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Detail of outcome
The summary of response document summarises the submissions to the call for evidence on Data Sharing and Open Data the government received and explains next steps for delivering an open API standard in UK banking. Over 40 respondents spanning the financial services industry, consumer and business groups and the FinTech community replied to the call for evidence. The government has reviewed the evidence provided by respondents and is grateful for the constructive and informative submissions it received.
At Autumn Statement 2014 the government published the report ‘Data Sharing and Open Data for Banks’ written by the Open Data Institute and consultancy firm Fingleton Associates. The government committed to launch a call for evidence on how best to deliver an open standard for application programming interfaces (APIs) in UK banking and to ask whether more open data in banking could benefit consumers.
In this call for evidence, the government is seeking views from interested parties on how the recommendations in the ODI / Fingleton Associates report can be developed, what benefits more open data in banking could bring to consumers and, in particular, how an open API standard in UK banking could best be delivered.
The government will then consider the responses and what actions are required to deliver positive outcomes in this area, including an open API standard for UK banks.
This will help to drive more competition in banking, and help the UK remain at the forefront of financial technology and innovation and lead the world in shared data and open data in banking for the benefit of customers.
Email to: Datasharing.CfE@hmtreasury.gsi.gov.uk
Data Sharing and Open Data in Banking
Banking and Credit Team
1 Horse Guards Road