FDATA in the News

In May, Navdeep Baines, the federal Minister of Innovation, Science and Economic Development, announced a Digital Charter that presents 10 principles for modernizing the rules that govern digital technology in Canada.

President Donald Trump just traveled to London to talk trade, but it is Rep. Greg Meeks (D-NY) who has imported Britain’s best idea. Meeks, who heads the House Financial Services Subcommittee on Consumer Protection and Financial Institutions, is expected to introduce legislation before the July 4 recess to study how Open Banking can be brought to the U.S.

Canada is considering a move toward open banking, a formalized system in which consumers are empowered to share their bank-held data with third-party providers (TRPs) to encourage competition and innovation. If the experience in Britain is a guide, this advance will transporm the country’s economy and imp

In advance of a Canada Standing Senate Committee on Banking, Trade and Commerce hearing on March 21, the Financial Data and Technology Association today released a new paper, “Opportunities in Open Banking,” that outlines the benefits of open banking for Canadian consumers, businesses, financial institutions and the economy.

Millions of Canadians have turned to financial technology, or fintech, which provides intuitive, accessible platforms that enable even the least financially savvy consumers to manage finances and improve economic outcomes.

Steve Boms, executive director of the Financial Data and Technology Association, says standards should be developed for U.S. banks and fintechs to follow in open banking, to protect consumers.

While the U.S. government hobbles from one crisis to the next – the partial shutdown is just the latest example – policymakers in several other countries are staking out long-term polsitions that embrace financial technology innovation for the benefit of their citizens.

Some alternative funders are anxious for “open banking” to become the gold standard in the U.S., but achieving widespread implementation is a weighty proposition.

According to data compiled by Experian, New Jersey consumers have, on average, more credit cards in their pockets than the residents of any other state. Even more telling, the average New Jersey household has more than $7,150 in credit card debt, the fourth-highest rate in America.