Europe News & Spotlights

Opportunity to align Open Banking with new emerging UK Policy

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FDATA response to PSR consultation paper on PSR Proposed Strategy June 2021

June 29, 2021, Washington, DC – Today, the Financial Data and Technology Association (FDATA) of North America submitted comments to the US financial regulators as part of their Request for Information (RFI) on financial institutions’ use of artificial intelligence (AI), including machine learning (ML). The Federal Reserve, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (NCUA), National Credit Union Administration (NCUA), and Office of the Comptroller of the Currency (OCC) sought comments on the use of AI by financial institutions and their products and services to consumers.

FDATA Europe Resonse to HM Treasury’s Payment Landscape Review Call for Evidence

On behalf of the membership of FDATA Europe, please find our response to the questions set forth in the Payments Landscape Review Call for Evidence, 2020. Download Document Here

Open Letter to CMA re Future of OBIE – June2021 (2)

We, as leading financial technology companies and their representatives, are writing to you in advance of the CMA Board’s consideration of the future of the Open Banking Implementation Entity (OBIE). We welcome the CMA’s recent review of the Open Banking Future Entity, however we have concerns about the process of reviewing UK Finance’s (UKF) proposal, […]

FDATA Response to FCA Consultation Paper 21/03 Changes to the SCA-RTS

Below is FDATA Europe’s response to the consultation on the SCA-RTS. We are grateful for the opportunity to respond, and would like to highlight a few points before presenting our formal response and recommendations: • Article 10a exemption for TPPs needs to explicitly carve out the requirement to perform SCA every 90 days, and make […]

The future oversight of the CMA’s open banking remedies, consultation

Below is FDATA Europe’s response to the consultation put forward by the CMA on UK Finance’s report on the proposed Open Banking Future Entity; we are grateful for the additional time provided in order to properly respond to the questions raised. We would like to highlight few points before presenting out formal response and recommendations: […]

PSR Consultation on Consumer Protections for Interbank Payments

FDATA Response to Payment Systems Regulator Consumer Protection in Interbank Payments: Call for Views (CP21/4) FDATA appreciates the opportunity to respond to the PSR’s Call for Views on Consumer Protection in Interbank Payments. We address the questions contained in the CfV, and have also provided an overview of our analysis of PSR CP21/4. Below the […]

Leveling up the UK Market

Leveling up the UK Market: Why the FCA has determined the MCI has got to go [but also why API performance matters] It may seem like a minor change in regulatory policy; it, however, is not. I’ve said that repeatedly about various points in the FCA’s recent consultation on changes to the Regulatory Technical Standards […]

Legal Conflicts in the RTS-SCA Text: The root cause of all 90-Day evil

Anyone who’s paid attention to the issue of 90-Day Reauthentication in the last three years since PSD2 went live in the European market is bound to have noticed the unexplainable and seemingly irrational conflicts that sit within the legal text that frames out the Regulatory Technical Standards (RTS) on Strong Customer Authentication (SCA). Download Document […]

How SCA and 90-day Reauth Harm Competition & Security

If you’ve read the previous tomes in this series, you’ll know that the FCA’s proposed change to the 90-day reauthentication requirement will have significant positive impact on the industry – and why this course correction is good for the competitive landscape and fintech innovation. You’ll also already know the context for how the rules combining […]

The Detrimental Impact of 90D Reauth & SCA on Fintech, the Market, & End Customers

Secure Customer Authentication (SCA), combined with the requirement for end-users to reauthenticate every 90 days, is meant to provide a secure and reliable way for consumer to connect their bank accounts to regulated fintech services. Or at least that was the intention when it was enshrined in law as part of PSD2’s Regulatory Technical Standards […]

Opposing Forces: The PSD2 Secure Customer Authentication & Regulatory Technical Standards Quagmire

If you use any fintech product that relies on data from your primary bank account, you will have navigated Secure Customer Authentication (SCA) processes. You will also have run into the 90 Day Reauthentication requirement that demands you confirm you want the fintech to have access to your bank account data, while at the same […]

Why the FCA’s Reconsideration of the 90-Day Reauthentication Rule Is a Big, Big Deal for Financial Services

9 February 2021 Download Document here

UK BEIS Cross Sector Options Feedback.

