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FDATA North America Welcomes Four New Members

FDATA North America Welcomes Four New Members

Contact: Kerrie Rushton, (202) 365-6338, [email protected]

May 26, 2020, Washington, DC – The Financial Data and Technology Association (FDATA) of North America today announced it has added four new members, boosting the organization’s roster of member companies and organizations united behind the notion that consumers and small businesses should have full utility over their own financial data.

“The North American movement in support of open finance continues to grow,” said FDATA North America Executive Director Steve Boms. “As they shelter in place, consumers and small businesses depend more than ever on access to financial services products and services delivered to them digitally. Millions of individuals, families, and businesses are facing unprecedented financial hardship and policymakers must focus on how to build a system that makes it easier for their constituents to bank online, gain access to capital, and plan and manage their financial futures. Open finance is that solution and that’s why our coalition is growing.”

The following organizations recently joined FDATA North America:

  • Experian is a global leader in consumer and business credit reporting and marketing services. The company supports clients in more than 80 countries.
  • Fiserv is a global provider of financial services technology that delivers superior value through targeted innovation. It serves thousands of financial institutions and businesses of all sizes.
  • Fintech Growth Syndicate is a Canadian innovation advisory firm. It tracks and analyzes data from more than 1,200 Canada-based fintechs to help companies better respond to customer needs.
  • Interac Corp. is Canada’s payments and digital information exchange that operates a world-class debit payments system with secure, broad-based acceptance, reliable technical infrastructure, and a 36-year history of bringing the ecosystem together.

These firms discussed the importance of FDATA North’s mission to advance data access and open banking in North America:

  • Experian: “FDATA gives Experian insight into the policy issues affecting an important and dynamic industry that is critical to helping facilitate greater access to fair and affordable credit for consumers and small businesses,” said Vice President of Governance and Strategic Initiatives. Paul Haddon “Experian Boost is a great example of how consumer-permissioned data can help consumers improve their credit score.”
  • Fiserv: “As both a data aggregator and a banking platform provider, we see how our clients can empower consumers by providing access to information that enables better insight and control over their financial lives,” said Senior Vice President of Client Engagement Matt Wilcox. “Through participation in initiatives such as FDATA, Fiserv is committed to furthering secure access to data to benefit both financial institutions and consumers.”
  • Fintech Growth Syndicate: “As a member of FDATA, FinTech Growth Syndicate (FGS) is excited to have the opportunity to advocate for the development and implementation of a consumer directed finance framework that is good for all market participants,” said CEO and Founder Sue Britton. “Canada has a vibrant and large FinTech ecosystem, with traditional financial institutions, new entrants and incumbent technology providers; each essential but all needing access to the market and the ability to fairly compete and serve the needs of Canadians.”
  • Interac Corp: “Interac is pleased to join FDATA, an organization committed to advancing financial data and technology discussions across a range of public and private sector stakeholders,” said Vice President Of Strategy, Trends & Emerging Solutions Oscar Roque. “By contributing learnings from our 36-year history as a leader in Canadian payments, Interac looks forward to working collaboratively to bring the ecosystem together to address the needs of Canadians now and in the future.”

Existing FDATA North America members include: air (Alliance for Innovative Regulation), Betterment, Direct ID, Envestnet Yodlee, Equifax, Flinks, Intuit, Kabbage, Mogo, Morningstsar, M Science, MX, Petal, Plaid, Questrade, Quicken Loans, TransUnion, Trustly, VoPay, Wealthica and others.

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.