FDATA calls for a principles-led framework for the next generation of Open Finance

Source: FDATA

The Financial Data and Technology Association (FDATA), a trade association representing more than two dozen financial technology companies and customer-permissioned data access platforms, has released a white paper, “Access to Action: Agentic Fintech & Write Access – Considerations for the Appropriate Governance of Agentic Tools and Write Access in the United States and Canada”, providing policymakers with a framework for governing agentic and AI-powered fintech tools.

As AI becomes increasingly integrated into financial services, and as policymakers in both Canada and the United States consider regulatory frameworks for evolving financial technologies, the paper examines how “agentic fintech” – applications capable of acting on behalf of consumers and small businesses – can safely expand beyond today’s read-only data access models to enable customer-authorized actions, instructions, and payments. Rather than proposing an entirely new regulatory regime, the paper demonstrates how existing legal and regulatory frameworks governing data access, payments, fiduciary responsibilities, and consumer protection can be adapted to support innovation while maintaining appropriate safeguards.

Developed in collaboration with FDATA’s Write Access Working Group (WAWG), the paper introduces a practical framework built around three distinct categories of agentic activity – read, instruct, and transact – and maps each to existing regulatory frameworks focused on data protection, liability, and alignment of interests. It also draws on international experience from jurisdictions including the UK, European Union, Australia, and Brazil to inform policy discussions currently underway in the United States and Canada.

“Open Finance has always been about giving consumers and small business owners meaningful control over their financial lives,” said Steve Boms, executive director of FDATA.

“As AI evolves from simply analyzing data to carrying out customer-authorized actions, policymakers have an opportunity to build on the strong foundations already in place. This paper demonstrates that we do not need to reinvent financial regulation for the age of agentic fintech. By applying existing principles around consumer protection, payments, and data governance in a proportionate and technology-neutral way, we can support innovation while maintaining the trust, choice, and safeguards consumers expect.”

The white paper concludes with a series of policy recommendations designed to support responsible innovation while preserving consumer trust. Among them are recommendations to strengthen consumer data rights, enable standing authorizations for appropriately scoped agent-initiated transactions, clarify liability for write-access activities, and apply existing duties of loyalty, care, and disclosure proportionate to the level of discretion exercised by AI-powered agents.

The report reflects the collaborative work of FDATA’s WAWG, which brings together leading experts from across the Open Finance ecosystem to examine the policy, technical, and governance considerations associated with emerging write-access capabilities.

The working group includes representatives from:

• FDATA
• Plaid
• MX
• Trustly
• Sumsub
• EQ Bank
• Pontera
• Sunset Park Advisory

The release comes as policymakers in both the United States and Canada continue advancing Open Finance frameworks and begin considering how emerging AI-enabled financial services should operate within existing consumer protection, payments, and data governance regimes.

FDATA is an Industry Partner of Open Banking Expo UK & Europe 2026, which takes place on 13-14 October at the Business Design Centre in London. Click here to find out more.

Listen to FDATA’s Steve Boms on the Open Banking Expo Unplugged podcast: ‘How is Open Banking playing out in the US and Canada?’

Further reading: FDATA proposes model to ensure smaller fintechs can participate in Open Banking in Canada