Fintech is Open Finance Association (OFA) further unlocks consumer and business financial data and payments through API technology (Application Programming Interface).
Members are: Armalytics, Cresco, finAPI, go card dress, Nuapei, Ordo, plaid, token, true layer, Volt.io, world line, Worldpay, Yapili.
With the introduction of legislation in 2016 (Payment Services Directive [PSD2]) consumers and businesses were empowered to access payment accounts only through trusted third-party providers (open banking).
Open Finance is the next step in the evolution of Open Banking. By bringing the benefits of open banking to a wider range of financial instruments, open finance gives consumers and businesses greater control and visibility into their economic lives.
OFA brings together fintechs to help drive the move to open finance across Europe, believing that secure and open APIs are key to competition and innovation in this space.
OFA is also very welcome Nilixa Devlkia as chairman of the organization. Devlukia used to say Financial Conduct Authority, Open banking implementerand the European Banking Authoritycomments on launch:
“Now is the time for industry, policy makers and regulators to come together to enable open finance. We aim to foster an enabling fintech ecosystem and look forward to working with our members who are true leaders and innovators to achieve OFA’s vision.
- Empower consumers and businesses to access data across all financial accounts and make data available through trusted third-party providers.
- Develop and promote the adoption of competitive and convenient instant payment methods based on open payments.
- Promote a sustainable and well-functioning open finance ecosystem by creating the right balance of requirements and incentives for all participants.
OFA operates in both Brussels and London, helping both jurisdictions develop important open finance policies.