The Investing and Saving Alliance (Tisa) has partnered with data, intelligence and payments platform Moneyhub to develop a set of API standards for Open Finance.
Tisa’s Open Savings, Investments and Pensions (OSIP) initiative will make use of Moneyhub’s sandbox to experiment with data sharing among financial services providers and fintechs. Trial members include Fidelity International, Hargreaves Lansdown and Coutts & Co.
A testing stage using synthetic data will run from October 2021 up until the first quarter of 2022 and then live customer data will be used in a beta phase until mid-2022. OSIP participants who are signed up to the OSIP standard will then be able to access information on their accounts via the OSIP API. The sandbox test will help bring Open Finance standards in line with Open Banking particularly in areas such as security, data minimisation and user experience.
OSIP provides standards and accessible APIs to accounts and allows consumers to have a complete view of their investments by comparing products, switching to better rates and making more informed decisions on saving, investing, spending and borrowing.
Moneyhub CEO Sam Seaton says: “Open Finance has a monumental impact on consumers’ financial health by making visible for the first time in one place all their pensions, savings and investments, which in turn allows them to make better-informed decisions. That’s why we believe it’s imperative the industry pull together to support the development of Open Finance standards and why Moneyhub is delighted to support the OSIP initiative. And let’s remember, Open Finance is not just changing the frontiers of financial services, it is also the backbone for a new automated economy that will touch all industries.”
TISA CEO David Dalton-Brown says: “Just as you can compare car insurance quite easily online today, we hope that one day soon you’ll be able to quickly and in a transparent manner review your savings, investment and pensions, so you can quickly switch from one organisation to another if you’re not getting the best available deal. For that to happen, the industry needs to collaborate on developing standards for Open Finance that are as robust and respected as those for Open Banking. Moneyhub, who participated in the development of the initial Open Banking standard and which has led the way for the industry in terms of thinking through the future of Open Finance, is the natural partner for us on this journey.”
