American Banker and Finextra cover launch of FDATA North America
Sept. 21, 2018, Washington, DC— The launch of the Financial Data and Technology Association’s (FDATA) North America chapter was covered in two major financial publications today.
You can read American Banker’s story here, and Finextra’s here.
Contact: Kerrie Rushton, (202) 876-2995
American Banker and Finextra cover launch of FDATA North America
Sept. 21, 2018, Washington, DC— The launch of the Financial Data and Technology Association’s (FDATA) North America chapter was covered in two major financial publications today.
You can read American Banker’s story here, and Finextra’s here.
FDATA-North America to Advocate for Open Banking Rules in Canada, Mexico & the United States
Sept. 20, 2018, Washington, DC— The Financial Data and Technology Association (FDATA), which played a pivotal role over the last five years in crafting the design and implementation of open banking standards in the United Kingdom and in Europe, announced today the launch of a North American arm, FDATA North America. FDATA North America will advocate for the adoption of open banking frameworks in Canada, Mexico, and the United States and will encourage global standards for consumers to access and share their financial data safely and securely with whatever providers they choose.
North American policymakers and industry participants have begun an earnest dialogue about open banking. FDATA North America will work with lawmakers, regulators, financial institutions, and other industry and consumer stakeholders to advance and implement this framework. Gavin Littlejohn, who led the organization during the implementation of PSD2 across Europe and the launch of Open Banking in the United Kingdom, is the group’s global chairman and Steve Boms, who serves on the board of FDATA Global and has been an
outspoken advocate for the fintech industry, will act as executive director.
FDATA North America members include Equifax Canada, Intuit, Kabbage, Morningstar, Moven, Onist, Questrade, Quicken Loans, and Envestnet Yodlee, among others.
“Our members provide technology-based products and services that make it easier for individuals, families, and small businesses to make smarter financial decisions. To fully realize these benefits, however, consumers must be able to decide how to access and share their data.” explained Boms. “Our goal is to develop a framework within North American markets that balances safeguards with consumers’ rights to have access to these third-party tools.”
“With FDATA as the fintech industry leader since 2014, Europe has made great strides in advancing open banking rules,” said Littlejohn. “For the sake of both consumer choice and global competition, North American policymakers now must catch up. Our North American advocacy efforts, though nascent, have already been incredibly impactful. We have been pleased with our initial engagement with U.S., Canadian, and Mexican government officials. There’s a
strong will and desire to bring the open banking revolution in North America.”
Littlejohn, based in Edinburgh, is a tech entrepreneur and founder and CEO of Money Dashboard, a personal finance software company. He’s led FDATA since it’s inception in 2014. Boms, a former U.S. congressional staffer, has led global advocacy efforts for equity options exchanges, large U.S.-based financial institutions, and leading fintech firms.
Contact: Kerrie Rushton, (202) 876-2995
Sept. 20, 2018, Washington, DC— The Financial Data and Technology Association (FDATA), which played a pivotal role over the last five years in crafting the design and implementation of open banking standards in the United Kingdom and in Europe, announced today the launch of a North American arm, FDATA North America. FDATA North America will advocate for the adoption of open banking frameworks in Canada, Mexico, and the United States and will encourage global standards for consumers to access and share their financial data safely and securely with whatever providers they choose.
North American policymakers and industry participants have begun an earnest dialogue about open banking. FDATA North America will work with lawmakers, regulators, financial institutions, and other industry and consumer stakeholders to advance and implement this framework. Gavin Littlejohn, who led the organization during the implementation of PSD2 across Europe and the launch of Open Banking in the United Kingdom, is the group’s global chairman and Steve Boms, who serves on the board of FDATA Global and has been an outspoken advocate for the fintech industry, will act as executive director.
FDATA North America members include Equifax Canada, Intuit, Kabbage, Morningstar, Moven, Onist, Questrade, Quicken Loans, and Envestnet Yodlee, among others.
