FDATA in the News

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.

The Tuesday op-ed “House bill would drive borrowers deeper into debt” by Kalitha Williams contains numerous inaccuracies and does a serious dis

Collectively, the members of the Financial Data and Technology Association of North America provide approximately 3.5 million Canadians with access to new, technology-powered financial tools that help them manage their finances. Despite an ambiguous regulatory environment, these consumers and small businesses have voted in favor of financial technology.

The national budget passed by Parliament requires the Department of Finance to offer findings and recommendations for a move toward open banking. Lawmakers didn’t set a deadline, but Finance Canada is already engaging with industry stakeholders to solicit input.