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Open Standard Application Programming Interface (API) in banking

HM Treasury publishes report of the Open Banking Working Group (OBWG), outlining the framework for standard open APIs.

techUK, along with a number of our member firms, has been delighted to participate in the work of the Open Bank Working Group (OBWG), convened at the request of HM Treasury to draft a framework for an Open Standard Application Programming Interface (API) in banking.

As noted by techUK’s OBWG representative, Lisa Moyle, Head of Financial Services & Payments,

“We welcome the report and have certainly recognised the importance of the HM Treasury initiative since the early call for input. Our members have a long track record in driving innovation across financial services and their ability to do so can be fuelled by access to data, through both open data and open standard APIs.

“Given the impending changes to the EU regulatory framework, with the revised Payments Services Directive (PSD2) due to be transposed into national law by January 2018, techUK urges the Government to adopt a more ambitious timeline for implementation than the report suggests and to cement the UK’s leading edge in financial services innovation.

“Innovation in financial services can help deliver on the UK government’s aspirations for the sector; a more competitive, inclusive, transparent and resilient industry. The OBWG brought together a broad range of stakeholders and viewpoints to address issues around governance, security and ensuring that standards are implemented effectively.”

The report can be found here.

 

Channel website: http://www.techuk.org/

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