Innovate Finance and OnDeck Launches Transatlantic Policy Working Group

Ondeck and Innovate Finance are to share and exchange information on regulatory and policy issues relating to the emerging fintech scene.

Online lender for small businesses OnDeck announced today the launch of a new project by the name of Transatlantic Policy Working Group (TPWG), in collaboration with Innovate Finance – an independent not for profit membership organisation serving the global fintech community in the UK.

The two organisations say the TPWG responds to cross-sector fintech issues – from the use of data and open APIs in banking, to encouraging a competitive environment in payments infrastructure. Issues relating to financial inclusion and investment advisory services will also fall within the group’s remit.

Founded in 2014, Innovate Finance is an independent non-profit organisation, benefiting the UK fintech industry. Its aim is to accelerate the UK’s position as the global hub for financial innovation. To date, it has attracted more than 150 members – ranging from seed-stage startups to major global financial institutions.

The TPWG has now held its first meeting at Google's Washington DC headquarters, discussing US and UK approaches to policy and regulation in the fintech space. Representatives from The Milken Institute, PayPal, Seedrs and Hogan Lovells were present, according to Finextra.

Daniel Morgan, head of policy and regulation at Innovate Finance, commented:

“The transatlantic policy working group represents a great opportunity to share key insights, best practices and knowledge between US and UK fintech stakeholders, and will help drive real change in the public policy arena when it comes to the development and growth of a vibrant fintech sector that promotes transparency and competition in financial services."

The launch of this new project follows on from the recent appointment of Frank Orofino – former Director of Sales at Balance Point Payroll – as head of OnDeck’s Accountant Advisor Program. Launched during the last quarter of 2015, the program aims to help financial professionals to provide their clients with access to capital. The products on offer are loans up to $500,000 with 3-36 month terms and lines of credit up to $100,000, with annual interest rates starting form 5.99%.