“Our members provide technology-based products and services that make it easier for individuals, families, and small businesses to make smarter financial decisions. To fully realize these benefits, however, consumers must be able to decide how to access and share their data.” explained Boms. “Our goal is to develop a framework within North American markets that balances safeguards with consumers’ rights to have access to these third-party tools.”
“With FDATA as the fintech industry leader since 2014, Europe has made great strides in advancing open banking rules,” said Littlejohn. “For the sake of both consumer choice and global competition, North American policymakers now must catch up. Our North American advocacy efforts, though nascent, have already been incredibly impactful. We have been pleased with our initial engagement with U.S., Canadian, and Mexican government officials. There’s a strong will and desire to bring the open banking revolution in North America.”
Littlejohn, based in Edinburgh, is a tech entrepreneur and founder and CEO of Money Dashboard, a personal finance software company. He’s led FDATA since it’s inception in 2014. Boms, a former U.S. congressional staffer, has led global advocacy efforts for equity options exchanges, large U.S.-based financial institutions, and leading fintech firms.
ABOUT FDATA NORTH AMERICA. FDATA North America is a chapter of the Financial Data and Technology Association, a trade association coordinating the campaign for the delivery of Open Banking across the globe. While FDATA North America advocates before policymakers across the continent, individual member companies advocate only in the jurisdictions in which they have a mandate. Equifax Canada’s involvement is limited to FDATA’s Canadian activities.
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).
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, 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
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
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 series of important enhancements to its original scope as set out in the CMA Order (published in August 2016).
As referenced in the Chancellor of the Exchequer’s Autumn Budget today, the OBIE has now been asked by the CMA9 and Her Majesty’s Treasury to create open banking standards for all payment account types covered by the European Union’s second Payments Services Directive (PSD2). This means customers using credit cards, e-wallets and prepaid cards will also be able to take advantage of open banking services. In parallel, the CMA has today approved amendments to the agreed arrangements under the CMA Order, to include a programme of enhancements to ensure that Open Banking delivers maximum benefits for retail customers and SMEs.
The Open Banking project was created in 2016 by the CMA to bring competition and innovation to the personal and small business current account markets. The CMA mandated the nine largest current account providers in Great Britain and Northern Ireland (the ‘CMA9’) to create the OBIE and work with it to build a common set of API standards that would allow regulated companies safe and secure access to their accounts with the explicit permission of the customer.
The enhancements announced today will build on the core requirements of the CMA Order, which come into force in January 2018, and form a programme of releases throughout 2018 and into 2019.
“This is a truly innovative project and the UK is leading the world in opening up the banking system to new services and, ultimately, re-shaping it around the customer. Key to any innovation is the process of discovery and it became clear through the second half of 2017 that there is much more the OBIE could do to drive adoption of Open Banking and create a richer environment for new services. These enhancements should give even greater confidence to the FinTech community to seize the opportunity to participate fully in the financial services ecosystem.
“They will create standards for future dated, recurring and international payments as well as all the payment and product types covered by PSD2. These enhancements will maximise the benefits of open banking services for the customer. The OBIE will continue to work with the CMA, HMT, CMA9 and other stakeholders to drive this forward.”
“Today’s announcement is a major milestone in the delivery of open banking, which will transform UK banking for retail customers and small businesses. This will make it easier for customers to manage their money, find the best deal for their needs and avoid overdraft charges.
“There is huge interest globally in the way that UK regulators have worked together with the banking industry, the FinTech sector, consumer groups and others to drive this project forward at pace. This plan, which the CMA has approved today, is both deliverable and bold in scope.”
The full details of the enhancements will be made available today on the Open Banking website which can be accessed here.
A copy of the CMA’s Notice of approval of changes to the Agreed Timetable and Project Plan will be made available today on the CMA website which can be accessed here: https://www.gov.uk/cma-cases/review-of-banking-for-small-and-medium-sized-businesses-smes-in-the-uk.
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).
