Evmark Business Solutions

On January 15th, Open Banking celebrated its sixth anniversary, marking a significant milestone for the industry. As we reflect on the progress made in the past six years, it is the perfect time to provide an update on the Joint Regulatory Oversight Committee (JROC) and its role in guiding the future of Open Banking.

The JROC committee, which began its work in June 2023, has already proven to be essential in realizing the full potential of Open Banking. From the Data Protection and Digital Information (DPDI) Bill to the Payment Systems Regulator (PSR) consultation paper for variable recurring payments (VRP), the milestones achieved in 2023 have paved the way for Open Finance and smart data.

During our January Campfire event, we had the privilege of hosting a panel of industry and regulatory leaders, including Jane Moore (Head of the Department for Payments and Digital Assets at the FCA), Kate Fitzgerald (Head of Policy for Payment Systems Regulator), and Henk Van Hulle (CEO of Open Banking Implementation Entity). We were also joined by Open Finance experts, Kat Cloud (Principal Director of Open Banking Compliance at Yodlee) and Stephen Wright (Head of Regulation and Standards at NatWest), who provided valuable insights into the sustainability and scalability of our commercial model.

As we look back on our progress in 2023 and set our goals for Open Finance in 2024, it was clear from our panel discussion that a collective commitment to driving innovation, fostering competition, and delivering enhanced financial services to consumers and businesses is crucial for the success of Open Banking.

However, achieving this collective commitment is easier said than done. As we continue to build and grow the Open Banking ecosystem, it is essential to ensure that the central body of governance promotes an economically sustainable, safe, and scalable environment. This responsibility falls on all of us, as we work towards a future where Open Banking is trusted and used by future generations.

During our Campfire event, Jane Moore emphasized the importance of Open Banking to the FCA and its potential to transform how people manage their finances and make payments. She expressed her hope that her children will use Open Banking in the future, highlighting the significance of our work in shaping the financial landscape for generations to come.

In conclusion, as we move forward in our mission to realize the full potential of Open Banking, it is crucial to remember the responsibility we have to create a safe, sustainable, and scalable environment. We must continue to work together to drive innovation and competition, ultimately delivering enhanced financial services to all. Let us keep the momentum going and make Open Banking a success story for the UK and beyond.  

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