FDATA North America

We are proud to partner with #CanadaFintechForum, the largest international gathering dedicated to fintech in Canada. This event, organized by Finance Montréal and presented by Portage will be held on September 10 and 11 at Fairmont The Queen Elizabeth. Come and discover new trends and innovations in the sector and exchange with start-ups and industry leaders. Register now using our promo code FDATA15 for a discount: https://lnkd.in/de9cRrc

We’re excited to feature Karim Nanji, CEO of Inverite Insights Inc., in this latest FDATA North America Spotlight video! Inverite is a leading AI-driven software provider, empowering lenders with real-time financial data to improve identity, risk management, and compliance. As Karim explains, Inverite helps address a major industry challenge – the lack of alternative data to serve credit invisible and non-prime consumers.   Learn how Inverite is advancing financial inclusion, transparency, and trust through consumer-driven finance and open banking. Karim shares valuable insights on how open banking is transforming the lending landscape by giving consumers control over their data, ensuring security, and driving innovation in Canada. 🇨🇦   Watch the full video here: https://lnkd.in/ekWGNfpf   #OpenBanking #Fintech #FinancialInclusion #DataDrivenFinance #FDATASpotlight

Today, FDATA North America, representing over 30 fintech companies, submitted our response to the Canadian Department of Finance's consultation on Budget 2024 measures. We highlighted key priorities to advance open finance and foster innovation across Canada, including: ✅ Ensuring all small and medium-sized enterprises (SMEs) are included in Canada’s open finance framework. ✅ Advocating for a tiered accreditation system to support smaller market entrants while maintaining data security. ✅ Focusing the Financial Consumer Agency of Canada (FCAC) on a clear and manageable mandate within open finance. ✅ Ensuring liability for data breaches is assigned to the responsible entity to protect consumers and SMEs. 🔗 Read the full comment submission here: https://lnkd.in/eUtGedeX Read our release here: https://lnkd.in/dSwyY9nu #OpenFinance #Fintech #FinancialInnovation #Budget2024 #FDATANA #SMEs #DataSecurity #Canada

Commentary on our August edition of #fdataopenthoughts has been incredible so far! For this reason, we are delighted that Xero's Vice President of Government Experience (Americas) Michael Cascone has joined us to share his opinion on the risk of tapping into industries purely on an individual, one-off-case basis. He also discusses why small businesses (#smes) should be central to #openbanking regulations. Enjoyed Michael's commentary? Make sure to... 📕 Read our second post of our August Edition (Europe) here: https://shorturl.at/nCBuH 📕 Read previous #openthoughts editions here: https://lnkd.in/dJ5burTs

FDATA #OpenThoughts August Edition has just begun and this month we are focusing on Potential Untapped Industries. Starting off in North America, region director Steve Boms enlightens us on the prospect of financial advisors. Read his full commentary now and catch up on all previous editions of Open Thoughts here: https://lnkd.in/dJ5burTs

FDATA North America Spotlight: We're excited to share our latest FDATA North America Spotlight featuring Kat Cloud from Envestnet | Yodlee! Kat explores the critical role Envestnet plays in advancing open finance, discussing how they empower financial institutions with tools for better data access, transparency, and personalized financial solutions. In this interview, Kat emphasizes: - The importance of consumer-permissioned data in driving innovation. - How Envestnet's platform is helping advisors provide more holistic financial advice. - The impact of open finance on improving financial inclusion and wellness for all consumers. Don't miss this deep dive into the future of fintech and the essential innovations Envestnet is bringing to the table. Watch the full video here: https://lnkd.in/eAR8ZpUS #OpenFinance #Fintech #FinancialWellness #FDATANASpotlight #Innovation #Envestnet #FinancialInclusion

Today, FDATA North America submitted a comment in response to the CFPB’s proposed rule to limit creditors from using medical debt information for credit eligibility determinations under the Fair Credit Reporting Act (FCRA). While FDATA North America takes no position on the merits of the proposed rule, we raised significant operational concerns about the practical implementation for consumer-permissioned open banking platforms functioning as Consumer Reporting Agencies (CRAs). FDATA NA emphasized that the lack of a uniform mechanism to identify medical debts is a major compliance challenge. We urged the CFPB to mandate that data providers identify accounts as medical debts when consumers grant data access to third-party platforms. This requirement is crucial to ensure that open banking platforms can effectively comply with the rule, aligning with the current standards in the traditional CRA space. Read the full submission here: https://lnkd.in/etDyt2w2 Read our press release here: https://lnkd.in/eXhNNQYS #OpenBanking #CFPB #RegulatoryCompliance #ConsumerProtection #FDATANA

FDATA North America welcomes Pontera as a new member in North America. Pontera, is a fintech company on a mission to help millions of Americans retire better, enables retirement savers to get the benefits of 401(k) account management from their trusted financial advisor. Their secure platform is purpose-built to work across many account types and seamlessly integrated with top portfolio management tools to help advisors deliver comprehensive investment advice that incorporates all -- not just some -- of their client’s accounts. Founded in 2012, Pontera is headquartered in New York City.

Today, FDATA North America submitted its recommendations to the Canadian House of Commons’ Standing Committee on Finance (FINA) for the 2025 budget. Our key focus is the rapid, well-governed implementation of Canada's open banking system and its expansion into an open finance framework. Our key recommendations include: - Ensuring Budget 2025 supports the implementation of Canada's open banking system, benefiting consumers and small businesses while driving innovation. - Outlining a clear approach to open finance, expanding the framework to include all financial accounts controlled by consumers or small businesses. - Tasking the Financial Consumer Agency of Canada (FCAC) with governing the system to facilitate participation by smaller entities. Budget 2024 marked a significant milestone with the initial CDB framework. Budget 2025 should build on this progress, ensuring open banking delivery aligns with expectations and includes small business accounts in the first phase. Read the full submission here: https://lnkd.in/enJ3J3iF #OpenBanking #OpenFinance #Innovation #FinancialServices #FDATA

Today, FDATA North America submitted a comment on the CFPB's interpretive rule classifying Buy Now, Pay Later (BNPL) loans as Regulation Z-regulated products under TILA. In our comment, we commended the CFPB for designating BNPL loans as Regulation Z-regulated products under the TILA, which will ensure that these loans are considered “covered data” under the Bureau’s forthcoming final rule implementing Section 1033. This designation will enable more informed financial decisions and better management of BNPL loans. FDATA North America supports this step towards a more inclusive Section 1033 rulemaking and encourages the CFPB to expand coverage to all consumer financial accounts over time, ensuring comprehensive access and protection. Read the fully copy of the letter here: https://lnkd.in/e2wV6BfE #Fintech #BNPL #FinancialInclusion #ConsumerRights #OpenBanking #CFPB #FDATA