Leading fintech players including Plaid, Truelayer and Yapily have banded together to launch a not-for-profit trade association pushing open finance in the UK and EU.
Now, the Open Finance Association (OFA) is looking to bring the benefits of open banking to a broader array of financial products.
Backed by a host of leading fintechs, including GoCardless, Volt and Worldpay, the OFA has appointed Nilixa Devlukia, who has held senior roles at the FCA, Obie and EBA, a chair.
The association has set three priorities: enabling consumers and businesses to access their data across all their financial accounts.; developing the adoption of a competitive and convenient instant payment method base on open payments; and promoting a sustainable open finance ecosystem.
Says Devlukia: “Through the promotion of an API-focused agenda in both payments and data, OFA aims to promote a healthy and sustainable fintech ecosystem, in which consumers and businesses all benefit from improved, innovative services.”