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

FDATA Europe Resonse to HM Treaury’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 […]

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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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