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FDATA ANNOUNCES ADDITION OF CALLCREDIT AS IMPLEMENTATION ENTITY GETS UNDERWAY

The Financial Data and Technology Association (FDATA) has announced another new member, with the addition of the UK’s second largest credit reference agency and consumer data manager Callcredit Information Group.

FDATA’s members provide innovative financial applications and services to empower customers to make better decisions and take fuller control of their financial lives across all their accounts, credit cards, loans and investments.

Commenting, FDATA’s Executive Director Andy Maciver said:

“The addition of Callcredit to FDATA’s membership is a hugely significant moment for our Association. In addition to members from other areas of the fintech industry such as personal finance management and challenger banking, we now have the majority of the credit reference industry in the membership.

“As we commence the working of the Implementation Entity, we enter a critical phase for open banking. Callcredit’s considerable expertise will be invaluable in helping FDATA navigate its way through the process.”

Commenting, Mark Davison, Chief Data Officer at Callcredit, said:

“The industrial marketplace we see is facing change on an unprecedented scale.  The access to data, driven in many cases by changes to regulation, is empowering consumers more than ever.   Callcredit is at the forefront of development within this second digital revolution.  

We’re excited to join FDATA and work alongside member companies to help consumers make better financial decisions, and empower them to tame the increasingly daunting task of managing all their personal data.

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Another four start-ups join FDATA

The Financial Data and Technology Association has announced another four new start-ups have joined its growing membership ahead of the formal commencement of the Implementation Entity’s work on delivering an API.

The companies – Castlight Financial, PayLink, RentData and Truelayer – provide innovative financial applications and services to empower customers to make better decisions

FDATA’s members are united by a desire to see a quality API implemented in as fast a timescale as possible, encompassing as much financial data as possible, and the Association is committed to helping the Implementation Entity achieve this.

Andy Maciver, FDATA’s Executive Director, said:

“FDATA’s membership has now doubled since the summer. We believe we are the premier Association to represent the needs of the fintech sector as we navigate what could be a game-changer for the way the consumers of the UK manage their data and their money.

“We must get it right, and FDATA is there to ensure that we do.

“Our four new members – all innovative start-ups pushing forward exciting business plans – will help ensure that as an Association we represent all views and, crucially, interrogate all proposals to ensure that they are in the best interests of the consumer.”

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FDATA welcomes first bank to its membership

The Financial Data and Technology Association (FDATA) has announced that Sainsbury’s Bank has joined as a member. Sainsbury’s Bank is the first bank to join FDATA, and takes its total number of members to 14 at a critical time for the implementation of open banking.

Sainsbury’s Bank was the first supermarket bank to be established in the UK, and provides loans, credit cards, insurance products, savings accounts, and travel money.

FDATA’s members provide innovative financial applications and services to empower customers to make better decisions and take fuller control of their financial lives across all their accounts, credit cards, loans and investments.

Commenting, Andy Maciver, FDATA’s Executive Director, said:

“This is a great development for FDATA, as we welcome our first challenger bank into the membership. This shows the breadth of FDATA’s membership, which as well as Sainsbury’s Bank now includes personal finance management platforms, credit reference agencies, accountancy providers and lenders, amongst other industries.

“We are entering a crucial time for the creation of an open banking regime and the implementation of an API. Sainsbury’s Bank is a forward-thinking bank that puts its customers at the heart of everything it does and making the right decisions for its customers is a key part of this. We are delighted to have their influence and expertise as part of our membership.”

Sainsbury’s Bank Chief Customer Officer David Jones said:

“We are looking forward to engaging with the FDATA members and their stakeholders and ensuring we stay well-informed and well-positioned to look after the needs of Sainsbury’s customers in the ever-changing world of digital and data management.”

Link to Sainsbury’s Bank

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FreeAgent becomes 13th member of FDATA

FreeAgent, one of the leading online accountancy software providers, has become the 13th company to join the Financial Data and Technology Association (FDATA).

FDATA’s members provide innovative financial applications and services to empower customers to make better decisions and take fuller control of their financial lives across all their accounts, credit cards, loans and investments, and it is currently fully engaged in the process of creating an API as mandated by the CMA.

