Midata aimed to give consumers greater access to their transaction data. Banks voluntarily supported the initiative by providing downloadable account transaction data in a standard file format, so customers could share them with comparison providers for switching recommendations.
The OBIE launched a new Fingleton and Open Data Institute (ODI) report. The report, Open Banking: Preparing for Lift Off, reviews the progress made, the potential for open banking to become a cornerstone of the digital economy and recommends for development.
Formerly the Electronic Alternative Payments Working Group (e-APWG), the Open Banking Working Group was renamed when its focus shifted from alternative payments innovations to using APIs for open banking.
The Open Banking Standard kick started a fintech renaissance in the UK and inspired similar initiatives internationally. It opened secure connections between apps and banks to enable innovation across financial services and ecommerce. Customers benefit from low friction, high security, financial interactions.
The OBIE was created by the CMA to deliver the APIs, data structures and security architectures that will enable developers to harness technology, making it easy for consumers and businesses to share the financial information held by their banks with third parties.
The second Payment Services Directive (PSD2) paved the way for open banking in financial services, while implementing a 90-day rule of strong customer authentication.
