Trust frameworks are the cornerstone of a secure and competitive open finance ecosystem, ensuring safe data sharing and fostering innovation across the financial services landscape.
Without a robust trust framework, consumers may hesitate to share their financial data with third-party providers, fearing a lack of security and control. Similarly, data holders such as banks may be reluctant to grant access to their systems and may be concerned about the potential for unauthorised or malicious use of the information.
“Through the Open Banking Working Group we have the opportunity to bring clarity, trust and innovation to the payments industry, and help deliver tangible momentum alongside claims of potential. Open banking is enabling a more efficient and cost-effective way to move money, while businesses are more motivated than ever to improve their digital journeys, grow their revenue, and reduce their costs. With the Payments Association, we can be part of the ecosystem helping to drive this change.”
The Open Banking working group’s efforts were largely focussed on supporting the recommendations made to JROC on the development of a Future Open Banking Entity in the U.K. The working group provided insight and perspectives for TPA’s representatives to take the various meetings on the funding, governance and capabilities of a future entity.
A recent Forbes article stated that in the next 3-5 years, 76% of global banks predict that usage and customer adoption of open banking applications will increase by 50%. Open banking certainly improves customer experience and offers a decreased risk of fraud and associated costs. Yet uptake among retailers currently remains slower than desired.
The Open Banking Working Group explored retailers’ perspectives on open banking which culminated in a successful webinar and opinion piece.
The Open Banking Working Group’s “Power to the People: How Open Banking is transforming how we access and manage our money” guidebook discusses open banking, how to apply it to reduce pain and friction within businesses, and how it impacts the consumer experience. Featuring use case studies and video interviews from some of the key innovative players in the open banking space, it provides first-hand prospectives on how businesses offer better solutions to their customers at a lower cost.
Join Tony Craddock, Director General and Founder of the Payments Association, for a deep dive into the evolving landscape of open banking with industry leader Marion King. In this episode, Marion shares her insights from a distinguished career that has significantly shaped the UK’s payment sector, from introducing Faster Payments to her influential role as CEO of Vocalink and beyond.
Please fill out the form to indicate your interest in receiving more information about The Payments Association’s Open Banking Working Group. A member of our Project Team will be in touch with you shortly.
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