OpenFinity: Leading The Way In Open Banking And Finance Education

OpenFinity, the first community dedicated to aiding financial services professionals in navigating the open finance landscape, has officially launched. Sponsored by FDX and co-founded by Laurent Van Huffel and Laura Heritage, OpenFinity aims to be the premier destination for financial services professionals preparing for the upcoming 1033 ruling from the Consumer Financial Protection Bureau (CFPB).

The U.S. Supreme Court's recent decision to reject a challenge regarding CFPB funding ensures that the 1033 ruling, also known as open banking, will be published this fall. During a live launch on LinkedIn on May 16, panelists highlighted the financial services community's struggle to prepare for this new regulation. OpenFinity aims to expedite the learning curve for these professionals.

The proposed ruling, published by the CFPB last October, presents complexities from legal, business, and technology perspectives. The U.S. financial community has numerous questions and lacks a centralized source for answers. "What could be better than a peer network for collaboration, idea exchange, and shared experiences?" said Laurent Van Huffel, OpenFinity co-founder and CEO.

A critical first step for the financial services industry will be eliminating the insecure practice of "screen scraping." "Moving away from screen scraping is critically important for us from a risk management perspective," said Lisa Novier, Head of Data Management & Governance at Truist, during the May 16 live launch conference.

"We've got about a year to comply, and we're going to have to make some very rapid decisions to get something out there that complies with this regulation," said Nicolas Zeman, Senior Solution Architect at Zions Bancorporation.

Once the regulation is released this fall, OpenFinity aims to assist the financial industry in monetizing open banking opportunities by offering educational webinars and a repository of assets available to members. "OpenFinity includes a Learning & Development platform by providing online courses to the community," said Laura Heritage, OpenFinity co-founder and President.

By partnering with renowned industry experts, OpenFinity will empower business and IT professionals from the banking and credit union community to quickly learn what it will take to comply with ruling 1033.

For more information, visit OpenFinity.