FreeAgent, in common with all of FDATA’s members, will be able to use an API to improve the way it services its customers, and with its added weight behind FDATA the trade assocation will continue to push for a fuller, faster open banking regime to be in place.

Commenting, FDATA’s Executive Director Andy Maciver said:

“FreeAgent is one of the most respected operators in the online accounting space, and it is a huge coup for FDATA to have them on board as a member. We are entering a hugely important phase, and with more members joining FDATA on a regular basis we can increasingly speak for the widest spectrum of the fintech industry as we push towards the API era.”

Ed Molyneux, CEO and co-founder of FreeAgent, said:
“We are delighted to join FDATA, as we firmly believe that opening up Britain’s financial sector to financial data and technology will be hugely beneficial for millions of freelancers and small business owners across the country.


“With the government aiming to implement its Making Tax Digital strategy over the coming years, small business owners require better access than ever to their financial data – and need to be able to seamlessly feed it into the multitude of apps and online software that they use to manage their daily business admin.”

Link to FreeAgent

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Equifax joins FDATA

The Financial Data and Technology Association (FDATA) has today announced that Equifax has become its latest member. With one of the largest sources of detailed consumer and business data in the UK, Equifax can provide insight into the behaviours and drivers behind the economy helping its clients drive their businesses forward and consumers access the products and services they can reasonably afford.

FDATA’s members provide innovative financial applications and services to empower customers to make better decisions and take fuller control of their financial lives across all their accounts, credit cards, loans and investments, and it is currently engaged in assisting the CMA-mandated Implementation Entity to create a game-changing API.

Commenting, Paul Birks, Chief Data and Analytics Officer at Equifax, said:

“We’re excited to join FDATA and work alongside member companies to help consumers make better financial decisions. Equifax invests heavily in its own technology and has a strong history of working with other technology providers to ensure we support better outcomes for customers.

“Initiatives like Open Banking are excellent examples of changing consumer expectations when it comes to how financial services companies handle their personal information; the relationship between data and technology has never been more important. FDATA is one of the key industry bodies driving financial innovation, and we look forward to collaborating and pioneering new ideas in the fintech space.”

FDATA’s Executive Director Andy Maciver said:

“We’re extremely pleased that Equifax has decided to join us. FDATA’s intensive work on helping to create open banking through an open API has created synergies with so many areas of the financial services sector, from credit reference agencies to personal finance managers to challenger banks.

“Equifax will be a vital member of FDATA and we expect them to contribute hugely to our policy-making and base of knowledge, as we continue to influence the direction of open banking in the UK”.

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FDATA welcomes another new member

The Financial Data and Technology Association (FDATA) has welcomed another new member as we continue to represent the fintech community in the move towards an open API.

FDATA’s members provide innovative financial applications and services to empower customers to make better decisions and take fuller control of their financial lives across all their accounts, credit cards, loans and investments.

LendingMetrics, a real-time credit reference agency which accesses bank transaction data, has joined FDATA in its start-up category.

Commenting, FDATA’s Executive Director Andy Maciver said:

“We’re delighted to welcome LendingMetrics into our membership, and it’s great to be able to learn from the ideas and insight of another fintech startup. This is a vital time for the industry as we move towards the open API, and at FDATA we are acting on behalf of third party providers to ensure an implementation which allows our members to serve their customers in the fullest possible way.”

Neil Williams, LendingMetrics’ Managing Director, said:

“Over the past five years we have been a leading voice for the evolution of real-time credit and open banking data. Now that consumers can expect better access to their financial data, we are looking forward to further innovating the ways in which they can leverage it. The shared expertise within the FDATA membership will be invaluable in helping to shape our plans and we are delighted to have been accepted”.

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FDATA COMMENDS CMA FOR FURTHER PROGRESS TOWARDS OPEN BANKING

Fintech’s trade body welcomes end of redaction and committment to direct representation
 
The Financial Data and Technology Association (FDATA) has today welcomed the Competition and Markets Authority’s Final Report of its Retail Banking Market Investigation.
 
