FinTech companies are coming together to form a trade association.
The Open Finance Association (OFA) is a not-for-profit trade association “pushing open finance in the UK and EU”.
It aims to bring the benefits of open banking to a broader array of financial products.
It includes other leading FinTechs like GoCardless, Volt and Worldpay.
What does this mean?
The association has three key priorities including:
Enabling customers and businesses to access their data across all their financial accounts.
Developing the adoption of a competitive and convenient instant payment method.
Promoting a sustainable open finance ecosystem.