Supporting the open finance ecosystem alongside FDATA members to advance secure, consumer-permissioned financial data access in North America
Sumsub, a global verification and fraud prevention leader, has joined the Financial Data and Technology Association (FDATA), a leading trade association representing financial technology firms and consumer-permissioned data access platforms across the United States and Canada.
This collaboration reaffirms Sumsub’s ongoing commitment to fostering secure, transparent, and consumer-centric open finance frameworks, while strengthening trust and innovation across the financial data ecosystem. As a member of FDATA, Sumsub will collaborate with industry leaders, policymakers, and technology innovators to help advance frameworks that balance trust, competition, and innovation in open finance.
“Joining FDATA is an exciting opportunity to collaborate with peers shaping the global open finance landscape,” said Kat Cloud, Head of Government Relations at Sumsub. “Together, we can help build a trusted infrastructure that strengthens compliance systems for businesses, protects consumers, and supports responsible innovation. With sophisticated fraud rising over 180% last year according to our internal data, it’s more important than ever that open finance frameworks embed secure, resilient identity verification at their core.”
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As open finance adoption accelerates across North America, the need for secure identity verification and fraud prevention has become increasingly critical. With regulatory discussions, including frameworks such as CFPB Section 1033 and data portability initiatives, gaining momentum in the U.S., the ecosystem requires solutions that enable secure data access while protecting consumers and businesses from emerging fraud threats.
“Trust is the foundation of open finance,” said Steve Boms, Executive Director of FDATA. “Sumsub’s technology helps ensure consumers can share their financial data safely and confidently, advancing FDATA’s mission to empower people and businesses through secure, permissioned data access.”
Through its FDATA membership, Sumsub is contributing to multiple working groups, including the U.S. Policy Working Group, Canada Working Group, and the Write-Access Working Group, supporting industry-wide collaboration on secure, permissioned financial data access. The partnership strengthens Sumsub’s engagement with policymakers and industry leaders working to advance open finance standards in North America and globally.
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