FDATA’s members provide innovative financial applications and services to empower customers to make better decisions and take fuller control of their financial lives across all their accounts, credit cards, loans and investments.
 
FDATA has been campaigning since the release of the CMA’s provisional remedies on a series of remaining concerns, as follows:
  • low uptake of the API as a result of redaction and limited data scope
  • an unambitious timescale
  • a lack of commitment to the future role of screen-scraping
  • a lack of clear post-launch governance
  • representation of FDATA’s members on the Implementation Entity
FDATA’s key issues are addressed in section 13 of the report, which can be read here.
 

Commenting on the release of the Final Report, FDATA’s Executive Director Andy Maciver said:

 
“Between its provisional remedies and its final report, the CMA has done a great service to the UK’s banking consumers, and on behalf of third party providers in the fintech sector we welcome its work.
 
“We are particularly pleased that the CMA is requiring direct representation for providers such as our members on the Implementation Entity and its Steering Committee, and we look forward to discussing which shape that might take with the existing Steering Committee.
 
“We also commend the CMA for accepting the compelling case against redacted data, which would have rendered the API unuseable for third party providers. 
 
“We remain concerned that the proposed timetable, which is now effectively aligned with PSD2, lacks ambition and risks losing the UK the competitive advantage in fintech which the sector has worked hard to create. And whilst we fully understand and respect the CMA’s logic for not widening the scope of data, we remain committed to making the case for extending the inclusions in the API well beyond current account data.
 
“Furthermore, we believe there is an urgent need to put in place enduring governance arrangements and we look forward to working with the IE to help put these structures in place as an immediate priority.
 
“However, we have always accepted that compromise is required in order to achieve the open banking environment which UK consumers demand, and in that spirit we welcome the CMA’s report and welcome the enthusiasm which the nine banks, along with Payments UK, have shown towards the implementation of the API.”
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FDATA responds to CMA’s retail banking market investigation

The Financial Data and Technology Association (FDATA) has today responded to the CMA’s provisional decision on remedies, the penultimate stage of its retail banking market investigation.

FDATA’s full response can be read here.

Commenting, FDATA’s Executive Director Andy Maciver said:

“FDATA has given a broad and strong endorsement to the CMA for its provisional remedies. We particularly welcome the provisional decision to require our largest banks to make transaction data available through an API, and the decision to pull forward by one year the write-access timetable suggested in the Open Banking Standard.

“FDATA has campaigned on the basis of four remaining concerns during this first half of 2016; those of the timescale for implementation, the scope of data to be included in the API, the role of screen-scraping and the problem of redacting data.

“We consider the CMA’s report to be a big step in the right direction on these issues and we believe that the CMA is determined to reach a destination which meets consumer demand. This is most welcome.

“However we have made several recommendations in our response which we believe would further improve the outcome and meet the aims of the CMA in terms of market impact, and we look forward to working with the CMA and other stakeholders on these recommendations between now and August.”

ENDS

Download: FDATA submission response to CMAs Retail banking market investigation – Provisional decision on remedies – 7.6.2016

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ANOTHER NEW MEMBER FOR FDATA

The Financial Data and Technology Association has welcomed another new member. people.io – a fintech which puts consumers in control and allows them to earn credits by sharing their data – is led by Nic Oliver and joined FDATA earlier this month.

Commenting, FDATA’s Executive Director Andy Maciver said:

“It’s great to welcome another new start-up to our membership. Our expanding membership is giving us a real expansion in our perspective on the myriad consumer benefits of open banking.

“Nic has already contributed to FDATA’s collective thinking as we continue to campaign for UK consumers to gain open access to their financial data, and we look forward to more of the same.”

Nic Oliver, Founder and CEO of people.io, said:

“As a platform designed to reward people for taking control of their personal data, we’re energised by the finance industry’s move towards a more accessible data standard. Joining FDATA will enable us to work alongside other innovative platforms and to continuing representing our belief that consumers should have better access, control and ownership of their personal data.”

For more information on people.io, click here.

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