Global FinTech, The ID Co., has today announced it has joined the North American wing of the Financial Data & Technology Association (FDATA).
The ID Co. were one of the founding members of the UK association. FDATA North America describes its members as providing “innovative financial applications and services to empower customers to make better decisions and take fuller control of their financial lives across all their accounts, credit cards, loans and investments.”
The ID Co. helps businesses such as lenders to onboard their customers more efficiently. Its technology removes the friction caused during application processes by the current challenges of risk, fraud, compliance, and regulation.
The move comes following news in May that The ID Co. has secured $2m in seed funding from Amadeus Capital Partners and others designed to help international expansion.
Of late, The ID Co. has joined two other association groups designed to promote collaboration and innovation in the technology and finance sectors. In May, the company joined the Financial Data Exchange, which is also US based. The grouping has been put together to promote open APIs within the finance sector. More recently, The ID Co. has joined the FinTech Alliance in the UK, which has been formed to promote collaboration within the FinTech sector.
Moreover, The ID Co. has been at the forefront of a pioneering networking group titled Open Banking Excellence. This was formed to allow stakeholders, banks, FinTech’s and regulators to come together to discuss Open Banking, its use-cases, highlights, and successes. Having originally been formed in Edinburgh, it has now spun out to include London also.
Other members of FDATA North America include Equifax, Plaid, TransUnion, Morningstar and Betterment.
James Varga, CEO of The ID Co. Said:
More information on FDATA North America can be found at https://fdata.global/north-america/
It has been many years since we joined FDATA in the UK, and when the North American association was formed, we were very keen to join. Since the formation of The ID Co., we have been the standard bearers for collaboration and forward thinking for the use of technology – particularly in the finance industry. It is exciting to see the use of bank data in the United States take off, as well as increasing conversation around the introduction of Open Banking in Canada. We look forward to working with FDATA North AMerica and its members to further highlight how technology can be a force for good for both businesses and consumers.