Thank you for the opportunity to respond to the BEIS Smart Data Cross Sector Options. The Financial Data and Technology Association (FDATA) has a vested interest how the HMG’s Smart Data initiative is delivered to market, as our members provide valuable digital financial services under Open Banking, and they will continue to serve UK residents […]

FDATA – OBIE VRP & Sweeping Phase 2 Consultation Response

Please provide feedback on the following points: The need for VRP/Sweeping – why it is so much better than any other option for the customer – control, transparency, flexibility, speed, etc. Why this cannot be limited to 2 way sweeping, as this rules out many use cases which offer the most value to customers (eg. […]

FDATA Response to HM Treasury’s Financial Services Future Regulatory Framework Review

On behalf of the membership of FDATA Europe, please find our response to the questions set forth in the Financial Services Future Regulatory Framework Review, Phase II Consultation. Download Document Here

FDATA Europe Response: OBIE VRP Proposition Consultation

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FDATA Europe Response to FCA’s Quarterly Consultation 29 CP20-18 Chapter 3: Proposal to amend the open banking identification requirements (eIDAS certificates)

On behalf of the membership of FDATA Europe, please find our response to the Quarterly Consultation 29 CP20-18, specifically Chapter 3: Proposal to amend the open banking identification requirements (eIDAS certificates) below. Download Document Here

Pensions Dashboard Call for Input July 2020.docx (1)

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FDATA Europe Response to European Commission’s Consultation on Retail Payment Strategy for Europe June 2020

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FDATA Europe Response to European Commission’s Consultation on Digital Finance Strategy for Europe / Fintech Action Plan June 2020

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FDATA Europe Response to EBA’s Consultation on Revised Guidelines on Money Laundering and Terrorist Financing Risk Factors: JC 2019 87 CP

Please find below FDATA’s formal submission of response to the EBA’s Consultation on Revised Guidelines on Money Laundering and Terrorist Financing Risk Factors. Due to the limitations of the response form provided online and the lack of option to attach supporting evidence, we take this opportunity to send our analysis and position via email.We ask […]

FDATA Europe Response to EBA’s Consultation on Revised Guidelines on Money Laundering and Terrorist Financing Risk Factors: JC 2019 87 CP

Please find below FDATA’s formal submission of response to the EBA’s Consultation on Revised Guidelines on Money Laundering and Terrorist Financing Risk Factors. Due to the limitations of the response form provided online and the lack of option to attach supporting evidence, we take this opportunity to send our analysis and position via email. Download […]

FDATA successful in collaborative bid for £23m GOFCoE funding

Following recent notification by the UK Government, we are delighted to announce that the Global Open Finance Centre of Excellence (GOFCoE) has been successful in acquiring a seed fund of £23m by way of grant, to cornerstone its investment strategy. This major award is part of a much larger funding strategy to build a world-class [...]

The Detrimental Impacts of SCA Reauthentication to Open Banking

The Financial Data and Technology Association (FDATA), on behalf of its members, is asking the European Commission and the European Banking Authority to urgently revisit the requirements on Secure Customer Authentication and 90-day Reauthentication, due to its extremely detrimental impact to Third Party Providers (TPPs). Companies who have operated as TPPs pre-PSD2, as well as […]

FDATA Europe Response to FCA’s Call for Input: Open Finance

What action can we take to help ensure the potential of open banking is maximised, for instance to support the development of new open banking services? Download Document Here

Risks to open banking due to scope of AML legislation

The Financial Data and Technology Association (FDATA), on behalf of its members, is asking the European Commission to amend the 5th Anti-Money Laundering Directive to remove account information services providers (AISPs) and payment initiation services providers (PISP) from its scope, as soon as the opportunity arises. The inclusion of these services under European AML legislation […]

