Month: February 2016

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A roundtable discussion on APIs

FDATA and techUK are holding a roundtable discussion:
 
MOVING FORWARD WITH THE API
 
Date: Wednesday 23rd March
Time: 09.00 to 13.00
Place: tech UK, 10 St Bride Street, London EC4A 4AD
 
Earlier this month, HM Treasury published the report of the Open Banking Working Group. It puts in place a framework and timetable for the implementation of an open API in the UK personal and business banking sector. The Financial Data and Technology Association (FDATA) and techUK believe that innovative financial applications and services can empower consumers and businesses to make better financial decisions, and that an open API can play a major part.
 
FDATA and techUK will host a round-table discussion during which technology companies, third party providers, account providers, regulators and other stakeholders will have the opportunity to discuss how the UK can move further and faster towards open banking, and why the openness of the data and the API is paramount.
 
 
Sessions will include:
  • a keynote address
  • a session on how and why the API could move further and faster
  • a session on why the API should be open
  • short demos from financial technology innovators
A full agenda will be provided in due course.
 
 
Please RSVP to either oisin.merrins@techuk.org or andy@fdata.org.uk to book your space.
by fdataros fdataros No Comments

OBWG REPORT “A SOLID FOUNDATION” SAYS FDATA

  • But industry body says rollout of data into API can be wider and much faster

HM Treasury has today published the report of the Open Banking Working Group (OBWG), which it commissioned last August to develop a detailed framework for the design of an open API.

FDATA Executive Director Andy Maciver was a member of the OBWG Steering Group, and FDATA members sat on all six of the sub-groups it created to develop the detailed proposals.

Commenting on the release of the report, Andy Maciver said:

“We were delighted to be involved in this report, the production of which brought together all of the industries required to make open banking a success, including banks, regulators and financial technology bodies.

“We welcome the proposed framework which has been developed – the suggestions for how we operate standards, security and governance are robust and represent a solid foundation on which to build.

“We are also pleased that the banking industry felt able to sign up to a report which makes clear that the passing of data to authorised third parties on behalf of consumers, in order to help them make better financial decisions, is both possible and desirable.

“However, we would restate what we have campaigned on throughout the process; if the UK really is to develop any form of competitive advantage, and be seen as a leader in this field, then we must travel further and faster.

“The recommendation of the report, that some read-only data be available through an API from Q1 2017, with more being available from Q1 2018, and write-access from Q1 2019, effectively copies the timescales required by PSD2.

“We believe that all of a consumer’s financial data across all types of account should be available in an API far more quickly than this, and the technology already exists to make it happen.

“Third party providers of account aggregation and payment initiation services exist because consumers have demanded it. Consumers want a smooth and sophisticated way to analyse and manage their financial lives. They want their financial data – all of it, unredacted and in real time – in one place. Our members provide that for them, and the slower this process is, the longer it will take for the UK to allow its consumers to access the services they want and need.”

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