At the Autumn Statement 2014 the UK government published the report ‘Data Sharing and Open Data for Banks’ written by the Open Data Institute and consultancy firm Fingleton Associates. The government committed to launch a call for evidence on how best to deliver an open standard for application programming interfaces (APIs) in UK banking and to ask whether more open data in banking could benefit consumers.
They have now formally launched a ‘call for evidence’ on the benifits of open data and data sharing in banking in an effort to facilitate better banking for customers and supporting the growth of Britain’s FinTech sector.
“Key to our long term economic plan is making Britain the global centre for financial technology, or fintech, and innovation. Making it easier for customers to use their data in more effective or creative ways can help achieve this, and we think the benefits and opportunities for customers could be huge.” City Minister Andrea Leadsom quoted.
In this call for evidence, the government is seeking views from interested parties on how the recommendations in the ODI / Fingleton Associates report can be developed, what benefits more open data in banking could bring to consumers and, in particular, how an open API standard in UK banking could best be delivered.
The government will then consider the responses and what actions are required to deliver positive outcomes in this area, including an open API standard for UK banks. In the four week consultation period, they are inviting fintech firms, app designers, financial services industries as well as the public to submit vies and ideas. Consultation period ends on 25th February 2015.
This is an attempt to help to drive more competition in banking, and help the UK remain at the forefront of financial technology and innovation and lead the world in shared data and open data in banking for the benefit of customers.
(image credit: Bob Jenkin)