1. Open Banking LendIt Imran Gulamhuseinwala OBE Ernst & Young Global FinTech Leader Implementation Trustee for Open Banking

2. Security, privacy and express consent are the pillars of Open Banking
WHAT IS OPEN BANKING?
What is Open Banking?
Open Banking is:
A new and secure way for customers to take control of their financial data
A new and secure way for customers to make payments from their bank accounts
A set of technologies and data standards that can be used by the developer community
Security, privacy and express consent are the pillars of Open Banking

3. Many interpretations of the vision
WHAT IS OPEN BANKING?
Many interpretations of the vision
… to give people real control over their finances so they can securely and effortlessly move, manage and make more of their money
… to digitise financial services
… to level the playing field between large players, small players and new entrants
… to enable platform banking

4. The Open Banking Implementation Entity (OBIE)
Tasked with delivering the Open Banking API standards and security architecture
OBIE was set up by the CMA in September 2016
A world leader in the implementation of the Open Banking Remedies, assisting in the delivery of the first APIs
A private body whose governance, composition and budget was determined by the CMA
Funded by the CMA9 and overseen by the CMA, the Financial Conduct Authority (FCA) and Her Majesty’s Treasury
The CMA9 are the UK’s nine largest current account providers: AIBG, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, RBS and Santander

5. THE OPEN BANKING IMPLEMENTATION ENTITY (OBIE)
Safety and Security
Security is at the heart of Open Banking
Privacy
Security
Consent
Open Banking
The specifications and standards that make Open Banking a reality are designed to ensure customers are always in charge of their data
Supported by the Open Banking Directory infrastructure that provides a secure access solution for authorised third parties

6. The Open Banking Timeline
MAKING OPEN BANKING A REALITY
The Open Banking Timeline
March 2017
Open Data v1 API standards published
August 2017
Open Data v2
API standards published
13 January 2018
PSD2 comes into effect
OB Roadmap
July 2017 Read / Write v1
API standards published
October 2017 Open Banking Directory enrolment begins
January 2018 Open Banking go-live:
Secure access to personal and business current accounts available to authorised parties

7. Making Open Banking a Reality
We are building the solution set
But success depends on the market seizing this opportunity
Help us make Open Banking a reality
THANK YOU

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