Open Banking Working Group: roster and forthcoming report announced
The Open Banking Working Group – a collective of banking, open data and FinTech professionals, and wider business and consumer groups – has been formed at the request of the UK Government.
Its aim is to develop a framework for adopting an open API standard across banking and explore how open banking will impact consumers, regulators and industry. This initiative builds upon the UK Government’s prior call for evidence on data sharing and open data in banking.
The working group co-chairs, steering committee, secretariat and user reference group members are listed in the spreadsheet below (these are subject to change).
Setting the open API standard: OBWG report
The OBWG is producing a report to set out an open API standard in UK banking, articulating a framework for designing open standards and open data in banking with some key recommendations.
The report will feature:
- Foundations for open innovation, defining the data spectrum, open APIs, standards and stakeholders for open banking
- Case studies, demonstrating relevant consumer, business, developer and finance provider experience
- The rationale, highlighting potential benefits, funding options, risks and mitigation
- Domain chapters: Regulation and legal, Data, Governance, Security and authentication, Standards and technical design, Implementation and Stakeholder engagement
We will engage the community and key stakeholders with an update on 30 November.
We will deliver the report to HM Treasury on 30 December.
HM Treasury has requested time to digest the report and it will be published in January 2016.
Following the release of the report, we plan to hold an event in early 2016 setting out steps for the open banking agenda.
Open Banking Working Group participants
Find out more about the OBWG, its aims and points of contact here.