The Open Finance Association kicks-off

The Open Finance Association (OFA) has been launched with 13 fintechs as members.

Why: To further open up financial data and payments for consumers and businesses through API (application programming interfaces) technology.

What does it aim to do?

  • enable consumers and businesses to access their data across all their financial accounts, and make use of it via trusted third party providers;
  • develop and drive the adoption of a competitive and convenient instant payment method based on open payments;
  • promote a sustainable, well-functioning open finance ecosystem by creating the right balance of requirements and incentives for all participants.

The bigger picture: There´s greater comfort together and fintechs, hit recently by the financial downturn, are feeling the heat. Marshalled into an Association, will they have better success lobbying the Government, rgeulators and the media who still don´t invite them to join the TradFi gang? But with some 1600 rcognised fintechs in the UK, this is early doors yet. They need momentum if they are to beat the threat from a resurgent TradFi.

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