WASHINGTON, DC / ACCESSWIRE / May 20, 2024 / OpenFinity, the first community dedicated to helping financial services professionals navigate the open finance landscape through community-powered education and support, is excited to announce its official launch. Sponsored by FDX, and co-founded by Laurent Van Huffel and Laura Heritage, two distinguished experts in financial technology, OpenFinity aims to be the premier destination for financial services professionals seeking to adopt and comply with the upcoming 1033 ruling this fall from the Consumer Financial Protection Bureau (CFPB).
Guest speakers invited to the live announcement of OpenFinity on May 16, 2024, on LinkedIn
With the U.S. Supreme Court's decision yesterday to reject a challenge regarding the funding of the CFPB, the much-anticipated 1033 ruling-also known as open banking-will now certainly be published this fall, becoming the new "law of the land."
It was clear from the discussion with the panelists during the live launch on LinkedIn on May 16, that the financial services community in the U.S. is struggling to prepare for this new regulation, and that a community like OpenFinity could speed up the learning curve. The proposed ruling, published by the CFPB last October, is complex to digest from a legal, business, and technology perspective. The U.S. financial community has many questions and not a single place to find 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. "This is the purpose of OpenFinity and why we created this online community."
The first step for the entire financial services industry will be to eliminate the insecure and antiquated 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, the 7th largest bank in the U.S., during the May 16 live launch conference of OpenFinity on LinkedIn.
"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 out this fall, OpenFinity aims to help the financial industry figure out how to monetize 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."
You can listen to the recording of the live discussion on LinkedIn here.
For more information, visit http://openfinity.org.
About OpenFinity:
OpenFinity is the premier community in America for open banking and open finance.
Membership offers access to content and courses, along with a no-solicitation collaboration platform (Slack) designed to support the professional development of financial services professionals and assist their companies in navigating the open finance journey.
Contact Information
Laurent VAN HUFFEL
CEO
lvanhuffel@openfinity.org
7036239530
SOURCE: OpenFinity
View the original press release on newswire.com.
