9th February 2016 Church News.
The Open Banking Working Group (OBWG) has published its long awaited report into the adoption of an open API banking standard. The Group, formed at the request of a UK Government keen to increase competition on the High Street, counts Lloyds, HSBC, RBS and Santander among its membership. Its report argues that a common data-sharing standard would make it easier for customers to find the right financial products and for companies to share information electronically. It recommends a new body be set up, which will work to create a minimum standard by the end of 2016 and a full product covering business, customer and transactional data within three years.
