School's out & the reports are in!
Open Banking Excellence (OBE)
Global centre of community and knowledge driving change in Open Banking/Open Finance through content and connections.
Dear Open Banking Pioneers,
School's out and the results are in. It's your time to catch up on industry news and milestones.
Our team had the pleasure of attending Open Banking 's Strategy Summit, hosted by TrueLayer , and the latest open banking statistics didn't disappoint! Open banking is celebrating a new milestone with 10.9 million active users in the UK, a testament to the positive growth since the blueprint's introduction in 2018.
This announcement comes just days after the Government committed to introducing smart data powers through a new Digital Information and Smart Data (DISD) Bill, as highlighted in the King's Speech. This essential legislation, supported by Labour's manifesto promise to "turn the page" towards greater financial innovation, will build on the significant achievements of open banking, laying the foundations for future growth and propelling the UK towards an innovative, data-driven economy. The legislation will unlock the full potential of open banking as we transition from the current competition remedy to a long-term regulatory framework.
But that’s not all - with the Consumer Duty deadline of July 31st passed, it’s crucial for businesses to ensure that they have met the new standards. The regulation requires organisations to prioritise customer needs, focusing on product and service quality, price and value, consumer understanding and support. Compliance is not only essential to avoid hefty fines, but also presents an opportunity to enhance trust and encourage growth. We have an entire section dedicated to consumer duty as part of our knowledge hub, which will help you understand more about your obligations.
Enjoy the rest of your summer and we look forward to more milestones into the autumn.
At OBE we know that no one is born knowing about open banking and that everyone has a day one. We’ve drafted an Industry Briefing Document, on Section 1033 the rule which is in effect the starting gun for open banking in the US. It’s such a challenge to keep a read across everything that happens in our fast-paced industry.
Why should you get involved?
The USA is about to make a serious commitment to the portability and easy sharing of the financial data of over 330 million people.
As the world’s biggest financial services market prepares to accelerate open finance and bolster consumers’ rights to their financial data, global fintech brands have an opportunity to align with the benchmark assessment of the potential market impact and opportunity inherent in the Consumer Financial Protection Bureau 's (CFPB) proposed rule and the first implementation of Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
What does this mean for the ecosystem?
Whether you’re focused on operating a global business or just want to ensure best practices is shared from the UK, your voice counts. The survey offers a chance to learn just what is working well and where improvements are needed, you also have the (optional) opportunity to have your view featured within the index.
With differences in the home grown regulations, there’s a real chance to be part of cross-ecosystem improvements and success across both sides of the ocean.
Your voice matters! At OBE, our community thrives on collaboration and the valuable insights you share. We’d love to hear your experiences, they’ll form a snapshot in time as the US hurtles towards consumer adoption across open finance and could indeed open doors for the UK and beyond.
Konsentus released its Q2 2024 TPP Open Banking Tracker and here are some of the highlights for EEA:
Find out more by viewing the tracker here
NayaOne Enterprise Gateway Marketplaces (EGMs) are reshaping partnerships between banks and fintech firms and in this blog authored by Varun Resh Maddali , NayaOne dives into its sandbox environment.
Open Banking in a Box: Empowering businesses and regulators globally
“Open Banking in a Box” is a first of its kind programme to support regulators with capacity building and ecosystem development in parallel pathfinding for UK businesses with new market access opportunities leveraging the UK’s leadership in open banking.
By providing access to OBE’s global community of top-tier talent and market expertise, “Open Banking in a Box” ensures a smooth and informed journey through the complexities of open banking.
Discover how OBE can support the development and growth of open banking ecosystems globally and provide strategic market access for UK businesses looking to maximise their international footprint.?
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Please use this link to book a call with us, we would be delighted to talk with you.
As part of our mission to promote the best of British business globally, we’re embarking on a journey worldwide with our creatively named initiative. Leveraging both the UK’s leadership position in Open Banking and our platform as the world's largest and most engaged community, we want to share the best of Open Banking and Open Finance.
This campaign offers distribution across all of our channels, reaching all corners of the world.
Why should you participate?
Your contributions will collectively drive the global financial sector towards more innovative and inclusive solutions.
As the summer heats up, it’s the perfect time to dive into our handpicked collection of articles, guides and reports from the OBE website as part of our knowledge hub highlight.
Consumer Duty:
Samantha Seaton Dan Scholey Suzanne Homewood Ingrid Anusic Kirsten Ward Simoney Kyriakou Helene O. Aman Virk Anne Godbold Carmen Reichman Craig Hamilton Jill Jackson Tony Crane Vaughan Jenkins Carl Wallis
Moneyhub Financial Conduct Authority 埃森哲 Salesforce FT Adviser Phoenix Group The Big Exchange Sesame Bankhall Group
Featured reads; Around the world in 80 Blogs:
Zhanar Samayeva Vasil Shengelia MBA, FRM Varlam Ebanoidze Jill Berry Ross Sharman Garry Harding Stefan Jarnason Ben Gleisner
National Payments Corporation of Kazakhstan National Bank of Georgia Adatree Accurassi EnergyFlex Solar Analytics Cogo
Campfires:
Elizabeth Lumley Lauren Jones Simon Lyons Tom Bull Akila Quinio Stephen Wright Jane Moore Kat Cloud Henk Van Hulle Kate Fitzgerald William Shaw Karen Wall Michael Charles Borrelli Natalie Simpson Suzanne Homewood
The Banker Konsentus obconnect Mastercard Open Banking 安永 Financial Times NatWest Financial Conduct Authority Envestnet, Inc Open Banking Payment Systems Regulator 彭博资讯 J.P. 摩根 AI & Partners Moneyhub
Kevin Hollister , Founder and CEO of Guiide , praised the positive changes addressing retirement complexities mentioned in the King's Speech. In his feature in the Actuarial Post, Kevin highlights the significant impact these reforms will have on simplifying retirement income planning and improving financial outcomes for retirees. The proposed measures aim to address issues such as fragmented pension pots and the complexity of managing retirement finances, offering a more streamlined and accessible approach for individuals planning their retirement.
For a deeper dive into these important changes and their implications, read the full coverage here: King’s Speech Addresses Retirement Income Complexities.
Once again, we would love to include your thoughts in The Transatlantic Index USA, due to be released in the autumn. To get involved, all you need to do is complete this survey ASAP
Not only will the Index seek to highlight the opportunities in highlighting the British Standards in a Transatlantic comparison, it will help those who are interested in doing business on both sides of the pond.
Thank you,