In November of last year the government of the UK set up the Open Banking Working Group (OBWG) to explore how banks and fintech firms can collaborate on an open API standard. The OBWG latest report is all about sharing bank data through such open APIs, allowing for an easier comparison of services and customization.
The UK government has thrown its weight behind a report calling for the creation of an open banking standard that makes it easy to share and use financial data, arguing that the move would improve choice for customers, promote competition and stimulate innovation. Having promised to work with banks and fintech firms on a detailed framework for an open API standard, in November the government set up the Open Banking Working Group (OBWG), giving it a remit to explore how data could be used to help people to transact, save, borrow, lend and invest their money. Reporting back, the OBWG says that bank data, including information about products and services, should be made available as open data so that services such as comparison tools, can be built allowing customers to get more out of their financial relationships.