FINTECH TRADE ASSOCIATION APPOINTS RENOWNED INDUSTRY EXPERT AS ITS EUROPEAN LEADER

Ghela Boskovich, the economist, fintech expert and diversity champion has been appointed as the European Chapter Leader at the Financial Data and Technology Association (FDATA). She goes into post with immediate effect and joins fellow chapter leaders at FDATA North America, FDATA Australia/New Zealand and FDATA Asia.  The Financial Data and Technology Association is a […]

NEXT STAGE OF EU DIRECTIVE “WILL CREATE WIDESPREAD CUSTOMER DISRUPTION AFFECTING MANY MILLIONS OF CONSUMERS AND BUSINESSES THROUGHOUT EUROPE”, SAY FINTECH BODIES

Fintech bodies call for National Regulators to work with industry to prioritise customer needs ahead of other regulatory factors The Financial Data and Technology Association (FDATA Europe), in association with the European Third Party Providers Association (ETTPA), has highlighted a material risk to individual and business consumers in the next phase of the implementation of […]

The Unintended Consequences of PSD2 RTS

Document co-authored by FDATA Europe and ETTPA. Download here.

NEXT STAGE OF EU DIRECTIVE “WILL CREATE WIDESPREAD CUSTOMER DISRUPTION AFFECTING MANY MILLIONS OF CONSUMERS AND BUSINESSES THROUGHOUT EUROPE”, SAY FINTECH BODIES

Fintech bodies call for National Regulators to work with industry to prioritise customer needs ahead of other regulatory factors The Financial Data and Technology Association (FDATA Europe), in association with the European Third Party Providers Association (ETTPA), has highlighted a material risk to individual and business consumers in the next phase of the implementation of […]

UK Open Banking – Setting the Record Straight

Across the world, governments, regulators, banks and fintechs are talking about open banking, and also trying to follow the progress and success of UK Open Banking. They sense excitement, threat and opportunity, and there is much talk about innovation, security, standards and risk. But are we all talking about the same thing? What is ‘open […]

UK Open Banking – Setting the Record Straight

Across the world, governments, regulators, banks and fintechs are talking about open banking, and also trying to follow the progress and success of UK Open Banking. They sense excitement, threat and opportunity, and there is much talk about innovation, security, standards and risk. But are we all talking about the same thing? What is ‘open banking’?

FDATA Europe’s response to FCA CP 18/25

Click below to see FDATA Europe’s response to the Financial Conduct Authority’s Consultation paper 18/25 – Approach to final Regulatory Technical Standards and EBA guidelines under the revised Payment Services Directive (PSD2). FDATA response to FCA CP 18-25

FDATA Europe response to FCA CP 18/25

Click below to see FDATA Europe’s response to the Financial Conduct Authority’s Consultation paper 18/25 – Approach to final Regulatory Technical Standards and EBA guidelines under the revised Payment Services Directive (PSD2). FDATA response to FCA CP 18-25

FDATA Europe response to EBA consultation paper

Click below to see FDATA Europe’s members’ feedback on the EBA Draft Guidelines on the conditions to be met to benefit from an exemption from contingency measures under Article 33(6) of Regulation (EU) 2018/389 (RTS on SCA & CSC).  Click to read submission  

FDATA partners with Robo-Advice 2018

FDATA has been named as a media partner for the 2nd UK Robo Advice and Digital Wealth Summit.

FDATA Europe Analysis of PSD2 Implementation Challenges V2

FDATA Europe – Assessment of the Challenges in PSD2 Implementation V2 This report catalogues some of the technical challenges encountered by Third Party Providers (TPPs) during their initial connections with the Open Banking Directory and in particular thereafter with the API connections identified in a technical workshop organised by FDATA . 

