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/g2UYcAC2 Let me know if you agree or not! #openbanking #openfinance #API #smartdata

The upcoming evolution of FDX's governance presents a significant opportunity for UK and European companies to capitalize on the growing open finance ecosystem in the US. Financial Data Exchange, the leading open finance standards body, is undertaking changes to better align its governance with the attributes for fair, open, and inclusive qualified standards bodies outlined by the CFPB. This move towards greater transparency and inclusivity will create a more accessible environment for international players to engage with the US market. UK and European firms should proactively explore participation in the FDX ecosystem. By aligning with the FDX API specification, they can seamlessly integrate with the growing network of US financial institutions and fintechs. The increased openness within FDX's governance will also enable these firms to have a stronger voice in shaping the future of open finance in the US. As the US open finance landscape evolves, UK and European companies that act now will be well-positioned to gain a competitive edge. Contact me if you want to discuss further. #openfinance #openbanking #api

* EU FinTechs Gain Entry to US Open Banking Market with Adequacy Decision* The recent "adequacy decision" by the European Union regarding US data protection presents a significant opportunity for European FinTech companies. This decision formally recognises that the US has legal frameworks that ensure an adequate level of protection for personal data transferred from the EU. Previously, data transfer restrictions hampered collaboration between EU FinTechs and the emerging US open banking ecosystem. With this hurdle removed, EU FinTechs can now more readily: * Enter the US market: Offer their open banking solutions and expertise to US customers. * Forge partnerships: Collaborate with US players to develop and deliver next-generation financial services. * Contribute to industry growth: Help shape the evolution of open banking in the US, fostering a more competitive and innovative landscape. This development signifies a significant step forward for cross-border collaboration in the FinTech space. It holds the potential to create new opportunities for EU FinTechs and benefit consumers globally through increased choice and improved financial experiences. https://lnkd.in/eaGeBgvZ #OpenBanking #EUFinTech #USMarket #DataProtection #Collaboration #FDX

A great initiative to start making available a standardised vocabulary for permissioned data sharing - it would be great to see other jurisdictions aligning with this to create a internationally recognised set of data sharing terminology. To for your free download: https://lnkd.in/eMiZFC6m #openbanking #openfinance #fdxapi #datasharing

Bringing the Magic of Open Banking Across the Pond: A Reflection on FDX Summit 2024 Just last month, the Financial Data Exchange (FDX) held its annual summit in Washington D.C. and it was particularly inspiring to see a strong contingent of British experts contributing their expertise and shaping the future of open banking on a global stage. It was great to hear Marie Walker from Raidiam, Huw Davies from Ozone API and Joseph Heenan from Authlete during the event. This robust UK presence underscores a crucial point: The UK is a leader in open banking, and its expertise is vital in propelling the open finance movement forward worldwide. A golden opportunity awaits UK-based open banking companies as the US and Canada prepare for rapid growth in this space. Over 6,000 banks and credit unions need to be ready within the next few years, creating a vast ecosystem ripe for collaboration. The call to action is clear: UK companies looking to expand into this market need to build their strategic plan for the region now, they can explore the FDX API specification for free (message me if you want access). This is the key to integrating seamlessly into the burgeoning US open banking landscape. #openbanking #openfinance #fdxapi #APIs #Interoperability

This is a crucial survey exploring the potential of a UK Smart Data Economy. This data portability initiative could unlock a massive £27.8bn in GDP growth and is vital for global competitiveness. The survey helps businesses understand the practicalities of Smart Data by uncovering: - Benefits for your company - Speed of value delivery - Capabilities needed for success - Cost considerations - Government's role in fostering innovation - Areas likely to be most impacted Complete the quick 5-minute survey (mobile-friendly!): https://bit.ly/49F2rzb Why participate? This is an independently funded analysis and those who participate will receive the full report and there will be a wider suppmary report for the broader ecosystem. By participating, you help shape the future of data in the UK! #dataeconomy #dataportatility #uksmartdata

Great session at the Financial Data Exchange annual global summit about the reality of open banking around the world. Though open banking has been a great success and spreading around the world, open banking is not an easy journey: 1️⃣There is a lack of strong standards in Europe which means a larger likelihood of different interpretations 2️⃣ The UK - desperate for open finance, JROC needs to announce their plan and smart data is now the next big play. Lack of forward direction, too many regulators? 3️⃣ Australia CDR - adoption numbers low, difficult to manage and action initiation was not well defined. Regulators where too prescriptive but now the market has taken a more market led approach. 4️⃣ Brazil - fast adoption but expensive, changing standards plus it’s very prescriptive which needs to be easier to read. Great directory, conformance and certification. It remains a great example of open finance implementation in action. What should we be focusing to speed adoption? - have a trust framework, searchable directory, conformance testing - serve the SME community - open banking is not about account switching it’s about great user cases. - Payment initiation and service initiation is a big opportunity - cross sector ecosystems need to be part of this early earlier in the journey - only one standard can win and collaborative work with the regulators Marie Walker , Huw Davies, Gibson Pasquini Nascimento, Joseph Heenan , Eyal Sivan