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FDATA welcomes new open banking push

The Financial Data and Technology Association (FDATA) has welcomed the decision by the Open Data Institute (ODI) to convene a new group to continue the work of the 2015 Open Banking Working Group.

The new group, which includes FDATA, will meet on 14th April for its first discussion.

Commenting, FDATA’s Executive Director Andy Maciver said:

“A huge number of people worked hard to produce last year’s Open Banking Standard, which was a solid foundation to move forward with an open API in UK banking. However much work remains to be done, and we share the ODI’s wish to build on the momentum which has been created.

“We’re delighted to join the new group, and our members will participate actively during the process. We must ensure that we mainstream the use of APIs and other data aggregation methods as widely and as quickly as possible in order to give the UK global leadership status.

“We are on the cusp of a great step forward in the UK banking industry, and we will work with everyone with a stake in it to create an open standard which empowers customers to make better decisions and take control of their financial lives.”

The ODI’s announcement can be read here.