The Open Banking Working Group (OBWG) was set up in September 2015 at the request of HM Treasury to explore how data could be used to help people transact, save, borrow, lend and invest their money.
Why set an Open Banking Standard?
Making it possible to share data that banks have historically held will improve people’s banking experience. When securely shared or published openly using open APIs, the data can be used to build useful applications and resources to help people find what they need. Customers can look for a mortgage more easily, banks can find customers matched to a new product, and businesses can share data with their accountants. This, in turn, will improve efficiency and stimulate innovation.
Announcing the Open Banking Development Group
The ODI is launching an Open Banking Development Group (OBDG) to drive open innovation around an open banking standard, on a UK and international basis. The launch of the OBDG has been welcomed by the nine UK banks mentioned in the CMA report, FDATA and the ScaleUp Institute.
Find out more about the Open Banking Standard framework in the summary report below, and access the full industry report here.