Financial Data and Technology Association of North America

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FDATA North America Options for Governance of Customer-Directed Finance in Canada

FDATA North America Options for Governance of Customer-Directed Finance in Canada

Earlier this year, Canada’s Open Banking Advisory Committee submitted recommendations to the Minister of Finance regarding the need for a customer-directed finance regime in Canada. Quite a lot has happened since then – both globally and in the financial technology sector – but the Department of Finance has continued to consider how to deliver customer-directed finance in Canada.

As the department enters the second phase of its consultative process, FDATA North America provided several suggestions that should act as a guide for the deployment of a successful open finance regime, gleaned from experience in other markets.

FDATA North America’s suggested governance models note that the core of any successful framework is a customer data right – and that only government can implement this open finance tenet, and that it is the foundation of every successful customer-directed finance framework globally. The document warns that a customer-directed finance model that defers decisions around data rights to industry results in an ecosystem in which incumbents are further empowered to determine how much control their customers may have over their data – to the detriment of competition, innovation and financial access.

As such, the document proposes governance models with the strong recommendation that industry alone cannot deliver customer-directed finance but can provide technology solutions that meet the policy standards set by government.

Image result for paperclip iconFDATA North America’s suggested governance models


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 (Alliance for Innovative Regulation), API Metrics, Betterment, Direct ID, Envestnet Yodlee, EQ Bank, Experian, Fintech Growth Syndicate, Fiserv, Flinks, Interac, Intuit, Kabbage, Mogo, Morningstsar, M Science, MX, Petal, Plaid, Questrade, Quicken Loans, TransUnion, Trustly, ValidiFI, VoPay, Wealthica, Xero, and others.

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FDATA North America Submits Comments to US FDIC on Standard Setting and Voluntary Certification Models for Third-Party Providers

FDATA North America Submits Comments to US FDIC on its Request for Information on Standard Setting and Voluntary Certification Models and Third-Party Providers of Technology and Other Services

September 21, 2020, Washington, DC – Today, FDATA North America submitted comments to the US Federal Deposit and Insurance Corporation (FDIC) in response to its Request for Information (RFI) on standard setting and voluntary certification models and third-party providers of technology and other services.

In its comments, FDATA North America praises the FDIC for its support of innovative technology and efforts to enable FDIC-supervised banks and savings associations to utilize technology that will provide their customers with tools and services that can be transformative to their financial health. FDATA North America Executive Director Steve Boms noted that “as the trade association representing firms that currently partner with many small and community banks to provide critical financial wellness tools to millions of Americans, we believe that streamlining the ability for banks to partner with third-party providers will be critical to the survival of small and community banks in the United States and to the financial wellness of their customers.”

Image result for paperclip iconFDATA North America FDIC RFI Submission

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FDATA North America Submits Comments to US OCC in Response to its ANPR on Digital Activities

FDATA North America Submits Comments to US OCC in Response to its ANPR on Digital Activities

July 29, 2020, Washington, DC – Today, FDATA North America submitted comments to the US Office of the Comptroller of the Currency (OCC) in response to its Advanced Notice of Proposed Rulemaking (ANPR) regarding national bank and federal savings associations digital activities.

In its comments, FDATA North America praises the OCC for recognizing that the US banking system is not “frozen in time” and that innovation and safety and soundness are not mutually exclusive principles. The association also notes that as the OCC attempts to strike the right balance between these principles, it should observe the experiences of other markets around the world and create an open finance ecosystem that has a consumer’s right to access and share their own data as its centerpiece.

Image result for paperclip iconFDATA North America OCC ANPR Submission

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FDATA North America Welcomes Two New Members

FDATA North America Welcomes Two New Members

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

July 28, 2020, Washington, DC – The Financial Data and Technology Association (FDATA) of North America today announced it has added two new members, boosting the organization’s roster of member companies and organizations united behind the notion that consumers and small businesses should have full utility over their own financial data.

“Innovation in financial services is powered by consumers and small businesses granting permission for access and use of their data, often in conjunction with cutting edge machine learning and other data analytics technologies that enable better financial access and inclusion,” said FDATA North America Executive Director Steve Boms. “As consumers and businesses continue to face a deteriorating economic landscape because of COVID-19, it is critical to maintain competition in the market for these data-driven financial services. Equitable Bank and Xero are committed to that mission, and we’re excited to welcome them to our growing list of advocates supporting an open finance system in the United States and Canada.”

The following organizations recently joined FDATA North America:

  • Equitable (EQ) Bank has grown to become Canada’s ninth largest independent Schedule I bank through its proven branchless approach and customer service focus in providing residential lending, commercial lending, and savings solutions. EQ Bank, the digital banking platform offered by Equitable Bank, provides state-of-the-art digital banking services.
  • Xero is the emerging global leader of online accounting software that connects small businesses to their advisors and other services. Xero provides business owners with real-time visibility of their financial position and performance in a way that’s simple, smart and secure. For accountants, Xero forges a trusted relationship with clients through online collaboration.

