JROC and PSR have published their recommendations for the next phase of open banking
IN BREIF:
The Joint Regulatory Oversight Committee (JROC) is playing a leading role in taking the next steps in open banking which currently has over 7m active users in the UK
This will bring opportunities for new products and services, allowing consumers and businesses to share data and make payments in more convenient and efficient ways
There will be a transition from the Open Banking Implementation Entity (OBIE) to the future entity which will build on the significant progress made to date
What does this mean?
The co-chairs of the committee, PSR’s Managing Director, Chris Hemsley, and FCA’s Executive Director, Consumers and Competition, Sheldon Mills said: “Open banking can be a UK success story and we want to help it grow and develop sustainably. Today's report sets out a roadmap and the framework for delivering the next phase of open banking. Only through effective collaboration can we deliver on our ambition and develop open banking in a way that promotes continued innovation and competition, for the benefit of consumers, businesses, and the wider economy.”
