Europe

Formed in 2013 to support the deliver of PSD2 Open Banking, FDATA Europe continues push for policy, technology standards, and ecosystem collaboration to promote choice, innovation, and competition that result in better financial outcomes for consumers.
Formed in 2013 to support the deliver of PSD2 Open Banking, FDATA Europe continues push for policy, technology standards, and ecosystem collaboration to promote choice, innovation, and competition that result in better financial outcomes for consumers.
Driven by technology, new business models, and safe and secure digital solutions, FDATA serves as a meeting place for firms to exercise their share of voice in shaping how customer centric regulation can expand into Open Finance and Open Data, renew their commitment to a more fair and accessible financial services market, and empower consumers to maximise the value of their finances.
We provide our members direct representation and engagement with policy makers and regulatory authorities, and serve as a united collective in negotiating with other ecosystem players to ensure a fair and level competitive playing field for fintechs to thrive, one which promotes innovation and ensures better customer outcomes.
What are we doing in Europe

As PDS2 and Open Banking take hold across Europe and the UK, we are actively campaigning on several key challenges that include:

  • 90 Day Reauthentication requirement – this rule is proving to be an obstacle to fintech success, as it negatively impacts customer retention and causes disruption to the customer connection. FDATA is pushing for its removal from the legislation in both the UK and Europe. In the UK, the FCA is considering how to resolve the matter, with the CMA recommending that the rule be removed, and the whole matter of reaffirmation of consent be reviewed. In the EU, we continue to challenge the EBA’s assumption that it is not an obstacle for fintechs and, are leveraging the progress in the UK to serve as an example for EU authorities to follow.
  • AML/CFT requirements for fintechs – one unintended consequence of PSD2 is the inclusion of TPPs under the requirement to perform AML checks on every transaction. FDATA is campaigning to remove this requirement from fintechs, since it is redundant and burdensome; it also makes little sense in terms of risk, since fintechs do not actually perform the transactions. We have responded to industry consultations on the matter, and continue to provide technical, legal, political, and cost evidence as to why removing AML obligations is the right thing to do.
  • Open Finance, Digital Finance strategies, and Payment Landscapes – FDATA has developed a blueprint for Open/Digital Finance and, is actively campaigning to expedite its adoption into legislation. There are a number of active consultations going on across this space and we have contributed to each and every one and, will continue to do so as the conversations progress.
Regional Director
Ghela Boskovich

Ghela is the Regional Executive Director of FDATA Europe, as well as a self-proclaimed fintech fanatic and founder of FemTechGlobal, a network dedicated to improving inclusiveness and diversity in Financial Services.

Frequent keynote speaker and editorial contributor, Ghela has spent the last 15 years focused on fast-tracking internal fintech/bank collaboration and commercialisation. She is an experienced solution design strategist within financial services and insurance, with a successful track record in business development, revenue growth, and go-to market strategy execution.

Ghela’s strong regulatory economic background lends an ability to navigate policy implications and compliance mandates with a commercial angle, as well as identify new commercial opportunities in a rapidly changing regulatory landscape. She is a confirmed evangelist for an ethical data democracy, individual consumer empowerment over their data, data economy disruptive business models, and facilitating banks’ emerging technology consumption.

She is currently leading the industry campaign to reform 90-day reauthentication requirements, to properly reflect consent and customer directed data.

What we do for members

We lobby government, regulators, policy makers and key stakeholders to support the benefits Open Banking and Finance brings to end consumers.

We represent our members’ views, giving them a collective seat at the industry negotiation table. We hold seats on a number of policy working groups, expert advisory groups, and task forces related to Open Banking. In these various forums, we ensure the risks and impacts to fintechs are considered, and that a collective position on the solution to these matters is presented to decision makers. We provide collective bargaining and negotiating power that individual firms cannot achieve on their own.

We also provide direct access and engagement to these decision makers for our members, with regular opportunities to speak directly to policy makers in industry roundtables we host.

FDATA gives members forward intelligence on key policy matters, changes, and trends. Our members can participate directly in various working groups, who serve to shape FDATA’s policy positions and recommendations.

We offer our member firms individual consultations on various policy, market positioning, and market expansion strategies. This service extends to introductions to potential partners across the ecosystem, from direct connections to opportunities to socialise with other ecosystem players at our hosted events and industry roundtables.

Annual subscription for membership of FDATA is based upon the employee headcount a company maintains in each region. Please contact the Region Director directly to discuss the benefits of membership and pricing applicable to your regional presence.
Membership Categories
1.
1-9 employees
2.
10-19 employees
3.
20-49 employees
4.
50-99 employees
5.
100-249 employees
6.
250-499 employees
7.
500+ employees

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 […]

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 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 […]

Invest in FDATA and help us shape the future
FDATA is working on a series of webinars and an Open Finance podcast, bringing the discussion on the future of banking to the comfort of your home office. Watch this space for updates on our digital events.
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