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Fintech providers, including Plaid, GoCardless, NuaPay, TrueLayer and WorldPay, among others, have joined forces to launch the Open Finance Association (OFA).
The OFA’s stated purpose is to further open up financial data and payments for consumers and businesses through API technology. Following the progress made by European financial institutions after the introduction of PSD2 in 2016, the OFA aims to accelerate the industry’s move towards.
This will allow customers to access a wider array of financial products via an open infrastructure, while giving both users and businesses greater control and visibility over their economic lives. `
The group intends to feed into discussions with regulators in the UK and Europe, to define the future of open finance.
“OFA will feed into discussions about the future of open banking in both the UK and EU,” Nilixa Devlukia, Chair of the Open Finance Association In the UK, told bobsguide, exclusively.
“We are represented in the Strategic Working Group of JROC, and are participating in its evidence gathering phase. We want to ensure OBIE is succeeded by a strong independent coordinator for open banking and open finance.”
Devlukia has previously held senior roles at the Financial Conduct Authority, the Open Banking Implementation Entity, and the European Banking Authority.
The OFA outlines its priorities as enabling consumers and businesses to access their data across all their financial accounts, and make use of it via trusted third-party providers, developing the adoption of a competitive and convenient instant payment method based on open payments, and promoting a sustainable, well-functioning ecosystem by creating the right balance of requirements and incentives for all participants.
According to Devlukia, commenting exclusively for bobsguide, OFA members have been contributing individually to the development of open banking since its inception with PSD2 through engagement with regulators, consultations and by developing thought leadership.
Most recently, members have fed into the review of PSD2, and the open finance framework. In the UK, OFA members are well represented in the Strategic Working Group which is advising on the future of UK open banking. Together, we will pool our expertise to help shape the future of open finance.
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