Open Banking in a Box, a new program from Open Banking Excellence (OBE), helps regulators globally develop their open banking markets.
It gives access to insights, expertise and practical advice from the UK’s experience in creating its open banking blueprint. This provides the building blocks for regulators globally to drive change in their own countries. Open Banking Excellence said Open Banking in a Box makes it simpler and faster for regulators to shape and implement their domestic open banking and open finance frameworks and policies. Helping reduce costs and enabling them to impact their citizens and economy positively drives a fairer and more inclusive society.
By accessing Open Banking Excellence’s global community of talent and market expertise, Open Banking in a Box can match the right capabilities and skill sets to each project, sharing best practices to fast-track open banking development. By better understanding the challenges the UK faced and the lessons learned, regulators globally can make more informed choices that lead to a thriving and sustainable ecosystem.
With the UK government continuing to support the UK’s broader Fintech environment and promote open banking innovation, Open Banking Excellence said Open Banking in a Box will champion the UK’s world-leading open banking standards and make the case for greater cross-border interoperability that will benefit UK PLC and support financial inclusion globally.
Open Banking in a Box has been curated for regulators, central banks, policymakers, and other market participants to support national capacity-building efforts and ecosystem development through a combination of regulatory and industry engagement, high-level policy development, project resourcing, and knowledge transfer. It will also provide strategic and operational workshops covering open banking use cases, operating models, monetization, and support in growing a thriving open banking ecosystem. Open Banking Excellence supports each phase of a country’s open banking journey.
“We’re proud to fly the flag for UK open banking around the world,” Open Banking Excellence founder and CEO Helen Child said. “Our Open Banking in a Box programme is the essence of a community—bringing together global knowledge, expertise and diversity of thought to deliver a world-class service for regulators. In parallel, pathfinding export opportunities for UK businesses.
“The UK has a vibrant marketplace and the best use cases to share. We believe in shaping a regulatory narrative by highlighting the importance of a case-driven approach.
“I’ve learned that thriving open banking and finance ecosystems are built on the foundations of use case. It starts with the use case and comes back to it. It’s your North Star.”
