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TechUK responds to the CMA’s consultation on Open Banking 30 April 2021
Source: TechUK The United Kingdom has reached an important stage for the development of Open Data initiatives, with the Open Banking Implementation Entity (OBIE) into the final roadmap for the implementation of Open Banking and the Competition and Markets Authority (CMA) having completed a consultation on the future governance model for Open Banking.
This progress in Open Banking will affect other ongoing projects on data mobility in financial services and other regulated sectors and is critical to ensuring the UK builds on the success of Open Banking.
External | what does this mean?
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
TechUK responds to the CMA’s consultation on Open Banking 12 hours ago
Source: TechUK The United Kingdom has reached an important stage for the development of Open Data initiatives, with the Open Banking Implementation Entity (OBIE) into the final roadmap for the implementation of Open Banking and the Competition and Markets Authority (CMA) having completed a consultation on the future governance model for Open Banking.
This progress in Open Banking will affect other ongoing projects on data mobility in financial services and other regulated sectors and is critical to ensuring the UK builds on the success of Open Banking.
Surveys and Reports
Regulatory Developments
United Kingdom: FCA publishes feedback statement on Open Finance
Some of the key findings that the FCA draws out in its feedback statement are:
A legislative framework would be needed for open finance to develop fully, both to provide any statutory right to data access and to support a regulatory framework.
In addition to the regulatory framework, the following building blocks would be needed for a sustainable open finance ecosystem to develop – either in support of voluntary adoption or to support future legislation:
consumer protections informed by an ethical framework;
a liability model;
an implementation entity that is funded and governed equitably; and
FDX reports 16 million consumers using API, claims Canada, US lead in open banking adoption
The Financial Data Exchange (FDX), an organization that aims to bring the financial industry under a common standard for financial data access, has claimed Canada and the United States are “global leaders” in open banking adoption.
FDX, which only operates in the United States and Canada, recently reported 16 million consumers in Canada and the United States are using its FDX API for open banking and open finance data sharing.
“The common narrative that the US and Canada are somehow behind on open banking is just wrong.”
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