{"id":3761,"date":"2019-10-11T14:07:08","date_gmt":"2019-10-11T14:07:08","guid":{"rendered":"https:\/\/www.dgen.net\/0\/?p=3761"},"modified":"2019-10-11T14:07:08","modified_gmt":"2019-10-11T14:07:08","slug":"open-banking-its-evolution-into-open-finance-and-beyond","status":"publish","type":"post","link":"https:\/\/dgen.net\/0\/2019\/10\/11\/open-banking-its-evolution-into-open-finance-and-beyond\/","title":{"rendered":"Open Banking, its evolution into Open Finance and beyond"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Open Banking\u2014is a regulated standard that addresses data sharing across the banking sector.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It addresses:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Rights<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Liability models<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Dispute resolution and redress<\/span><\/li>\n<li>Consent<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Security<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Legal frameworks<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Usability\u00a0<\/span><\/li>\n<li>Logistics<\/li>\n<li>Technology architecture<\/li>\n<li>Operating principles<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Myriad related issues<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Open Banking was created by convening teams to develop common principles and practice for sector-wide data sharing. They included existing and challenger banks, trade bodies, fintechs, Treasury and regulators. In the UK, this led to the creation of an independent non-profit (funded by the banks) to develop and take the standard to market, with a directory of accredited organisations using it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The standard was (and is) developed openly\u2014as a result, it has helped to catalyse initiatives around the world.\u00a0 Similar initiatives now exist across Australia, Bahrain, Europe, Hong Kong, India, Japan, Mexico, Malaysia, New Zealand, Rwanda, Singapore and the USA.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This work is being extended to \u2018<a href=\"https:\/\/www.fca.org.uk\/firms\/advisory-group-open-finance\">Open Finance<\/a>\u2019. This would further include Investments, Pensions, Savings, Consumer Credit, Mortgages and General Insurance.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We are also working on its extension into other sectors such as energy and environment (through <a href=\"http:\/\/IcebreakerOne.org\">IcebreakerOne.org)<\/a>.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We are working with the UK regulator, the <a href=\"https:\/\/www.fca.org.uk\/firms\/advisory-group-open-finance\">Financial Conduct Authority<\/a>, to help shape the direction of this work.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Open Banking\u2014is a regulated standard that addresses data sharing across the banking sector.\u00a0 It addresses:\u00a0 Rights Liability models Dispute resolution and redress Consent Security Legal [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3762,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,16,21,42,43,30],"tags":[],"class_list":["post-3761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-climate","category-energy","category-environment","category-finance","category-work"],"jetpack_featured_media_url":"https:\/\/dgen.net\/0\/wp-content\/uploads\/2019\/10\/Icebreaker-One-introduction-fca-open-banking.jpg","jetpack_shortlink":"https:\/\/wp.me\/pfJFK3-YF","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/dgen.net\/0\/wp-json\/wp\/v2\/posts\/3761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dgen.net\/0\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dgen.net\/0\/wp-json\/wp\/v2\/types\/post"}],"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=3761"}],"version-history":[{"count":1,"href":"https:\/\/dgen.net\/0\/wp-json\/wp\/v2\/posts\/3761\/revisions"}],"predecessor-version":[{"id":3763,"href":"https:\/\/dgen.net\/0\/wp-json\/wp\/v2\/posts\/3761\/revisions\/3763"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dgen.net\/0\/wp-json\/wp\/v2\/media\/3762"}],"wp:attachment":[{"href":"https:\/\/dgen.net\/0\/wp-json\/wp\/v2\/media?parent=3761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dgen.net\/0\/wp-json\/wp\/v2\/categories?post=3761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dgen.net\/0\/wp-json\/wp\/v2\/tags?post=3761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}