FDATA, EMA, techUK, UK Finance publish voluntary guidelines

FDATA, together with the Electronic Money Association, techUK and UK Finance, have published a set of voluntary guidelines and encouraged market behaviours under PSD2 in the ‘transitional period’. You can download them below. Voluntary-Guidelines-and-Encouraged-Market-Behaviours-Under-PSD2-FINAL

Open Banking: FAO CMA Proposed amendments to the Agreed Arrangements

This paper sets out a number of amendments to the Proposed Amendments to the Agreed Arrangements to fulfil the objectives of the Retail Banking Market Investigation Order 2017. Open Banking: Proposed amendments to the Agreed Arrangements

UK’s Open Banking Project Expanded

Open Banking Standards to Expand Functionality and Cover all PSD2 Products The Open Banking Implementation Entity (OBIE), the body set up by the Competition & Markets Authority (CMA) to enable a new, secure way for customers to take control of their financial data and share it with organisations other than their banks, today announces a […]

FDATA paper – right of EU passport under PSD2

This note aims to address some of the market confusion in relation to the rights of firms to move between EU jurisdictions when performing operations related to the second EU Payment Services Directive (PSD2). FDATA – EU Passport under PSD2 – April 2018

RTS deadline

The Regulatory and Technical Standards (RTS) of PSD2 have been published in the Journal of the EU. This starts the clock on an 18 month compliance timescale, meaning that RTS will be in force on 14th September 2019. The publication can be viewed here.

FDATA WELCOMES THE START OF OPEN BANKING

Leading fintech trade association calls launch “the first waypoint on a long journey” The Financial Data and Technology Association, the leading advocate of open banking in the UK and around the world, has welcomed the parallel implementation of PSD2 across Europe, and the launch of Open Banking amongst the large banks here in the UK. […]

Open Banking 2020-2030 Summit

FDATA is hosting a Summit in December to chart the Open Banking journey to 2030. Open banking is the midwife of innovation. It is driving innovation at a breathtaking rate. The consumer tools of the future have not yet been invented. This is the fintech revolution in action. But the journey is long, and we’ve […]

Fintech Connect Live 2017

Fintech Connect Live 2017: 6-7 December FDATA is delighted to be a media partner of Fintech Connect Live 2017 taking place on the 6 and 7 December at Excel London. Combining the hustle and bustle of an exhibition featuring over 3000 visitors, and 200 exhibitors and partners from over 50 countries, FinTech Connect Live is […]

FDATA’s RESPONSE TO HMT’s PSD2 CONSULTATION

Please click the link below to read FDATA’s response to HMT’s consultation on the implementation of PSD2. FDATA submission to HMT – Implementation of the revised EU Payment Services Directive II

FDATA responds to EBA consultation

The Financial Data and Technology Association has responded to the European Banking Authority’s consultation on authorisation and registration under PSD2. The responses (submitted online) are: Q1: Do you consider the objectives of the Guidelines as identified by the EBA to be plausible and complete? If not, please provide your reasoning. FDATA considers the objectives to […]

FDATA responds to CMA order on open banking

The Financial Data and Technology Association (FDATA) has responded to the CMA’s draft order following its publication of the retail banking investigation, which led to the creation of the Implementation Entity. Commenting on the submission, which can be read here, FDATA’s Executive Director Andy Maciver said: “FDATA’s interpretation of the purpose of this order is […]

FDATA response to the CMA’s draft order

Please click the link below to see FDATA’s response to the draft order by the CMA on open banking. FDATA-response-to-CMAs-Order-23.12.16

FDATA responds to EBA insurance consultation

The Financial Data and Technology Association has submitted a response to the EBA consultation “Guidelines on the criteria on how to stipulate the minimum montary amount of the professional indemnity insurance under PSD2”. There were seven questions, which can be seen below along with FDATA’s answers: Question 1: Do you agree with the requirement that […]

FDATA ANNOUNCES ADDITION OF CALLCREDIT AS IMPLEMENTATION ENTITY GETS UNDERWAY

The Financial Data and Technology Association (FDATA) has announced another new member, with the addition of the UK’s second largest credit reference agency and consumer data manager Callcredit Information Group. FDATA’s members provide innovative financial applications and services to empower customers to make better decisions and take fuller control of their financial lives across all […]

