FDATA appoints Kat Cloud to strengthen open finance security

The Financial Data and Technology Association has appointed Kat Cloud, Head of Government Relations at Sumsub, to its Board of Directors as open banking debates in the US and Canada shift toward implementation issues, including identity and fraud.

FDATA is a trade association representing more than 30 fintech companies and consumer-permissioned data access platforms across the two countries. It has advocated common approaches to open finance, including security and consumer protections for how third parties access financial data with user consent.

Cloud's appointment aligns the association more closely with the identity verification and fraud prevention market, as regulators and policymakers weigh how open finance frameworks will work in day-to-day account access and data sharing.

Steve Boms, FDATA's Executive Director, said the appointment reflects the growing importance of identity, security, and policy work as open finance frameworks develop.

"We are thrilled to welcome Kat to the FDATA board," Boms said. "Her experience at the intersection of identity, security, and financial regulation will be critical as policymakers across North America work to modernize open finance frameworks while safeguarding consumers and the integrity of the financial system."

Policy focus

Cloud leads government relations and public policy engagement at Sumsub, covering standards and approaches for identity verification, fraud mitigation, and digital onboarding. Sumsub sells verification tools used by companies to check customer identities and monitor for suspicious activity.

Her work includes engagement with policymakers, regulators, and industry groups. Sumsub says she works with organisations including INTERPOL, the World Economic Forum, the Monetary Authority of Singapore, and the Financial Conduct Authority.

FDATA's agenda has centred on consumer-permissioned access to financial data and common standards for banks and third parties. It has positioned secure access as a prerequisite for consumer trust in data-sharing arrangements and for broader adoption of fintech services that rely on permissioned data.

Identity checks and fraud controls have become more urgent across digital finance as criminals use synthetic identities, account takeovers, and social engineering tactics. Regulators have also raised expectations for anti-money laundering and fraud controls, increasing demand for vendors that provide identity verification and monitoring tools.

Open finance

Open banking and open finance allow consumers to authorise third parties to access account information and other financial data through standardised interfaces. The approach supports services such as budgeting tools, account aggregation, and alternative lending assessments based on bank transaction histories.

In North America, implementation remains uneven. Canada has been working toward a consumer-driven banking framework, while the US has debated rules on data access rights and the responsibilities of data aggregators and banks. Industry participants have also pushed for consistent liability models and technical standards.

FDATA says open finance growth depends on security standards and identity safeguards, and that data access frameworks need clear rules on who can connect to financial institutions, how consent is captured, and what controls limit misuse or unauthorised access.

Cloud said she would focus on identity protections and security as data access models evolve.

"I'm honored to join FDATA's board," Cloud said. "As open banking and open finance continue to evolve, it's essential that data access frameworks are paired with strong identity and security protections. I look forward to working with FDATA and its members to help advance policies that empower consumers, support innovation, and strengthen trust in digital financial services."

Industry signals

Board appointments at trade bodies often signal where member firms expect regulatory pressure and market risk to concentrate. In open finance, that increasingly includes authentication, identity proofing, and the ability to prevent fraud across multiple parties in a data-sharing chain.

Sumsub describes itself as a verification platform that covers identity and business checks, as well as ongoing monitoring. The company also promotes automation in compliance workflows, including systems that adapt to changes in risk and regulation.

FDATA has broadened its messaging in recent years beyond consumer data rights and competition issues toward operational questions such as security controls and standards. Cloud's appointment adds a board member whose day-to-day work spans both regulatory engagement and practical design choices in identity verification systems.

FDATA said Cloud and Boms are available to discuss what open finance implementation may look like in 2026, the identity and fraud risks regulators are watching, and the design of secure data access frameworks.