The Open Data Institute has published its report into an Open Banking Standard. Changes in EU law mean that within the next two years UK banks will have to open up access to their payments capabilities, and to provide services that will enable their customers to receive their data over the internet and easily, safely and securely share it with third parties. The Open Banking Standard therefore aims to guide how open banking data should be created, shared and used by its owners and those who access it, with a view to protecting privacy and keeping the data secure.
The Open Data Institute explain how there are specific benefits that could come from making it easier to share and open banking data. For example, customers can look for a mortgage more easily, banks can find customers matched to a new product, and businesses can share data with their accountants. This, in turn, will improve efficiency and stimulate innovation.