OBE News! The world's best use case
Open Banking Excellence (OBE)
Global centre of community and knowledge driving change in Open Banking/Open Finance through content and connections.
I’m proud to sit on HM Revenue & Customs ’s Payments Panel advising on the future strategy for Open Banking Use Cases. So delighted to reveal a little more about this work with you.
First of all, a huge and heartfelt thank you to everyone who has supported this strategic planning, your help was absolutely key.
Earlier in the summer, we convened our community to take part in a huge listening exercise around HMRC’s ambition to launch APIs which allow 3rd party platforms to log in to key tax services on behalf of their clients. Britain’s tax authority has already pioneered the world’s greatest use case after introducing its groundbreaking “pay by bank account”, which has now been used in at least 4.5 million tax payments worth more than £14 billion.
Some of you will have heard me proudly say this on stage before - I make no apologies for shouting about it and flying the flag for us all!
The innovators at HRMC wanted to know whether there was the commercial appetite to support widespread adoption of its new APIs. They were also keen to gather feedback on the design and scope of the APIs, as well as ideas on the potential future opportunities and innovations Open Banking can unlock. These include the ability to view account balances, to see - and therefore plan for - known future liabilities, and to claim repayment of credit balances. Their goal is to make it easier for taxpayers to understand their tax obligations. And better able to plan, prepare for and then discharge them. HMRC wanted to know if you felt it was heading in the right direction.
We had an incredible response to this crucial listening exercise, with our community rallying to generously share their time and provide expert insights and guidance.
To say that we were overwhelmed by your responses would be an understatement.
Nick Down , HMRC’s Head of Payments, HMRC: “I can’t thank people enough. When we started, the best case was that we might receive some positive responses, and maybe some help.
“In fact, every organisation we reached out to - banks, fintechs and regulators - offered us substantial assistance and encouragement as well as generating a rich stream of ideas for the future. You have given us an enormous boost.”
When you get amazing people together - incredible things happen!
These conversations continue with us now having more detailed discussion with technical and regulatory experts from our community.
As we know HMRC is the best use case in the UK, and therefore I’d strongly suggest the world. The current project is hugely important for HMRC, it also will inject a significant amount of transaction volume into the market, at a time when we need it most. And through collaboration the world’s best use case is getting even better!
Stay tuned for the next developments in 2024…exciting times ahead for us all!
Thank you for your truly first class advice, amazing support which has been taken on board.
Another chance to watch our incredible November Campfire!
AI is the hottest topic in the world and inspired a red-hot OBE Campfire.
During our November Campfire, we explored the intersection of artificial intelligence and Open Finance, discussing opportunities created by these two game-changing paradigm shifts.
The Future of Payments Review
The Treasury has released Joe Garner’s Future of Payments Review. It was a great honour to take part in this landmark alongside members of the OBE community.
If found that Open Banking can “provide an alternative” to cards and stated: “We are optimistic about the scope for innovation and believe that the UK can use Open Banking to capture a world-leading position.”
We’ve been calling for dispute resolution processes as well as risk and liability frameworks for a long time.
Consumer protection will allow Open Banking to operate at scale. It is hugely encouraging to see the Future of Payments Review recommend urgent action on this fundamentally important issue.
Meet us in person
It’s been a busy month out and about for OBE. I was honoured to take part in the FTT Fintech Festival, Women in Payments and Payments International Informa Connect .
There are weeks before Christmas are also packed with events. So please come and say hi!
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Congratulations to Moneyhub!
Moneyhub b has been placed on an authoritative global list of the top 100 fintech startups compiled by CB Insights , after being chosen from a pool of more than 19,000 competitors.
The video below features Samantha Seaton explaining why Moneyhub is committed to opening up financial advice so it is accessible to everyone, rather than only available to the “1% Club”.
Discover more about Moneyhub’s mission to improve financial wellness:
LatAm is one of the most forward-thinking regions in the world right now. I was delighted to be asked to speak at the Cámara Argentina Fintech Forum 2023 to discuss the Global Open Finance Index and share lessons learned from five years of Open Banking in the UK.
We’re the largest and most engaged community in our space. Our world-leading knowledge resource is a trusted source of insight and intelligence that will guide you on every part of your Open Banking journey. Read more on the OBE website.
OBE is behind many of the Open Banking stories you see in Tier One media and the fintech press.
We’ve secured coverage for our clients on Sky News, the Financial Times, Bloomberg Radio and TV, FT Advisor, MSN, Finextra TV, Alt-Fi, The Paypers, Fintech Finance, and many more.
Contact our Head of Global Press Office, Becci Furnell on LinkedIn to discuss your PR needs and share your message with the world.
Open Banking Excellence (OBE) promised to aim for gender parity at our Campfires.
Data from our good friends at Innovate Finance report shows that the fintech industry has some way to go on diversity, with women making up 28% of the total number of people working in the industry.
We’re doing our bit by asking both men and women to encourage the female talent around them to step forward and let their voices be heard.
Together, we can make a difference!
I’m mindful it’s the season for budgets and planning. We'd be delighted to share more about how we can work with you and your team to promote what you do and how you do it.
Our Campfires are now reaching an audience engagement of 1 million. That’s a punch in the air proud moment for the extraordinary team at OBE, and for you too. We’re all building this incredible, impactful industry together.
I started with a huge and heartfelt thank you so will finish with one!
With all best wishes,