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Global Technical Standards

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Open Finance Global Standards

Smart Data Foundry is driving international alignment and harmonization of the principles for how customer financial data is shared. With greater alignment comes increased interoperability within and across financial ecosystems. This leads to a better experience and increased safety, allowing for rapid innovation at scale and at lower cost, increasing the benefits of Open Finance to consumers and small and medium-sized enterprises (SMEs) across the globe.

Global Technical Standards

Governments and organisations around the world, large and small, are embracing Open Banking, Open Finance and, ultimately, Open Data. Millions of consumers and SMEs can safely unlock the power of their financial data by safely sharing it with trusted third-party organisations. These third parties exist to help these customers obtain positive outcomes through new products and services that are designed to improve their lives.

Open Finance is powered by innovation in ways to make payments, drive financial inclusion, and better understand our own financial behaviours; while opening up competition and designing consumer protections safeguards into new products to ensure the protection of all stakeholders.

 

As they innovate, we've observed that different countries and regions may develop the supporting technical standards needed to make Open Finance work in isolation of each other. This reduces interoperability by creating complexity, slowing the pace of innovation and making it difficult for financial providers and innovators to engage with new consumers and SMEs in global markets.

Global Open Finance Technical Standards Working Group

Smart Data Foundry recognises this opportunity and is addressing it with the Global Open Finance Technical Standards Working Group.

Already represented by over a dozen countries across six continents, the working group is driving international alignment and harmonization, meaning a more cost-effective approach to allow for rapid innovation at scale, increasing the benefits of Open Finance to consumers across the globe.

Key areas of focus

  • Drive global co-operation on interoperability for Open Finance technical standards.
  • Lead global collaboration and agreement of standards in API security, digital identity, and threat and attack models.
  • Unlock the benefits of Open Finance for consumers around the world through innovation and sharing best practice as requirements change and evolve to changing consumer needs.
  • Create and maintain the ‘go-to’ digital Open Finance standards library for up-to-date documentation on technical standards, the state of open banking globally and a platform for research.

Get involved

To stay up to speed on what we’re doing and to help drive common standards for Open Finance, please contact brian.costello@ed.ac.uk and we will keep you informed.