London, 24 July 2020 – While open banking has now become a reality in the UK and Europe, there are still a number of financial institutions (FIs) that are finding it challenging to get ready.
Open Banking Excellence (OBE), PIF and Ozone API have come together to undertake a state-of-the-nation survey to better understand the views of FIs and gather valuable insights into the readiness of smaller players.
The survey will be open for one week from Friday, 24 July to Thursday, 30 July. All insights will be reviewed, analysed and shared with the industry in due course.
Diane Brocklebank, Commercial Director of PIF, said:
“The challenges from open banking come in equal measure with the opportunity, so we are keen to build a much deeper understanding of the obstacles faced by smaller firms. We are looking forward to collaborating with Ozone and Open Banking Excellence to spotlight the readiness of these smaller players.”
Helen Child, co-founder and CEO of Open Banking Excellence, said: “We believe the best way to understand and support your community is by connecting with it and regularly taking its pulse. As a global platform and voice for the Open Banking and Open Finance industry, we work hard to help companies and institutions of all sizes share their experiences, challenges and lessons learnt to support the growth trajectory of this new dynamic sector.”
Huw Davies (Co-founder and Chief Commercial Officer, Ozone API) said: “Open banking provides a great opportunity for smaller financial institutions to punch above their weight in the marketplace. Delivering great standards-based open APIs should create a real foundation for growth, so by working together with the amazing communities of PIF and OBE we are looking forward to understanding the current state of readiness and where the challenges arise.”
The survey can be accessed here.
PIF is the not-for-profit industry body representing the high-growth prepaid fintech sector, proudly representing the interests of businesses that are regulated under e-money and payment services legislation with a voice to regulators, policy makers and the media. We exist to positively influence key stakeholders to encourage industry best practice for the benefit of consumers and the reputation of those in the industry, stimulate industry awareness and help our members to navigate complex commercial and regulatory challenges.
Open Banking Excellence (OBE) is the world’s leading community of Open Banking and Open Finance pioneers, including fintechs, banks, regulators, BigTechs and wider financial services institutions that gather to learn, share stories, spark debate and, importantly, collaborate.
OBE is the authentic voice representing a global movement of like-minded experts who through collaboration provide technical, regulatory and legal insight into Open Banking and its wider implications for a dynamic and innovative financial sector.
We founded Ozone as we saw how difficult, expensive and time consuming banks were finding it to deliver good, standards based open APIs. In fact, we started on this journey by building the sandbox and reference implementation for the UK Open Banking Implementation Entity (OBIE). Essentially, the model example of how to build to the standard.
From there, we created a platform that helps banks and financial institutions deliver great, standards based open APIs that handle the complexity of open banking and open finance.
Open banking is a global phenomenon which is set to change the financial services landscape fundamentally and we’re now working globally to achieve our mission to accelerate the global adoption of open banking, by:
- Helping financial institutions deliver great, standards based APIs.
- Providing central players with the technology to build a thriving ecosystem
Tatyana Marsh: email@example.com
Huw Davies: firstname.lastname@example.org