Codat is a fintech that provides a universal API for small business data, which powers integration of products built by other software providers and financial institutions. In this interview, Gabby Macsweeney, Head of Communications and Public Policy, discussed how universal APIs can simplify business processes and inform financial wellness:
This month’s FDATA Member Spotlight features Katy Gibson, Head of Product for Morningstar ByAllAccounts, who explains how access to customer-permissioned data is critical for their customers in the investment and wealth-management sectors.
FDATA North America member Xero is a cloud-based accounting software platform for small businesses with more than 3 million subscribers globally. This Member Spotlight interview features Faye Pang, Xero’s Country Manager for Canada.
FDATA member MX has been a leader in the open banking movement in North America with their approach to modern connectivity. In this interview, Chief Advocacy Officer Jane Barratt explains how the company has been on the front lines of promoting open baking to the public and policymakers.
Xero is a cloud-based accounting software platform for small businesses with more than 3 million subscribers globally. Through Xero, small businesses and their advisors have access to real-time financial data at anytime, anywhere, and on any device.
Founded in 2006, Xero is a global business, domiciled in New Zealand and listed on the Australian Securities Exchange (ASX: XRO). Our team of more than 3,600 employees is driven by our purpose to make life better for people in small businesses, their advisors, and communities around the world.
The relationships we have with our partners in the accounting and bookkeeping communities are part of what makes Xero unique. Xero’s platform allows accountants and bookkeepers to collaborate with their small business clients on a single, up-to-date general ledger and manage their finances, including invoicing, payroll, tax compliance, cash flow, and much more.
Xero has built a thriving ecosystem of over 1,000 connected apps and more than 300 connections to banks and financial service providers. With apps that support everything from inventory and logistics to point of sale and project management, the Xero App Marketplace empowers small businesses to build their own toolkit to run all aspects of their business and have them all work together seamlessly.
We are dedicated to building a socially conscious and environmentally sustainable business, benefitting the millions of customers we serve, their advisors, communities and the shareholders and employees of Xero. We are committed to reducing our impact on the environment. During the year ended 31 March 2021 (FY21), Xero was certified carbon neutral by the Australian Government’s Climate Active program.
Our commitment to gender diversity and inclusion was recognized with Xero’s inclusion in the 2022 Bloomberg Gender-Equality Index, which is the third consecutive year the company has been included.
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:
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.
Contact: Kerrie Rushton, (202) 365-6338, [email protected]
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.
Contact for FDATA North America: Kerrie Rushton, (202) 365-6338, [email protected]
ontact for CLA: Tal Schwartz, (514) 244-2008, [email protected]
April 24, 2020, Washington, DC and Toronto -The Financial Data and Technology Association (FDATA) North America today announced its endorsement of the Canadian Lenders Association (CLA) proposal to include financial technology (fintech) participation in Canada’s COVID-19-related financial relief programs for small and medium-sized enterprises (SMEs). While Canada’s Business Credit Availability Program (BCAP) should provide emergency loans over the next three months to up to 100,000 Canadian SMEs, FDATA North America and CLA jointly assert that many small enterprises will not be well served by the program as currently outlined.
Small businesses that could be left out include those that:
The CLA proposal that FDATA North America has endorsed proposes to establish a special purpose funding vehicle through the Business Development Bank of Canada from which Canadian SMEs will access a target of $2 billion of funds within 90-120 days through CLA qualified fintech lenders. The program will provide necessary liquidity to small businesses that would not be able to access the BCAP through traditional financial institutions.
“The fintech community in Canada stands ready to assist the many SMEs that would be excluded from the BCAP,” said FDATA North America Executive Director Steve Boms. “Many have seen up to a 100 percent drop in their revenues which will continue for several months or more and face the prospect of a protracted economic recovery. While their long-term business prospects may remain sound, they need to survive through the short term. As some of the smallest SMEs in Canada do not have existing relationships with traditional financial institutions, it is imperative that fintech providers be authorized to participate in the BCAP.”
“Canadian fintechs have existing online systems and capabilities which allow them to efficiently originate, underwrite, and deploy BCAP loans,” said CLA’s President, Gary Schwartz. “Fintech lenders can provide significant operational support and leverage to the Business Development Bank of Canada and traditional lenders in deploying capital through their network of small business clients and will extend the reach of the existing BCAP.”
Other countries, including the United States, Australia, and the United Kingdom, have worked to include fintech offerings in their COVID-19-related small business loan programs. The U.S. Small Business Administration, for example, has in the past several days extended approvals to various non-bank lenders, including FDATA North America members, and is expected to approve further fintech applicants in the days ahead.
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 (Alliance for Innovative Regulation), Betterment, Direct ID, Envestnet Yodlee, Fintech Growth Syndicate, Flinks, Intuit, Kabbage, Mogo, Morningstsar, M Science, MX, Petal, Plaid, Questrade, Quicken Loans, TransUnion, Trustly, VoPay, Wealthica and others.
ABOUT THE CANADIAN LENDERS ASSOCIATION
The Canadian Lenders Association’s mission is to provide its members the tools to innovate and grow and to foster safe and ethical lending practices. The CLA supports the growth of companies that are in the business of lending, or providing other means of credit, to small business and individuals by non-conventional or innovative means.