These firms discussed the importance of FDATA North’s mission to advance data access and open banking in North America:

  • Equitable Bank’s Chief Information Officer Dan Dickinson: “In joining FDATA, we’re furthering our commitment to the industry, our customers and consumers more broadly to make banking better for everyone. We have a long-standing focus on the need for robust open banking practices in Canada and this partnership is another way we’re gaining insights and helping to move the needle on greater access to financial data for all.”
  • Xero Partnerships Manager Jon Bellamy: “Xero is committed to improving the environment for small businesses. Open Banking is a critical aspect of that, aiding their digital transformation. By joining FDATA we will be able to plan for important regulation and have a stronger industry voice as we represent the interests of our customers.”

Existing FDATA North America members include: air (Alliance for Innovative Regulation), API Metrics, Betterment, Direct ID, Envestnet Yodlee, Equifax, Experian, Fintech Growth Syndicate (FGS), Fiserv, Flinks, Interac, Intuit, Kabbage, Mogo, Morningstsar, M Science, MX, Petal, Plaid, Questrade, Quicken Loans, TransUnion, Trustly, VoPay, Wealthica and others.


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.

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FDATA North America Statement on Mastercard Acquisition of Finicity

FDATA North America Statement on Mastercard Acquisition of Finicity

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

June 23, 2020, Washington, DC: Steve Boms, executive director of the Financial Data and Technology Association (FDATA) North America released the following statement regarding Mastercard’s acquisition of Finicity:

“Mastercard’s acquisition of Finicity is the latest sign that open finance is the future of consumer and small business financial services. As we have seen in every other market that has implemented such regimes, establishing a legal right in which consumers and small businesses can access and share their financial data with trusted third parties is paramount to implementing open finance frameworks. FDATA North America continues to urge U.S. policymakers to follow suit.”


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), API Metrics, Betterment, Direct ID, Envestnet Yodlee, Experian, FGS, Fiserv, Flinks, Interac, Intuit, Kabbage, Mogo, Morningstsar, M Science, MX, Petal, Plaid, Questrade, Quicken Loans, TransUnion, Trustly, VoPay, Wealthica and others.

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Digital Banking 2020

Join FDATA North America Executive Director Steve Boms; FDATA North America member companies MX, Plaid, Kabbage; and Citibank to discuss the era of customer-directed finance.

The ‘data revolution’ is reshaping nearly every element of our lives – how we connect, communicate, travel and work. It is also fueling a fundamental shift in how people and businesses spend, save, and manage their money. To build a future that continues to serve consumers, and in which the US maintains its global status in the financial ecosystem, broad collaboration among industry and government is key. In this session, panelists will describe how countries across the globe are advancing open finance regimes and will provide their perspectives on the current state of play in the US market.

Click here for more information.

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FDATA North America Submits Letter to House Financial Services Committee on Consumer Financial Data Privacy

May 21, 2020, Washington, DC – Today, FDATA North America submitted a letter to the U.S. House Financial Services Committee on consumer financial data privacy. In the letter, FDATA North America highlights that, as the leading trade association advocating for consumer-permissioned third-party access to financial data globally, the most effective way to ensure data privacy is to give consumers and small businesses the tools to control their financial data. 

Image result for paperclip iconFDATA North America Letter on Consumer Financial Data Privacy

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FDATA North America Submits Letters to Canadian and U.S. Governments on the Importance of Fintech and Aggregation as the COVID-19 Pandemic Continues

FDATA North America Submits Letters to Canadian and U.S. Governments on Importance of Fintech and Aggregation as the COVID-19 Pandemic Continues

March 26, 2020, Washington, DC – Today, FDATA North America submitted letters to Canada’s Departments of Finance and Innovation, Science, and Industry (ISI) and United States’ Consumer Financial Protection Bureau (CFPB) that underscores the value that aggregation and fintech can provide to consumers and small businesses in both countries during the global health crisis. During the pandemic, FDATA members are actively helping their customers weather the financial storm and are looking to partner with the Canadian and U.S. governments as they search for and implement policies to address the economic implications of the pandemic.

In Canada, we ask Finance and ISI to recognize that access to data has never been more important to customers and to take action to eliminate the barriers to financial data access.
Image result for paperclip iconFDATA letter to Canada’s Departments of Finance and Innovation, Science, and Industry

In the United States, we ask the CFPB for recognition that fintech constitutes critical infrastructure in the financial services landscape for consumers and small businesses during the national emergency, as recent guidance from the federal government was geared much more towards traditional financial services providers.
Image result for paperclip iconFDATA letter to the United States’ Consumer Financial Protection Bureau


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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