{"id":3343,"date":"2019-04-15T17:20:12","date_gmt":"2019-04-15T17:20:12","guid":{"rendered":"https:\/\/www.dgen.net\/0\/?page_id=3343"},"modified":"2026-04-15T14:11:16","modified_gmt":"2026-04-15T14:11:16","slug":"open-banking","status":"publish","type":"page","link":"https:\/\/dgen.net\/0\/open-banking\/","title":{"rendered":"Open Banking"},"content":{"rendered":"\n<style>\n.dg1ob{font-family:Arial,Helvetica,sans-serif;padding:0 2rem}\n\n\/* Section scaffold *\/\n.dg1ob-sec{border-bottom:1px solid #e4eaf0;padding:1.25rem 0}\n.dg1ob-sec:last-child{border-bottom:none;padding-bottom:0}\n.dg1ob-sh{display:flex;align-items:center;gap:10px;margin-bottom:.9rem}\n.dg1ob-lbl{font-size:12px;letter-spacing:.1em;text-transform:uppercase;color:#911c35;font-weight:500;white-space:nowrap}\n.dg1ob-rule{flex:1;height:1px;background:#fad0d8}\n\n\/* Typography *\/\n.dg1ob-p{font-size:14px;line-height:1.75;color:#2a3a4a;margin:0 0 .75rem}\n.dg1ob-p:last-child{margin-bottom:0}\n.dg1ob a{color:#911c35;text-decoration:none;border-bottom:1px solid #fad0d8;padding-bottom:1px}\n.dg1ob a:hover{border-bottom-color:#911c35}\n.dg1ob strong{color:#1d2a39}\n\n\/* Lead quote *\/\n.dg1ob-lead{background:#1e3a5f;border-radius:8px;padding:1.1rem 1.4rem;margin-bottom:1.1rem}\n.dg1ob-lead p{font-size:15px;font-style:italic;color:#e8edf2;line-height:1.7;margin:0}\n\n\/* Diagram image *\/\n.dg1ob-diagram{width:100%;border-radius:8px;display:block;border:1px solid #e4eaf0;margin:.25rem 0 .75rem;cursor:zoom-in}\n\n\/* What it does - 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compact rows *\/\n.dg1ob-pubs{display:flex;flex-direction:column;gap:0;margin-top:.5rem}\n.dg1ob-pub{display:grid;grid-template-columns:80px 1fr auto;gap:.5rem 1rem;padding:.65rem 0;border-bottom:1px solid #f0f3f6;align-items:center}\n.dg1ob-pub:last-child{border-bottom:none}\n.dg1ob-pub-thumb{width:44px;height:60px;object-fit:cover;border-radius:4px;border:1px solid #e4eaf0;display:block;justify-self:center}\n.dg1ob-pub-title{font-size:13px;font-weight:500;color:#1d2a39;display:block;margin-bottom:.2rem;line-height:1.4}\n.dg1ob-pub-comm{font-size:12px;color:#7a95ae}\n.dg1ob-pub-link{font-size:12px;color:#911c35;text-decoration:none;border:1px solid #fad0d8;border-radius:6px;padding:.3rem .65rem;white-space:nowrap;transition:border-color .15s}\n.dg1ob-pub-link:hover{border-color:#911c35;background:#fdf6f8}\n\n\/* Downloads *\/\n.dg1ob-downloads{display:flex;flex-wrap:wrap;gap:10px;margin-top:.75rem}\n.dg1ob-dl{display:flex;align-items:center;gap:.6rem;font-size:13px;color:#f0f3f6;background:#1e3a5f;border-radius:8px;padding:.65rem 1rem;text-decoration:none;transition:background .15s;border:none}\n.dg1ob-dl:hover{background:#253d52;color:#f0f3f6}\n.dg1ob-dl::before{content:'\u2193';font-size:14px;font-weight:700;color:#8fa8be}\n\n\/* CTA *\/\n.dg1ob-cta{background:#1e3a5f;border-radius:8px;padding:1.25rem 1.5rem;display:flex;align-items:center;justify-content:space-between;gap:1rem;flex-wrap:wrap}\n.dg1ob-cta p{font-size:14px;color:#f0f3f6;margin:0;line-height:1.6}\n.dg1ob-cta-links{display:flex;gap:.65rem;flex-wrap:wrap}\n.dg1ob-cta a{font-size:13px;color:#f0f3f6;text-decoration:none;border:1px solid #8fa8be;border-radius:6px;padding:.45rem 1rem;white-space:nowrap;transition:background .15s}\n.dg1ob-cta a:hover{background:#253d52;border-color:#e8edf2}\n\n@media(max-width:680px){\n  .dg1ob{padding:0 1rem}\n  .dg1ob-benefits{grid-template-columns:1fr}\n  .dg1ob-pub{grid-template-columns:44px 1fr auto}\n  .dg1ob-pub-thumb{width:36px;height:50px}\n}\n<\/style>\n\n<div class=\"dg1ob\">\n\n  <!-- \u2500\u2500 What is it \u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500 -->\n  <div class=\"dg1ob-sec\">\n    <div class=\"dg1ob-sh\"><span class=\"dg1ob-lbl\">What is Open Banking?