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April 23, 2023   Digital, NEO, Open Banking, Open Finance, FinTech and Alternative Finance, Fintech International, Innovation and Resources, Leadership, Productivity, Competition, Human Capital, Health, Legal Issues, Regulation, Consultation   No comments

UK Government Publishes Recommendations for the Next Phase of Open Banking

HM Treasury | Release | April 17, 2023

JROC Open Banking Recommendations April 2023 - UK Government Publishes Recommendations for the Next Phase of Open Banking

Image: JROC report

The Joint Regulatory Oversight Committee (JROC) has published its recommendations for the next phase of open banking in the UK.

  • The Joint Regulatory Open Banking Committee (JROC) consists of HM Treasury, the Competition and Markets Authority, the Financial Conduct Authority (FCA), and the Payment Systems Regulator (PSR), with the FCA and PSR serving as co-chairs.
  • JROC plays a crucial role in advancing open banking in the UK, which currently has over 7 million active users. This expansion will create opportunities for new products and services, allowing consumers and businesses to share data and make payments more efficiently.

See:  Update on the Future of Open Banking in the UK by Joint Regulatory Committee

  • The committee's recommendations include a two-year roadmap with five key themes:
    • Improving availability and performance
    • Mitigating financial crime risks, ensuring consumer protection
    • Enhancing information flows to third party providers (TPPs) and end users
    • Promoting additional services using non-sweeping variable recurring payments (VRP) as a pilot.
  • Additionally, JROC outlines its vision for the open banking future entity and the transition from the Open Banking Implementation Entity (OBIE), as well as the principles for a long-term regulatory framework, which the government plans to legislate.

View the original release --> here

Download the 50 page PDF report --> here

NCFA Jan 2018 resize - UK Government Publishes Recommendations for the Next Phase of Open BankingThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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