Another four start-ups join FDATA

The Financial Data and Technology Association has announced another four new start-ups have joined its growing membership ahead of the formal commencement of the Implementation Entity’s work on delivering an API. The companies – Castlight Financial, PayLink, RentData and Truelayer – provide innovative financial applications and services to empower customers to make better decisions FDATA’s […]

FreeAgent becomes 13th member of FDATA

FreeAgent, one of the leading online accountancy software providers, has become the 13th company to join the Financial Data and Technology Association (FDATA). FDATA’s members provide innovative financial applications and services to empower customers to make better decisions and take fuller control of their financial lives across all their accounts, credit cards, loans and investments, and […]

Equifax joins FDATA

The Financial Data and Technology Association (FDATA) has today announced that Equifax has become its latest member. With one of the largest sources of detailed consumer and business data in the UK, Equifax can provide insight into the behaviours and drivers behind the economy helping its clients drive their businesses forward and consumers access the products and services […]

FDATA welcomes another new member

The Financial Data and Technology Association (FDATA) has welcomed another new member as we continue to represent the fintech community in the move towards an open API. FDATA’s members provide innovative financial applications and services to empower customers to make better decisions and take fuller control of their financial lives across all their accounts, credit cards, […]

FDATA COMMENDS CMA FOR FURTHER PROGRESS TOWARDS OPEN BANKING

Fintech’s trade body welcomes end of redaction and committment to direct representation   The Financial Data and Technology Association (FDATA) has today welcomed the Competition and Markets Authority’s Final Report of its Retail Banking Market Investigation.   FDATA’s members provide innovative financial applications and services to empower customers to make better decisions and take fuller control of […]

FDATA response to CMA provisional remedies

Download: FDATA submission response to CMAs Retail banking market investigation – Provisional decision on remedies – 7.6.2016

FDATA responds to CMA’s retail banking market investigation

The Financial Data and Technology Association (FDATA) has today responded to the CMA’s provisional decision on remedies, the penultimate stage of its retail banking market investigation. FDATA’s full response can be read here. Commenting, FDATA’s Executive Director Andy Maciver said: “FDATA has given a broad and strong endorsement to the CMA for its provisional remedies. […]

ANOTHER NEW MEMBER FOR FDATA

The Financial Data and Technology Association has welcomed another new member. people.io – a fintech which puts consumers in control and allows them to earn credits by sharing their data – is led by Nic Oliver and joined FDATA earlier this month. Commenting, FDATA’s Executive Director Andy Maciver said: “It’s great to welcome another new start-up to […]

FDATA WELCOMES CREDIT KUDOS AS NEWEST MEMBER

Credit Kudos, a credit scoring platform that puts the consumer at the helm of the credit profile, has joined the Financial Data and Technology Association (FDATA). The fintech startup, headed by Freddy Kelly and Matt Schofield, uses consumer transaction data to build highly accurate and transparent credit score-cards and affordability metrics. Freddy Kelly presented his company’s model […]

Agenda announced for API discussion

FDATA and techUK has announced the outline agenda for the discussion on APIs to be held in London on 23rd March. It is as follows: Event Host: Keith Saxton, Chairman of techUK Event Chair: Gavin Littlejohn, Chairman of FDATA 09.00 Registration and coffee 09.30 Opening remarks from Keith Saxton 09.45 Opening remarks from Gavin Littlejohn […]

A roundtable discussion on APIs

FDATA and techUK are holding a roundtable discussion:   MOVING FORWARD WITH THE API   Date: Wednesday 23rd March Time: 09.00 to 13.00 Place: tech UK, 10 St Bride Street, London EC4A 4AD   Earlier this month, HM Treasury published the report of the Open Banking Working Group. It puts in place a framework and timetable for the implementation of […]

The Open Banking Standard

OBWG – The Open Banking Standard

OBWG REPORT “A SOLID FOUNDATION” SAYS FDATA

But industry body says rollout of data into API can be wider and much faster HM Treasury has today published the report of the Open Banking Working Group (OBWG), which it commissioned last August to develop a detailed framework for the design of an open API. FDATA Executive Director Andy Maciver was a member of […]