<\/span><span class=\"dg1ob-rule\"><\/span><\/div>\n\n    <div class=\"dg1ob-lead\">\n      <p>&#8220;Open Banking is not a technology. It is a set of standards, principles and practices that lay the foundations for open financial markets in a digital-first economy. <br \/>It is part of our financial data infrastructure.&#8221;<\/p>\n    <\/div>\n\n    <p class=\"dg1ob-p\">Open Banking unlocks the <strong>open market<\/strong> for banking services in the digital age. It gives customers rights and control over their own banking data &#8211; enabling banks to share data in a way that is both compatible with how the web works and protects consumers as they expect from a bank.<\/p>\n\n    <a href=\"https:\/\/dgen.net\/0\/wp-content\/uploads\/2019\/12\/open-banking-v2019-12-01.jpg\" target=\"_blank\" rel=\"noopener\">\n      <img decoding=\"async\" class=\"dg1ob-diagram\"\n           src=\"https:\/\/dgen.net\/0\/wp-content\/uploads\/2019\/12\/open-banking-v2019-12-01.jpg\"\n           alt=\"Open Banking diagram\">\n    <\/a>\n\n    <div class=\"dg1ob-benefits\">\n      <div class=\"dg1ob-benefit\">\n        <span class=\"dg1ob-benefit-who\">For customers<\/span>\n        <h3>Control &amp; consent<\/h3>\n        <p>Opt in to new services with explicit consent for specific purposes, revocable at any time. Share bank credentials only with your bank &#8211; not with third parties.<\/p>\n      <\/div>\n      <div class=\"dg1ob-benefit\">\n        <span class=\"dg1ob-benefit-who\">For companies<\/span>\n        <h3>New products &amp; services<\/h3>\n        <p>Develop within a clearer, safer ecosystem &#8211; with open APIs as a shared, common technical implementation, and open product data for comparison and matching.<\/p>\n      <\/div>\n      <div class=\"dg1ob-benefit\">\n        <span class=\"dg1ob-benefit-who\">For banks<\/span>\n        <h3>Interoperability<\/h3>\n        <p>Share data compatibly with how the web works, meeting consumer expectations while enabling open APIs for products &#8211; savings, credit, loans, mortgages.<\/p>\n      <\/div>\n      <div class=\"dg1ob-benefit\">\n        <span class=\"dg1ob-benefit-who\">For markets<\/span>\n        <h3>A whole-of-market solution<\/h3>\n        <p>Machine-readable product descriptions enable market-wide comparison and matching &#8211; imagine selecting a mortgage by telling the market to make you an offer.<\/p>\n      <\/div>\n    <\/div>\n  <\/div>\n\n  <!-- \u2500\u2500 Why 'open' \u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500 -->\n  <div class=\"dg1ob-sec\">\n    <div class=\"dg1ob-sh\"><span class=\"dg1ob-lbl\">Why is it called the Open Banking Standard?<\/span><span class=\"dg1ob-rule\"><\/span><\/div>\n\n    <p class=\"dg1ob-p\">The naming was a conscious design decision by the chairs of the UK&#8217;s Open Banking Working Group in 2015. Each word was chosen deliberately:<\/p>\n\n    <div class=\"dg1ob-opens\">\n      <div class=\"dg1ob-open\"><strong>Opens<\/strong> up the market around banking services<\/div>\n      <div class=\"dg1ob-open\"><strong>Open<\/strong> interoperability and cohesion across the financial ecosystem<\/div>\n      <div class=\"dg1ob-open\"><strong>Open standard<\/strong>: the standard itself is openly licensed (<a href=\"https:\/\/creativecommons.org\/licenses\/by\/2.0\/\">CC-BY<\/a>, <a href=\"https:\/\/en.wikipedia.org\/wiki\/MIT_License\">MIT<\/a> or equivalent): both words and code<\/div>\n      <div class=\"dg1ob-open\"><strong>Open Data<\/strong>: mandated for product information, ATMs and related public information<\/div>\n      <div class=\"dg1ob-open\"><strong>Open access<\/strong> to Shared data for private and confidential data (also now known as &#8216;Smart Data&#8217;)<\/div>\n      <div class=\"dg1ob-open\"><strong>Open APIs<\/strong>: a shared and common technical implementation to make it simpler<\/div>\n      <div class=\"dg1ob-open\"><strong>Banks<\/strong>: a standard that addresses banking as a whole category, extensible into other areas<\/div>\n    <\/div>\n\n    <div class=\"dg1ob-pullquote\" style=\"margin-top:1rem\">\n      <p>If the design had not been open, &#8216;open banking&#8217; would have been owned by the 9 CMA banks. The decisions taken by the Open Banking Working Group in 2015 are the reason that all the work by the OBIE is available under open licence to anyone &#8211; including other countries.