UK BEIS Cross Sector Options Feedback.

by paul

Thank you for the opportunity to respond to the BEIS Smart Data Cross Sector Options. The Financial Data and Technology Association (FDATA) has a vested interest how the HMG’s Smart Data initiative is delivered to market, as our members provide valuable digital financial services under Open Banking, and they will continue to serve UK residents with expanded value propositions as Open Finance begins rolling out across the market. FDATA is on the side of consumers, innovation, and competition; we welcome HMG’s willingness to orchestrate the initiative.

In regards to BEIS’ note on creating opportunities for wider collaboration within the ecosystem, FDATA strongly suggests engaging the capabilities housed in the Global Open Finance Centre of Excellence (GOFCoE), to whom BEIS awarded an innovation grant in 2020. GOFCoE has built a Global Open Finance Technical Working Group focused on establishing harmonised and interoperable international technical standards; along side this is a Consumer Data Protection Unit, an Economic Observatory, an Economic Crime unit, and an Innovation Sandbox. All of these capabilities align with the sort of support the Smart Data Initiative would require. We strongly encourage BEIS to identify other potential ecosystem resources that would contribute to enhanced cooperation.

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