The Financial Data and Technology Association (FDATA) has launched its North American arm.

An organisation which devises open banking standards in the UK and Europe, FDATA North America will work to encourage the adoption of open banking frameworks across the US, Canada and Mexico.

Open banking frameworks

It will also encourage the implementation of global standards that will ensure the consumers secure access to their financial data.

The organisation will work with all industry stakeholders including lawmakers, regulators and financial institutions to implement the open banking framework.

FDATA Global board member Steve Boms will serve as the executive director of the North American unit.

Boms said: “Our members provide technology-based products and services that make it easier for individuals, families, and small businesses to make smarter financial decisions.

“To fully realise these benefits, however, consumers must be able to decide how to access and share their data.

“Our goal is to develop a framework within North American markets that balances safeguards with consumers’ rights to have access to these third-party tools.”

Currently, FDATA North America members are Equifax Canada, Intuit, Morningstar, Moven, Onist, Kabbage, Questrade, Quicken Loans and Envestnet Yodlee. There are also  other companies.

FDATA group global chairman Gavin Littlejohn said: “With FDATA as the fintech industry leader since 2014, Europe has made great strides in advancing open banking rules.

“For the sake of both consumer choice and global competition, North American policymakers now must catch up.

“Our North American advocacy efforts, though nascent, have already been incredibly impactful.

“We have been pleased with our initial engagement with US, Canadian, and Mexican government officials. There’s a strong will and desire to bring the open banking revolution in North America.”