Data platform Quovo reports it has been granted registration in the Open Banking Directory.
As a Registered Account Information Service Provider (RAISP), regulated by the UK Financial Conduct Authority (FCA), Quovo gains better access to the UK market and potentially continental Europe.
The registration, which applies to all European Economic Area (EEA) states, makes Quovo the first US-based financial account data provider to join the UK’s Open Banking regime – which kicked off at the beginning of 2018.
Quovo explains that it serves as a third party provider that enables consumers to share their financial data, permissioned by their explicit consent, with both traditional banks and Fintech companies. US Fintech companies, like Betterment, SoFi, Wealthfront, and others use Quovo to provide the data to offer customers more personalized services.
Lowell Putnam, CEO and Co-founder of Quovo, notes that giving consumers control of their own financial data is a critical component of Open Banking and his company helps to facilitate this process.
“Unlike many other RAISPs, Quovo is uniquely positioned between consumers, Fintech apps, and financial institutions,” said Putnam. “As banks across the UK and the EU continue to develop their technology to make customers’ financial data portable, we’re looking forward to partnering with more of the region’s incumbent institutions in the CMA9 and startup newcomers alike.”
Quovo’s process retrieves customers’ data, including account balances, holdings, and transactions, etc., to provide a holistic view of their finances. The platform can access consumer financial data at all banks with Open Banking-compliant APIs, which include those of the CMA9: Santander, Royal Bank of Scotland Group, Lloyds Banking Group, HSBC, Barclays, Allied Irish Bank, Bank of Ireland, Danske, and Nationwide Building Society. Quovo can also access the UK challenger banks, Starling and Monzo.
UK Country Manager Kelley Byrnes said that being a RAISP will buttress Quovo’s goal of expansion beyond the UK.
“Our connectivity has the potential to enrich the financial lives of millions of consumers across the EEA.”