FDATA to sponsor FIMA conference

FDATA can announce that it will be a sponsor of FIMA 2015, to be held in London on 10th and 11th November. If you’re interested and you want to know more, please read on … more information from FIMA below, including details of a discount if you quote FDATA15: ————— Data teams are under increasing […]

FDATA at Conservative Party Conference

The Financial Data and Technology Association (FDATA) organised a debate at the Conservative Party Conference in Manchester yesterday, Monday 5th October. The debate, entitled APIs: The Future of finance and what fintech means for consumers and small businesses and hosted at TechCentral, brought together: Harriet Baldwin MP, Economic Secretary to the Treasury John Midgley, Head of […]

FDATA confirmed as media partner for the region’s leading online lending event

LendIt, the largest conference series dedicated to connecting the global online lending community, is returning to London on October 20-21, 2015. The Financial Data and Technology Association (FDATA), the industry body for financial technology (fintech) companies which give consumers more control over their financial data, has today confirmed their participation at LendIt Europe 2015 as a media partner. […]

TWO NEW MEMBERS JOIN FDATA

FDATA is delighted to welcome two new companies as members – Intelliflo and miiCard. Intelliflo offers a web-based business management system to the financial services community, and its Executive Chairman is Nick Eatock. miiCard, whose CEO is James Varga, offers consumers a trusted online identity to help them transact securely online. Both companies would benefit […]

BUDGET ANNOUNCEMENT A “GIANT LEAP” FORWARD SAYS FDATA

Trade body welcomes Treasury’s commitment to open financial data aggregation by the end of 2015 The Financial Data and Technology Association (FDATA), the industry body for financial technology (fintech) companies which give consumers more control over their financial data, has welcomed the announcement in today’s budget that HM Treasury aims to deliver an open API standard by […]

DATA SHARING WILL ALLOW “REVOLUTION” IN CONSUMER MONEY MANAGEMENT SAYS TRADE BODY

Financial Data and Technology Association’s submission to the HMT outlines options for data aggregation industry The Financial Data and Technology Association (FDATA), the industry body for financial technology (fintech) companies which give consumers more control over their financial data, has submitted evidence to HM Treasury on its call for evidence on data sharing and open data in […]

FDATA response to HM Treasury’s call for evidence on data sharing and open data in banking

FDATA submission response to HMTs call for evidence on data sharing and open data in banking – 25.2.2015

FDATA CALLS FOR NEW ERA OF EASIER MONEY MANAGEMENT

Financial Data and Technology Association’s submission to the FCA provides pathway to open access to aggregation services The Financial Data and Technology Association (FDATA), the industry body for financial technology (fintech) companies which give consumers more control over their financial data, has submitted evidence to the FCA on its cash savings market study. FDATA’s members – […]

FDATA response to FCA cash savings market study report

FDATA submission response to FCA cash savings market study – 18.2.2015

FDATA welcomes Treasury call for evidence on open data

The Financial Data and Technology Association (FDATA), the industry body for financial technology (fintech) companies which give consumers more control over their financial data, has welcomed the Treasury’s call for evidence on open data and open banking, and committed to responding to it. The call for evidence was pledged in the Autumn report, which announced […]

FCA published report into savings; includes positive comments on fintech

The Financial Conduct Authority (FCA) has today published its Cash savings market study, which covers both problems in the sector and proposed remedies. One set of remedies, the Convenience Remedies, relate directly to the work of FDATA members in the area of financial data aggregation. FDATA has been in private discussions with the FCA and […]

FDATA welcomes support for fintech aggregators

The new Financial Data and Technology Association (FDATA), which will formally launch later this month, has welcomed the commitment made to the financial data aggregation industry by the Government in its Autumn Statement. In paragraph 1.171, the statement announced “support for fintech firms who want to use bank data to help consumers and small businesses […]

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