OpenFinity Launches as Premier Community for Open Banking and Finance Professionals

OpenFinity, a new community dedicated to aiding financial services professionals in navigating the open finance landscape, officially launched yesterday. Sponsored by FDX, OpenFinity is co-founded by financial technology experts Laurent Van Huffel and Laura Heritage. The platform aims to support professionals as they prepare for the upcoming 1033 ruling by the Consumer Financial Protection Bureau (CFPB), set to be released this fall.

The U.S. Supreme Court's recent decision to uphold CFPB funding clears the path for the 1033 ruling, also known as open banking, to become law. During a live LinkedIn event on May 16, industry leaders emphasized the need for a community like OpenFinity to help the financial sector adapt to the new regulation.

OpenFinity aims to eliminate outdated practices such as screen scraping and will offer educational webinars and a repository of resources to assist financial institutions in compliance and monetization of open banking opportunities. The community will provide online courses and partnerships with industry experts to accelerate learning and compliance.