Smart Data Innovation Guidebook ALPHA
  • Smart Data Innovation Guidebook
    • Introduction
    • What is this guidebook for?
    • Who is this guidebook for?
    • Guidebook Status
  • Key highlights and recommendations
  • Data Infrastructure
    • Data assets
    • Standards
    • Technologies
    • Policies and guidance
    • Organisations and communities
  • Smart Data Schemes
    • Open Banking
    • Open Finance
    • Open Communications
    • Open Energy
  • Innovation Progamme Inventory
    • Innovation Programme Inventory
    • Digital Sandbox
    • Open Banking
    • OpenActive
    • Data Pitch
    • Modernising Energy Data
  • Roadmap
    • Roadmap introduction
    • Building the ecosystem
      • Research the landscape
      • Convene the stakeholders
      • Assess the needs
    • Growing the ecosystem
      • Test and develop
      • Scale the initiative
    • Evolving the ecosystem
    • Conclusion
  • Appendix
    • Glossary
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  • Open Banking Standard
  • Open Banking Directory Sandbox
  • Open Banking Ecosystem / App Store
  1. Innovation Progamme Inventory

Open Banking

Open banking connects banks, third-parties and technical providers – enabling them to simply and securely exchange data to their customers' benefit.

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Last updated 3 years ago

Open Banking is a pioneering initiative designed to increase competition and innovation in the UK’s banking market. It is the first significant attempt to use technology to rebalance markets in favour of consumers. Its objective is to allow bank customers to securely share their data with third parties so a broad range of businesses can compete to provide bank customers with better financial services, more choice and lower prices.

Open Banking was the first Smart Data Scheme, it provides three key mechanisms that help organisations enable innovation within the banking sector:

This data ecosystem map shows how Barclays uses Open Banking to deliver benefits to customers:

Through the Open Banking ecosystem, Barclays is able to provide additional services, work with innovative startups, and gain better knowledge of their customers. Explore the map .

Open Banking Standard

The Standard is designed to assist any European account providers in meeting their PSD2 and RTS requirements as well as supporting their application for an exemption from the contingency mechanism. This market-enabling Standard is built in an optional modular format to most effectively meet consumer and market needs

Owner: Open Banking Limited

Sector: Finance

Duration: 2017 -

Cost: Ongoing costs include:

  • FYE '20: £4.6M

  • FYE '19: £7.4M

The following participant types are registered with Open Banking Ltd.:

Over 700 million API calls as of Dec 2020

Open Banking Directory Sandbox

A developer sandbox for Account Servicing Payment Service Providers (ASPSPs) and Third Party Providers (TPPs) to test their services and Technical Service Providers (TSPs) to test their open banking technologies.

Owner: Open Banking Limited

Sector: Finance

Duration: 2017 -

Cost: Ongoing costs include:

  • FYE '20: £4.6M

  • FYE '19: £7.4M

  • ASPSPs and TPPs can test their services in the Directory Sandbox.

  • Technical Service Providers (TSPs) can use Directory Sandbox to test their open banking technologies.

Dummy data is provided as part of the Sandbox

Open Banking Ecosystem / App Store

The Open Banking App Store is a catalogue of open banking enabled-apps and services.

Owner: Open Banking Limited

Sector: Finance

Duration: 2017 -

Cost: Ongoing costs include:

  • FYE '20: £4.6M

  • FYE '19: £7.4M

Over 100 apps and services are listed on the directory.

Open banking data

Description: is designed to assist any European account providers in meeting their PSD2 and RTS requirements as well as supporting their application for an exemption from the contingency mechanism. This market-enabling Standard is built in an optional modular format to most effectively meet consumer and market needs

Description: The provides an environment and dummy data to test services and open banking technologies.

Description: The helps consumers and businesses to discover fully regulated and secure apps and services that are open banking-enabled. It supports potential users to compare products, and quickly understand the functionality of each, based on standardised categories.

2020 showed

The Open Banking Standard
Account Servicing Payment Service Providers (ASPSPs)
Third Party Providers (TPPs)
Technical Service Providers (TSPs)
API Specifications
Security Profile
s
Customer Experience Guidelines
Operational Guidelines
Reference Library
Open Banking Directory Sandbox
High level use cases for the Open Banking Directory
Open Banking App Store
a rapid uptake of open banking-enabled products and services
The
Open Banking Standard
The Open Banking Directory Sandbox
The Ecosystem / App Store
here
2MB
191108 - Open standards for data - FINAL.PDF
pdf
Frontier Economics (2019), ""
Open Standards For Data: Evaluating the economic and social returns