A government-backed report by the Open Banking Working Group has said that UK banks should share their customer data to help consumers compare banking products and stoke much needed competition in the industry; this move would involve using technology to open up access to data, supported by robust security measures. British Bankers' Associations' Barclays head said "opening up data from everyday bank transactions, known as 'open banking', has the potential to revolutionise the way consumers and businesses manage their money". This move also comes as changes in EU law mean banks will have to open up access to their payments systems and allow customers to receive their data over the internet to share with third parties within the next two years.
A government-backed report by the Open Banking Working Group has said that UK banks should share their customer data to help consumers compare banking products and stoke much needed competition in the industry; this move would involve using technology to open up access to data, supported by robust security measures. British Bankers' Associations' Anthony Browne said "opening up data from everyday bank transactions, known as 'open banking', has the potential to revolutionise the way consumers and businesses manage their money". This move also comes as changes in EU law mean banks will have to open up access to their payments systems and allow customers to receive their data over the internet to share with third parties within the next two years.