HSBC, Lloyds Banking Group, Mastercard, Revolut and IBM are among the founding members of the Open Finance Coalition announced by the Centre for Finance, Innovation and Technology (CFIT) this week.
The Coalition aims to “demonstrate the power of leveraging financial data to deliver better financial outcomes to consumers and SMEs”.
A program of work this summer will “identify and unlock access to data sources that have the potential to improve consumer financial outcomes and access to financial services for SMEs”. From September, the intention is to establish working groups to create “specific outputs, such as new proofs of concept, products or data partnerships between incumbents and fintechs that will make a real difference to businesses and consumers across the UK”.
Kalifa Review
CFIT was set up on the recommendation of the Kalifa Review, and is mandated to remove barriers for growth for fintech and assist the government’s aim of making the UK a global leader in financial innovation.
In the statement announcing the Coalition, CFIT CEO Ezechi Britton MBE said: “This Open Finance coalition is the first time that such a cross section of the ecosystem has come together to solve complex challenges in this way and on this scale.”
The full list of organizations committed to the Coalition, which is also backed by the FCA, is;
- The Association of British Insurers
- Allen and Overy
- Amazon Web Services
- City of London Corporation
- Experian
- EY
- HSBC
- IBM
- Innovate Finance
- Iwoca
- KPMG
- Leeds City Council
- Lloyds Banking Group
- Mastercard
- MBN Solutions
- Monzo
- Open Banking Limited
- The Open Finance Association
- Revolut
- Smart Data Foundry
- Zopa Bank