<\/p>\n    <\/div>\n  <\/div>\n\n  <!-- \u2500\u2500 Dgen's role \u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500 -->\n  <div class=\"dg1ob-sec\">\n    <div class=\"dg1ob-sh\"><span class=\"dg1ob-lbl\">Dgen&#8217;s role<\/span><span class=\"dg1ob-rule\"><\/span><\/div>\n\n    <p class=\"dg1ob-p\">Gavin co-chaired the development of the UK Open Banking Standard at the request of HM Treasury, working with the <a href=\"https:\/\/www.scribd.com\/doc\/298568600\/Introducing-the-Open-Banking-Standard\">Open Banking Working Group<\/a> to design the standard that has since catalysed international regulation and an open banking market now valued at over <strong>$40 billion<\/strong>.<\/p>\n\n    <p class=\"dg1ob-p\">The Dgen team has since worked with Finance Canada on three reports laying the foundations for open banking internationally, and has conducted a comprehensive review of open banking development across 11 countries. Gavin also co-chaired the <a href=\"https:\/\/www.gov.uk\/government\/publications\/the-smart-data-roadmap-action-the-government-is-taking-in-2024-to-2025\">UK Smart Data Council<\/a> and has served as advisor to the <a href=\"https:\/\/www.fca.org.uk\/publications\/calls-input\/call-input-open-finance\">FCA on Open Finance<\/a>, and the <a href=\"https:\/\/ddi.ac.uk\/case-studies\/gofcoe\/\">Global Open Finance Centre of Excellence<\/a>.<\/p>\n\n    <p class=\"dg1ob-p\">We have reviewed and worked with countries across:<\/p>\n    <div class=\"dg1ob-countries\">\n      <span class=\"dg1ob-country\">United Kingdom<\/span>\n      <span class=\"dg1ob-country\">Australia<\/span>\n      <span class=\"dg1ob-country\">Canada<\/span>\n      <span class=\"dg1ob-country\">Europe<\/span>\n      <span class=\"dg1ob-country\">Hong Kong<\/span>\n      <span class=\"dg1ob-country\">India<\/span>\n      <span class=\"dg1ob-country\">Japan<\/span>\n      <span class=\"dg1ob-country\">Mexico<\/span>\n      <span class=\"dg1ob-country\">Malaysia<\/span>\n      <span class=\"dg1ob-country\">New Zealand<\/span>\n      <span class=\"dg1ob-country\">Rwanda<\/span>\n      <span class=\"dg1ob-country\">Singapore<\/span>\n      <span class=\"dg1ob-country\">USA<\/span>\n    <\/div>\n  <\/div>\n\n  <!-- \u2500\u2500 Related publications \u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500 -->\n  <div class=\"dg1ob-sec\">\n    <div class=\"dg1ob-sh\"><span class=\"dg1ob-lbl\">Related publications<\/span><span class=\"dg1ob-rule\"><\/span><\/div>\n    <div class=\"dg1ob-pubs\">\n\n      <div class=\"dg1ob-pub\">\n        <img decoding=\"async\" class=\"dg1ob-pub-thumb\"\n             src=\"https:\/\/dgen.net\/0\/wp-content\/uploads\/2025\/04\/ob-fc.jpg\"\n             alt=\"International review of Open Banking\">\n        <div>\n          <span class=\"dg1ob-pub-title\"><a href=\"https:\/\/dgen.net\/0\/2018\/09\/30\/international-review-and-benchmarking-of-open-banking\/\">International review &amp; benchmarking of Open Banking<\/a><\/span>\n          <span class=\"dg1ob-pub-comm\">Commissioned by Finance Canada<\/span>\n        <\/div>\n        <a class=\"dg1ob-pub-link\" href=\"https:\/\/dgen.net\/0\/2018\/09\/30\/international-review-and-benchmarking-of-open-banking\/\">View \u2192<\/a>\n      <\/div>\n\n      <div class=\"dg1ob-pub\">\n        <img decoding=\"async\" class=\"dg1ob-pub-thumb\"\n             