Open Banking Limited (OBL), an organisation that works with the CMA to develop the UK’s Open Banking standard, has unveiled two new data collection frameworks focused on  ‘Levelling up availability and performance’ and ‘Mitigating the risks of financial crime.’

The development marks the completion of the initial deliverables from OBL in alignment with the recommendations set by the Joint Regulatory Oversight Committee (JROC) in April 2023, titled “Recommendations for the next phase of open banking in the UK.”

The first framework – ‘Levelling up availability and performance’ – focuses on enhancing the consistency and quality of open banking API availability and performance across all account servicing payment service providers (ASPSP). From API data, the OBL says it can get insight into the frequency of outages and assess whether additional clarifications or modifications to API standards are required.

Additionally, the enhanced reporting based on industry data will ensure transparency regarding confidence levels in API availability and performance throughout the open banking ecosystem.

The other framework titled ‘Mitigating the risks of financial crime’ will establish an evidence base to facilitate the secure expansion and evolution of the open banking ecosystem. To do this, it will enhance reporting on financial crime occurring in the open banking channel. While the initial focus will be on fraud data, the OBL says it is interested in aggregating broader financial crime data. 

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The OBL now plans to initiate data collection by looking for third party providers and ASPSPs  to submit data voluntarily. This will be shared with the Payment Systems Regulator (PSR) and the Financial Conduct Authority (FCA) to inform policy considerations like potential alterations to reporting requirements and further consultations. 

The OBL is actively encouraging firms to participate in submitting their data for the continued development and improvement of banking in the UK.