Launch of the Open Finance Association to boost open finance across Europe
Fintechs are launching the Open Finance Association (OFA) to further open financial data and payments for consumers and businesses through API (application programming interfaces) technology.
Members include: Armalytix, Crezco, endAPI, GoCardless, nuapay, Order, Plaid, Token, TrueLayer, Volt.io, Worldline, Worldpay, Yapy.
With the introduction of legislation in 2016 (the Payment Services Directive [PSD2]) consumers and businesses have for the first time obtained the right to access their payment accounts via 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 products, open finance will give consumers and businesses greater control and visibility over their economic life.
OFA brings together fintechs to contribute to the transition to open finance across Europe and believes that open and secure APIs are essential for competition and innovation in this space.
The OFA also welcomes Nilixa Devlukia as president of the organization. Devlukia, who previously held leadership positions at Financial Conduct Authoritythe Open Banking Implementing Entityand the European Banking Authoritylaunch comments:
“Now is the time for industry, policymakers and regulators to come together and make open finance a reality. Through the promotion of an API-focused agenda in payments and data, OFA aims to promote a healthy and sustainable FinTech ecosystem, in which consumers and businesses all benefit from improved and innovative services. I am thrilled to work with our members, who are true leaders and innovators, and look forward to engaging with stakeholders at all levels to realize OFA’s vision.
- Enable consumers and businesses to access and use their data across all of their financial accounts through trusted third-party providers.
- Develop and promote the adoption of a competitive and convenient instant payment method based on open payments.
- Promote a sustainable and successful open finance ecosystem by creating the right balance of requirements and incentives for all participants.
The OFA operates in both Brussels and London, helping to shape important open finance policy developments in both jurisdictions.