European fintechs including Token, Yapily, TrueLayer and Volt have collaborated to launch the Open Finance Association (OFA), to advance the move towards Open Finance across Europe.
The non-profit organisation will operate from both Brussels and London, to enable its members to help shape Open Finance policy developments in both jurisdictions.
Nilixa Devlukia, who has previously held senior roles at the Financial Conduct Authority, the Open Banking Implementation Entity, and the European Banking Authority, has been appointed chair of the OFA.
She said: “Now is the time for industry, policy makers and regulators to come together and make Open Finance a reality.
“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.”
The new association also counts Plaid, GoCardless, Crezco and Ordo among its fintech members who believe that secure, open APIs are the key to encouraging competition and innovation in the market.
Devlukia added: “I am excited to work with our members, who are true leaders and innovators, and look forward to engaging with stakeholders at all levels to achieve OFA’s vision.”
The OFA’s three priorities are to enable consumers and businesses to access their data across all their financial accounts, and make use of it via trusted third party providers; develop and drive the adoption of a “competitive and convenient” instant payment method based on open payments; and to promote a sustainable, well-functioning Open Finance ecosystem by “creating the right balance of requirements and incentives for all participants”.