src=\"https:\/\/dgen.net\/0\/wp-content\/uploads\/2018\/05\/Dgen-FinanceCanada-DevelopmentOfUKOpenBanking-cover-768x995.jpg\"\n             alt=\"Development of UK Open Banking\">\n        <div>\n          <span class=\"dg1ob-pub-title\"><a href=\"https:\/\/dgen.net\/0\/2018\/04\/04\/report-development-of-uk-open-banking\/\">Development of UK Open Banking<\/a><\/span>\n          <span class=\"dg1ob-pub-comm\">Commissioned by Finance Canada<\/span>\n        <\/div>\n        <a class=\"dg1ob-pub-link\" href=\"https:\/\/dgen.net\/0\/2018\/04\/04\/report-development-of-uk-open-banking\/\">View \u2192<\/a>\n      <\/div>\n\n      <div class=\"dg1ob-pub\">\n        <img decoding=\"async\" class=\"dg1ob-pub-thumb\"\n             src=\"https:\/\/dgen.net\/0\/wp-content\/uploads\/2019\/07\/Data-Driven-Issues-Paper-July-2019-1.jpg\"\n             alt=\"Data-Driven Canada\">\n        <div>\n          <span class=\"dg1ob-pub-title\"><a href=\"https:\/\/dgen.net\/1\/Data-Driven-Issues-Paper-July-2019.pdf\">Data-Driven: Canada&#8217;s Economic Opportunity<\/a><\/span>\n          <span class=\"dg1ob-pub-comm\">Commissioned by Finance Canada<\/span>\n        <\/div>\n        <a class=\"dg1ob-pub-link\" href=\"https:\/\/dgen.net\/1\/Data-Driven-Issues-Paper-July-2019.pdf\">PDF \u2192<\/a>\n      <\/div>\n\n      <div class=\"dg1ob-pub\">\n        <img decoding=\"async\" class=\"dg1ob-pub-thumb\"\n             src=\"https:\/\/dgen.net\/0\/wp-content\/uploads\/2020\/04\/Screenshot-2020-04-29-at-14.04.47.png\"\n             alt=\"Smart Data Consent\">\n        <div>\n          <span class=\"dg1ob-pub-title\"><a href=\"https:\/\/dgen.net\/0\/smart-data-research-on-consent-liability\/\">Smart Data &#8211; Consent &amp; Liability<\/a><\/span>\n          <span class=\"dg1ob-pub-comm\">Commissioned by BEIS<\/span>\n        <\/div>\n        <a class=\"dg1ob-pub-link\" href=\"https:\/\/dgen.net\/0\/smart-data-research-on-consent-liability\/\">View \u2192<\/a>\n      <\/div>\n\n    <\/div>\n  <\/div>\n\n \n\n  <!-- \u2500\u2500 CTA \u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500 -->\n  <div class=\"dg1ob-sec\">\n    <div class=\"dg1ob-cta\">\n      <p>Interested in open banking, open finance or smart data strategy?<\/p>\n      <div class=\"dg1ob-cta-links\">\n        <a href=\"https:\/\/dgen.net\/0\/connect\/\">Get in touch \u2192<\/a>\n        <a href=\"https:\/\/dgen.net\/0\/knowledge-base-publications\/\">Publications \u2192<\/a>\n        <a href=\"https:\/\/dgen.net\/0\/2019\/12\/19\/open-finance-designing-for-cohesion-and-interoperability\/\">Open Finance \u2192<\/a>\n      <\/div>\n    <\/div>\n  <\/div>\n\n<\/div>\n\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is Open Banking? &#8220;Open Banking is not a technology. It is a set of standards, principles and practices that lay the foundations for open [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/page_fullwidth.php","meta":{"footnotes":""},"class_list":["post-3343","page","type-page","status-publish","hentry"],"jetpack_shortlink":"https:\/\/wp.me\/PfJFK3-RV","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/dgen.net\/0\/wp-json\/wp\/v2\/pages\/3343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dgen.net\/0\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/dgen.net\/0\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/dgen.net\/0\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dgen.net\/0\/wp-json\/wp\/v2\/comments?post=3343"}],"version-history":[{"count":46,"href":"https:\/\/dgen.net\/0\/wp-json\/wp\/v2\/pages\/3343\/revisions"}],"predecessor-version":[{"id":8057,"href":"https:\/\/dgen.net\/0\/wp-json\/wp\/v2\/pages\/3343\/revisions\/8057"}],"wp:attachment":[{"href":"https:\/\/dgen.net\/0\/wp-json\/wp\/v2\/media?parent=3343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}