visibility and fails to provide real-world bill payment confirmation. This lack of confirmations has real-world results – namely late fees. A 2019 study revealed late credit card payments alone cost consumers up to $3 billion a year.

By offering a modernized, real-time bill pay solution, BillGO not only helps consumers avoid late payments and fees by sending due date reminders but also provides consumers with a single, consolidated tool to manage bills and payments, eliminating the need to log into multiple biller sites each month to manage their financial obligations.

BillGO’s mission doesn’t stop there. In 2020, BillGO launched its Bill Pay Relief Hub, a resource originally conceived to help consumers impacted by bills brought on by COVID-19. Since then, the Hub’s mission has expanded, providing help to consumers facing an array of economic setbacks. The Hub now connects consumers to more than 300 businesses and FIs offering payment relief. In 2020, Banking Tech Awards named the Hub one of 2020’s Best COVID Responses by a Fintech.

Speaking of awards, Fortune recently named BillGO one of the “Best Places To Work” in the financial services industry. And last March, Forbes named BillGO one of “America’s Best Startup Employers” because of its reputation as an employer, its high levels of employee satisfaction, and its potential for growth.

BillGO’s award-winning real-time bill management and payments platform transforms the dreaded necessity of managing and paying bills into an opportunity for financial well-being. The company currently serves more than 32 million consumers, 8,000 FIs and nurtures relationships with more than 170,000 billers and suppliers nationwide and is headquartered in Colorado, with offices in Ohio and Washington state, employing more than 250 people.

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FDATA North America Statement on Mastercard Acquisition of Finicity

FDATA North America Statement on Mastercard Acquisition of Finicity

Contact: Kerrie Rushton, (202) 365-6338, krushton@allonadvocacy.com

June 23, 2020, Washington, DC: Steve Boms, executive director of the Financial Data and Technology Association (FDATA) North America released the following statement regarding Mastercard’s acquisition of Finicity:

“Mastercard’s acquisition of Finicity is the latest sign that open finance is the future of consumer and small business financial services. As we have seen in every other market that has implemented such regimes, establishing a legal right in which consumers and small businesses can access and share their financial data with trusted third parties is paramount to implementing open finance frameworks. FDATA North America continues to urge U.S. policymakers to follow suit.”


ABOUT FDATA NORTH AMERICA
FDATA was heavily involved in the UK Open Banking Working Group in 2015. In 2016, the working group’s output was published by Her Majesty’s Treasury as the Open Banking Standard. FDATA North America was founded in early 2018. Its members collectively provide tens of millions of consumers in Canada, the United States and Mexico with aggregation-based tools to better manage their finances. Existing FDATA North America members include: air (the Alliance for Innovative Regulation), API Metrics, Betterment, Direct ID, Envestnet Yodlee, Experian, FGS, Fiserv, Flinks, Interac, Intuit, Kabbage, Mogo, Morningstsar, M Science, MX, Petal, Plaid, Questrade, Quicken Loans, TransUnion, Trustly, VoPay, Wealthica and others.

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FDATA North America Submits Letter to House Financial Services Committee on Consumer Financial Data Privacy

May 21, 2020, Washington, DC – Today, FDATA North America submitted a letter to the U.S. House Financial Services Committee on consumer financial data privacy. In the letter, FDATA North America highlights that, as the leading trade association advocating for consumer-permissioned third-party access to financial data globally, the most effective way to ensure data privacy is to give consumers and small businesses the tools to control their financial data. 

Image result for paperclip iconFDATA North America Letter on Consumer Financial Data Privacy

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FDATA North America Statement on Clearing House Purchase of Akoya

FDATA North America Statement on Clearing House Purchase of Akoya

Contact: Kerrie Rushton, (202) 365-6338, krushton@allonadvocacy.com

February 20, 2020, Washington, DC: Steve Boms, executive director of the Financial Data and Technology Association (FDATA) North America released the following statement regarding The Clearing House’s acquisition of Akoya:

“The Clearing House is a banking association and payments company that is owned by the world’s largest commercial banks. Its purchase of Akoya, a data aggregation firm founded by one of America’s largest investment firms, represents a significant potential threat to competition and innovation in financial services technology, as well as to consumers’ ability to obtain personalized financial services from providers they’ve selected as best suited to help them. If the new entity is allowed to consolidate and control consumer financial data, it will potentially prevent other third parties from accessing that data even if individuals and small businesses permission that access, by giving their consent for their data to be shared.

“Consumers’ and small businesses’ rights to access, use and control their financial data are threatened by this merger. FDATA North America and its members are committed to implementing consumer-centric open finance technology and services that promote financial inclusion and that improve the financial well-being of American families and small businesses. We believe this purchase will not advance either goal and serves only to underscore the need for the Consumer Financial Protection Bureau (CFPB) to assert its authority under Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act to promulgate a legal right for consumers and small businesses to control their financial data.” 


ABOUT FDATA NORTH AMERICA
FDATA was heavily involved in the UK Open Banking Working Group in 2015. In 2016, the working group’s output was published by Her Majesty’s Treasury as the Open Banking Standard. FDATA North America was founded in early 2018. Its members collectively provide tens of millions of consumers in Canada, the United States and Mexico with aggregation-based tools to better manage their finances. Existing FDATA North America members include: air (the Alliance for Innovative Regulation), Betterment, Envestnet Yodlee, FGS, Flinks, Intuit, Kabbage, Lendified, Mogo, Morningstsar, M Science, MX, Petal, Plaid, Questrade, Quicken Loans, Petal, Plaid, The ID Co., TransUnion, Trustly, VoPay, Wealthica and others.

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FDATA North America Submits Comments to US House Financial Technology Task Force on Big Data in Financial Services

November 20, 2019, Washington, DC – Today, FDATA North America submitted comments to the US House Financial Services Committee Task Force on Financial Technology in advance of its November 21st hearing, “Banking on Your Data: the Role of Big Data in Financial Services.”

Image result for paperclip iconFDATA Fintech Task Force Letter for the Record

To watch the hearing, click here.

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