Open Finance Association

Introduction

Open Finance Association (OFA) is a fintech trade association focused on open finance policy in the UK and European Union. Launched in 2022, it represents companies working to give consumers and businesses more secure ways to use financial data and account-based payments. OFA advocates for open APIs, interoperability and policy conditions that support competition, innovation and customer control in financial services.

What is OFA and who does it represent

OFA’s community includes fintech companies and infrastructure providers involved in open banking, open finance, account connectivity, payment initiation, data access and API-enabled financial services. Its members are typically companies building services around secure access to financial data and payments rather than traditional banks, card networks or merchant acquirers as a broad category.

The association’s work is policy-led. It gives open finance companies a collective voice in UK and EU discussions on data access, payment initiation, commercial incentives, liability, customer consent, API quality and the evolution from open banking to wider open finance.

Mission and advocacy focus

OFA’s mission is to further open finance by supporting secure, open APIs that help consumers and businesses make better use of their financial data and payment accounts. It advocates for a sustainable open finance ecosystem with the right balance of requirements, incentives and protections for all participants.

Its work is especially relevant where open banking and open finance policy affects fintech companies, payment initiation providers, account information providers, data platforms, payment infrastructure companies and customer-facing financial apps. OFA’s focus is not only technical interoperability, but also the policy environment needed for open finance services to become commercially viable and widely adopted.

Policy domains

• Open finance policy and regulation — Advocacy on UK and EU frameworks that expand open banking into broader financial data and payment use cases.
• Open APIs and interoperability — Support for secure API-based access, reliable connectivity, consistent standards and high-quality implementation.
• Open banking payments — Relevance for payment initiation, account-to-account payments, Variable Recurring Payments and commercial models for bank-based payments.
• Customer consent and data control — Work connected to permissioned data access, transparency, user control and secure data sharing.
• Commercial incentives and ecosystem sustainability — Advocacy around fair incentives, liability allocation and participation models for banks, fintechs and end users.
• Consumer and business outcomes — Support for open finance use cases that improve financial management, affordability, credit access, payments and competition.
• UK and EU policy alignment — Engagement with policy developments affecting open banking, PSD3, PSR, FIDA, smart data and the future of open finance.

Geographic scope and cross-border reach

OFA primarily focuses on the UK and European Union. Its London and Brussels policy orientation reflects the importance of both jurisdictions in open banking and open finance development.

The association is most relevant to companies operating in, entering or monitoring the UK and EU open finance markets. Its work may also interest international fintech firms because UK and EU policy developments often influence open finance frameworks in other regions, but OFA should not be described as a global market-entry body.

Why OFA matters for payments operators

OFA matters for payment initiation service providers, account-to-account payment firms, open banking gateways, PSPs, payment orchestration platforms and fintech infrastructure providers building services around bank account access. Its policy work can affect the commercial and technical conditions for open banking payments in the UK and EU.

For payment operators, OFA is especially relevant where products depend on payment initiation, Variable Recurring Payments, API uptime, bank connectivity, customer consent, fraud controls, liability allocation, commercial incentives and conversion rates in account-to-account payment journeys. Policy outcomes in these areas can directly affect product viability, operational reliability and merchant adoption.

The teams most likely to follow OFA include policy, legal, compliance, product, partnerships, government affairs, regulatory strategy, open banking operations and senior leadership teams.

Who runs OFA and who are the members

OFA operates as a trade association for companies focused on open finance, financial data and open payments. Its leadership and member base are drawn from fintech companies involved in open banking and API-enabled financial services.

The association is not structured around a broad merchant, banking or card-network membership base. Its membership is better understood by open finance activity and policy interest.

Members and participant categories

OFA’s member base is best described by open finance role rather than by fixed named-member examples.

Working groups and association activity

OFA supports member collaboration through policy engagement, updates, consultations, events and industry discussion. Its activity may cover open finance regulation, payment initiation, account information services, API quality, Variable Recurring Payments, liability, customer consent and commercial models.

Members may participate in policy responses, industry discussions and engagement with regulators or policymakers in the UK and EU.

What does OFA publish and who does it influence

Policy and regulatory engagement

OFA engages with policymakers, regulators and industry stakeholders on open finance policy. Its audience includes UK and EU institutions, financial regulators, open banking bodies, fintech companies, banks, payment providers and organisations involved in financial data access.

Its influence is strongest where open finance companies need a shared voice on policy design, API access, data-sharing rights, payment initiation, VRP, liability, incentives and implementation quality.

Updates and ecosystem resources

OFA publishes and shares updates, event information, policy commentary and resources connected to open finance. These materials help fintech companies follow developments in UK and EU open banking and open finance policy.

For PSPs and payment companies, useful themes include account-to-account payments, payment initiation, Variable Recurring Payments, PSD3, FIDA, smart data, open APIs, fraud controls and ecosystem sustainability.

Events and convenings

OFA participates in open finance events, roundtables, webinars and industry discussions. These convenings are relevant for companies seeking policy visibility, ecosystem connections and insight into open finance development in the UK and EU.

The association should not be described as owning a specific annual flagship summit unless confirmed directly through current OFA materials.

How to join OFA

Companies can engage with OFA by contacting the association and confirming whether their business is aligned with its open finance policy focus. The strongest fit is for fintech companies working on open banking, account information, payment initiation, financial data access, API connectivity or open finance infrastructure.

Prospective members should review OFA’s public materials, contact the association through its official channels and confirm current eligibility, participation expectations, benefits and fees.

Membership routes and fees

OFA does not publish a simple universal public membership fee table in the materials reviewed. Costs and benefits may vary depending on company profile, role in the open finance ecosystem and level of participation.

Companies should confirm current membership conditions directly with OFA before budgeting for participation.

What members commit to

Members typically contribute to policy discussions, consultation responses, industry engagement and association activity. Participation may involve sharing expertise, helping shape policy positions, attending events and supporting the development of sustainable open finance frameworks.

FAQ

Is Open Finance Association the same as Open Banking Limited?

No. Open Finance Association and Open Banking Limited are separate organisations. OBL maintains the UK Open Banking Standard, while OFA is a trade association representing fintech companies focused on open finance, open APIs, financial data and open banking payments.

When was OFA launched?

OFA was launched in 2022 by European fintech companies focused on advancing open finance in the UK and EU. This is different from the 2018 date in the draft, which should not be used for this organisation.

Is OFA focused only on payments?

No. Payments are an important part of OFA’s work, especially payment initiation and account-to-account payments, but its scope also includes financial data access, open APIs, customer consent, open finance regulation, consumer financial tools and business finance use cases.

Why is OFA relevant to open banking payment providers?

OFA is relevant because open banking payment providers depend on reliable API access, strong customer journeys, workable liability rules, bank participation and sustainable commercial incentives. OFA’s policy work addresses many of the conditions that affect whether account-to-account payments can scale.

Does OFA operate globally?

OFA is best described as UK and EU-focused. Its work may be watched internationally because open finance policy in these markets influences other jurisdictions, but the association should not be framed as a global body spanning Europe, North America and Asia.

What policy issues does OFA follow?

OFA follows issues such as open finance regulation, PSD3, PSR, FIDA, smart data, payment initiation, Variable Recurring Payments, open API performance, customer consent, data access, fraud controls, liability and commercial sustainability.

Is OFA useful for PSPs outside open banking?

OFA is most useful for PSPs that already use, plan to use or compete with open banking payments and financial data services. Traditional PSPs with no open banking or account-to-account strategy may find OFA less directly relevant than payments associations focused on cards, acquiring or merchant acceptance.