Nick Cabrera’s Post

A recent report by the Joint Regulatory Oversight Committee (JROC) has thrown its weight behind the continued development of open banking in the UK. This is a significant step forward for a system that holds huge potential to revolutionise the financial landscape. From my point of view I see that in order to accelerate the adoption and innovation in open banking and open finance in the UK we need to: - Establishing common standards: how can we ensure financial data is exchanged securely and consistently across different institutions, fostering greater interoperability within the open finance ecosystem. - Promoting innovation: By streamlining data exchange, we can pave the way for the development of new and innovative financial products and services and drive new investment - look out for the Smart Data Bang! - Building trust: we must commit to data security and privacy that can help build trust among consumers and businesses participating in open finance. https://lnkd.in/gYajxtZA Let me know if you agree or not! #openbanking #openfinance #API #smartdata

🤔 Ever wondered what open banking has done for us? From its inception in 2015 with the European Union's PSD2 directive to its global adoption today, open banking has revolutionized the financial landscape. 🔹 It has democratized data, giving consumers more control. 🔹 Fostered competition, innovation, and creativity in the banking sector. 🔹 Enhanced financial inclusion, offering consumers the right products at the right time. 🔹 Introduced personalized experiences, accessibility, and innovative banking solutions. Yet, there's still so much potential to be unlocked! 🚀 Dive deep into the world of #openbanking with our latest blog post penned by Edgardo Torres-Caballero, CRO at Tuum, as he recaps his panel discussion from Seamless Europe 2023. Read the full article linked below and discover the journey, the benefits, and the future of open banking. Credit Kudos, Xero, Cheddar, Money Dashboard (acquired by ClearScore), Coconut, Bud, Lars Markull, Sean Kiernan, Avtandil Gujabidze, Kamran Hedjri

In our #datagovernance model, one of the steps we encourage is to think through your theory of change or operational framework and map out how your activities generate value in the open ecosystem you operate in. By doing this, you can identify what data needs to be collected to measure your work, to identify gaps and opportunities, to see which partnerships could be built on, and to ensure you are creating the impacts that match your mission statement and organisational goals. In open banking/open finance, we think all regulators should be doing this to measure whether their country's open banking regulations are meeting the goals outlined in the regulation goals (usually these are about increasing consumer choice, ensuring consumer financial literacy and financial inclusion, improving security and data privacy, and so on). UK is one of the most advanced in applying this type of thinking, they have outlined an evaluation framework that guides their three month reporting. While this is commendable, we would say that at the moment they use surveys as a means to collect this data,. which is expensive and has several bias issues in reaching specific consumers, for example. We would suggest that there is a ton of data that can be collected from other stakeholders and from automating elements of the open banking ecosystem which would show demonstrated and felt needs, but this would also require mandating specific players to share their data at an aggregate level. We are considering responding to the current UK OBIE future entity recommendations report to suggest that this data collection should be a part of the contribution made by ecosystem stakeholders (alongside financial contributions). If you are working in open banking in the UK and want to contribute to our response or would like access to our data so you can frame your own response, please get in touch. The consultation is open until 20 May 2024: https://lnkd.in/eS4Sx_GQ

Flinks elevates its Open Banking solution with 'Hosted Consent Management' and 'Analytics Dashboard,' offering Canadian financial institutions enhanced capabilities for the upcoming Open Banking framework. Features cater to limited budgets and resources, aiding credit unions and mid-sized institutions in complying with the 2025 Open Banking legislation. Notable partnerships include FirstOntario Credit Union and Xero, reinforcing Flinks' impact on the financial landscape. #OpenBanking #Fintech #Innovation

The Global Treasurer, “Is Open Banking The Future of Finance?” May 22, 2024: By utilizing APIs for secure data sharing, #openbanking offers customized financial services and streamlined processes. Originating from Europe’s PSD2 legislation, the UK has become a leader in this domain, experiencing significant adoption and economic benefits. However, challenges like security concerns and low public awareness persist. Future legislative developments, such as PSD3, aim to enhance security and user experience, further promoting innovation and trust in open banking services. Read the full article here: https://lnkd.in/drcU4gmb Given the advancements and potential challenges in open banking, how do you think financial institutions can best balance this while maintaining customer trust and engagement? #openbankingapi #fintech #fintechcanada #fintechnews #securitycompliance

*Game Changing CDR Rule Amendment* The Australian government just announced a CDR rule amendment that will change the game for accessing business banking data via CDR. From Dec 2023, service providers needing to access their "business" customers' bank data will no longer require accreditation and businesses can share their data with whoever they want. The specialist Skript team has been working with business banking data for decades. We are thrilled to see this change as we can continue to support and grow with our customers in this space. Reach out if you would like to know more. Read more below. #CDR #openbanking #opendata #businessbanking #businessdata #fintech

In case you missed it, Open Banking in Australia just became way more open for business. From 1 Dec 2023: 👉 Businesses can choose to share their data with anyone, even if they’re not accredited. 👉 This means if your customers are businesses, you can plug into a single set of APIs (with someone like Skript), and automate your customers’ bank feeds. No accreditation required. 👉 Businesses can also choose to share their data for up to 7 years (previously 12 months). More detail here: https://lnkd.in/e2i33jur Skript is a business banking data specialist, and we can’t wait to help businesses unleash the power of this next phase of Open Banking. Reach out if you’d like to learn more! #openbanking #bankfeeds #opendata #cdr

Last week’s Autumn Statement saw the Government commit to a ‘Smart Data Big Bang’ – the creation of data sharing schemes across key economic sectors. In my article for Business Reporter I explain how the smart data powers in the Data Protection and Digital Information Bill will expand on open banking and benefit UK businesses, consumers and the public good. #smartdata #openbanking #openfinance Department for Business and Trade HM Treasury Open Banking

We're approaching a final rule from the Consumer Financial Protection Bureau (CFPB) under Section 1033 of the Dodd-Frank Act, marking a pivotal step in establishing personal financial data rights for consumers. This milestone will create a standardized and secure method for consumers to control, manage, and share their financial data. Financial institutions, fintechs, and other data providers and recipients are preparing to meet compliance requirements and deadlines expected by Fall 2024. While some specifics will evolve based on industry feedback, there are proactive steps financial providers can take today to prepare. MX is dedicated to the customer-first, permissioned, and ethical use of data, a principle that has always been central to our mission. Our Data Access platform supports open finance standards by prioritizing consumer-permissioned data sharing. We empower financial institutions of all sizes to adopt open finance and enhance the consumer money experience. MX's Data Access product ensures a safe and secure connectivity experience for customers and aids financial providers in preparing for potential requirements under Section 1033 rulemaking in five key ways. #banking #bankingindustry #banks #fintech #creditunions https://lnkd.in/gZmxENrM

🌅 Open banking continues to ascend in the financial sector, enhancing competition and innovation among players. As The Paypers highlight in their comprehensive report 'The Open Revolution: From Open Banking to Open Finance', organizations need to proactively prepare for the transformative impact of open finance and open data to navigate the complex environment that lies ahead. ➡ For customers and merchants open finance has brought more flexibility in managing finances, greater transparency across accounts, and more choices of convenient payments. ➡ For banks, fintechs and financial service providers, it has sparked the creation of innovative financial products for previously overlooked customer needs, and new revenue streams, based on partnerships in a reimagined value chain. ❓ How can banks leverage the opportunities of the open ecosystem? 💡 From our experience, one of the first steps is establishing the foundation with open API technology and Developer Portals, enabling open banking and banking-as-a-service models. Learn more about the current state of open finance across the world in the report: https://lnkd.in/dBTrn7CU #openbanking #openfinance