Open Banking—is a regulated standard that addresses data sharing across the banking sector.
- Liability models
- Dispute resolution and redress
- Legal frameworks
- Technology architecture
- Operating principles
- Myriad related issues
Open Banking was created by convening teams to develop common principles and practice for sector-wide data sharing. They included existing and challenger banks, trade bodies, fintechs, Treasury and regulators. In the UK, this led to the creation of an independent non-profit (funded by the banks) to develop and take the standard to market, with a directory of accredited organisations using it.
The standard was (and is) developed openly—as a result, it has helped to catalyse initiatives around the world. Similar initiatives now exist across Australia, Bahrain, Europe, Hong Kong, India, Japan, Mexico, Malaysia, New Zealand, Rwanda, Singapore and the USA.
This work is being extended to ‘Open Finance’. This would further include Investments, Pensions, Savings, Consumer Credit, Mortgages and General Insurance.
We are also working on its extension into other sectors such as energy and environment (through IcebreakerOne.org).
We are working with the UK regulator, the Financial Conduct Authority, to help shape the direction of this work.