Month: January 2020

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FDATA North America Statement on Department of Finance Canada Open Banking Report

FDATA North America Statement on Department of Finance Canada Open Banking Report

Contact: Kerrie Rushton, (202) 365-6338, krushton@allonadvocacy.com

January 31, 2020, Washington, DC – The Department of Finance Canada today released Consumer-Directed Finance: The Future of Financial Services, which is the result of more than nine months of consultation with stakeholders in the financial services and financial technology sectors. Financial Data and Technology Association (FDATA) of North America Executive Director Steve Boms issued the following statement upon release of the report:

“When announcing these consultations back in January, Finance Canada said Open Banking ‘could better serve consumers and grow businesses and markets, contributing to the growth of the Canadian economy.’ That absolutely is true and this report from the advisory committee makes that evident.

“Now we get to the ‘how.’ How can stakeholders work together to create a system that puts consumers in control while safeguarding their privacy and security and introduces competition into the market? We look forward to continuing to work with Finance Canada to create a system that empowers individuals, families, and small business owners to take control of their financial lives.

“As Finance Canada has made clear, creating an Open Banking regime is a must-do task for Canadian lawmakers. The private sector, however, does not have to wait to start implementing consumer-centric open banking technology and services. Financial institutions, including those currently restricting their customers’ ability to take advantage of third-party tools, like CIBC, the Bank of Montreal and Scotia Bank, should not wait until they are forced to comply with government demands to let consumers be in control of their own data. They should start doing so now.”

In addition to its consultations with Finance Canada, FDATA North America has published white papers for Canadian and U.S. policymakers that outline the benefits of Open Banking and provide policy and oversight recommendations for lawmakers and regulators. “Opportunities in Open Banking” for the United States is here. The Canadian paper is here. FDATA North America analysis on the report’s findings is here.

Image result for paperclip iconDepartment of Finance Canada’s Report on Consumer-Directed Finance: The Future of Financial Services 


ABOUT FDATA NORTH AMERICA
FDATA was heavily involved in the UK Open Banking Working Group in 2015. In 2016, the working group’s output was published by Her Majesty’s Treasury as the Open Banking Standard. FDATA North America was founded in early 2018. Its members collectively provide tens of millions of consumers in Canada, the United States and Mexico with aggregation-based tools to better manage their finances. Existing FDATA North America members include: The Alliance for Innovative Regulation, Betterment, Direct ID, Envestnet Yodlee, Fintech Growth Syndicate, Flinks, Intuit, Kabbage, Mogo, Morningstsar, M Science, MX, Petal, Plaid, Questrade, Quicken Loans, TransUnion, Trustly, VoPay, Wealthica and others.

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FDATA North America Highlights the Importance of Credential-Based Authentication in the Absence of a Viable Alternative

January 30, 2020, Washington, DC: Today, the Financial Data and Technology Association (FDATA) of North America released a paper that summarizes the critical need for credential-based authentication to continue in order for consumers to maintain access to the tools on which they depend to manage their financial wellness. FDATA North America determines that, in the absence of screen scraping, as many as 1.8 billion consumer accounts would lose access to data elements required to power the tools they use today to automate their savings, manage their finances, or apply for affordable credit, among many other use cases. While a transition away from credential-based access is something all stakeholders in the financial ecosystem are working towards, the data clearly shows that this method of consumer-permissioned data access is a vital tool for enabling consumer choice, competition, and innovation.

Image result for paperclip iconFDATA North America Data on the Need for Credential-Based Authentication

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FDATA North America’s Response to Visa’s Acquisition of Plaid

FDATA North America’s Response to Visa’s Acquisition of Plaid

 

January 14, 2020, Washington, DC: Steve Boms, executive director of the Financial Data and Technology Association (FDATA) North America released the following statement regarding Visa’s acquisition of Plaid:

“Visa’s announcement of its intention to acquire Plaid is exciting news for supporters of open banking, and is the latest demonstration of the immense value that open banking can provide not only to consumers and small businesses, but to industry participants. The partnership between the two companies creates even more momentum for open banking to take hold in the North American market and is a harbinger of continued progress for consumers’ right to access their financial data.”


ABOUT FDATA NORTH AMERICA
FDATA was heavily involved in the UK Open Banking Working Group in 2015. In 2016, the working group’s output was published by Her Majesty’s Treasury as the Open Banking Standard. FDATA North America was founded in early 2018. Its members collectively provide tens of millions of consumers in Canada, the United States and Mexico with aggregation-based tools to better manage their finances. Existing FDATA North America members include: air (the Alliance for Innovative Regulation), Betterment, Envestnet Yodlee, FGS, Flinks, Intuit, Kabbage, Lendified, Mogo, Morningstsar, M Science, MX, Petal, Plaid, Questrade, Quicken Loans, Petal, Plaid, The ID Co., TransUnion, Trustly, VoPay, Wealthica and others.

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