Moneyhub, the award-winning data and payments platform built on the principles of Open Banking and Open Finance has welcomed the Joint Regulatory Oversight Committee’s latest recommendations for the future of Open Banking in the UK. Published on the 17th April 2023, the recommendations set out the next phase for Open Banking.
Dan Scholey, CCO of Moneyhub said: “As members of the Open Bankig Strategic Working Group feeding into the Committee’s recommendations, we’re thrilled that the Committee has set out a strong stall for the future of Open Banking in the UK. It is a promising next step forward in the evolution of this technology, and at Moneyhub we’re pleased to be at the forefront of this transformation.
“We already know that Open Banking is just the beginning, so it's encouraging to see JROC highlighting its expectation for Open Finance as the logical next step. Through the work we carry out for our clients, we know that when customers have all their financial information at their fingertips, from spending data to investments, they achieve better outcomes. Data-sharing drives innovation. With Open Finance on the horizon we hope to see businesses further embrace this technology for the benefit of themselves and their customers.
“However, it's evident, and acknowledged in the report, that banks will need a much clearer framework in which to launch commercial APIs in order to help customers achieve great outcomes. This would open the doors to innovative solutions such as variable recurring payments which could have a significant impact on consumer’s financial health.
“We’re glad to see that there is a clear focus on levelling up availability and the performance of this technology. We'd encourage JROC to ensure they are not only measuring results on technical response times, but also user experience metrics.
“The report also highlighted the reluctance of Account Servicing Payment Service Providers (ASPSPs) to conform to fraud rules. This has held up the roll-out of Open Banking payments for many. We hope that interim and future governing bodies can help drive incentives targeting this issue. As a third party provider (TPP) Moneyhub is happy to share additional insight with ASPSPs in order to drive Open Banking payments.
“The potential for Open Banking to transform how we all manage our money is significant, and we already are seeing how Open Finance and Open Data benefits consumers. Ultimately when we unlock data, we can unlock opportunities so while there is still more to be done, we’re starting to turn the key.”
Contacts
Ingrid Anusic
Marketing Director, Moneyhub
ingrid.anusic@moneyhub.com
M: +44 783 722 6553
Eleanor Ross
Account Director, Teamspirit (Moneyhub PR Agency)
ERoss@teamspirit.uk.com
M: +44 7393 758 446
About Moneyhub
Moneyhub is a data, intelligence, and payments company which develops ISO 27001 certified software for Open Banking, Open Finance, and Open Data applications. Its FCA-regulated Open Data platform enables companies to quickly and easily transform data into personalised digital experiences and initiate payments. Its APIs and fully customisable platform provide data aggregation, insights, notification nudges, and payment systems. As a result, clients have the consent-driven data and analytics they need to create super-personalised offers, products, and services. Hundreds of organisations, spanning finance to media and retail, rely on Moneyhub’s award-winning technology.
For more information, please visit www.moneyhub.com.