Strategy sprints for Open Banking

Strategy sprints for Open Banking

The Strategic Working Group (SWG) under the Joint Regulatory Oversight Committee (JROC) has revealed its plans for a series of virtual thematic ‘strategy sprints’, according to Open Banking Expo.

 

The Strategic Working Group (SWG) under the Joint Regulatory Oversight Committee (JROC) has revealed its plans for a series of virtual thematic ‘strategy sprints’, according to Open Banking Expo.

 

The strategy sprints are meant to collate views on the vision and strategic roadmap for the development of UK Open Banking. Each strategy sprint will focus on one of the three key areas identified by JROC: 

  • unlocking the potential of Open Banking payments, 

  • promoting further data sharing in an Open Banking framework, 

  • and ensuring a sustainable Open Banking ecosystem.

SWG has been tasked with gathering industry and stakeholder insight to shape the future of Open Banking in the UK. The Group is comprised of industry representatives, subject matter experts, and other stakeholders, including consumers and businesses. SWG will operate from August until December 2022, Open Banking Expo reports.

The members of the SWG will be expected to take part in the Open Banking ecosystem strategy sprint, while two expert panels will be set up to lead the payments strategy sprint and the data strategy sprint, according to the latest announcement. Each strategy sprint will run over the course of three weeks, starting with a one-hour ‘kick-off’ session and followed by a two-hour sprint discussion agenda, according to Open Banking Expo.

In all, there will be two rounds of strategy sprints in each of the thematic areas over the next few months of 2022. In a post on LinkedIn, the head of public policy at TrueLayer, called it an ‘ambitious’ series of sprints and expert panels, writing that ‘the ‘Strategic Working Group’ under JROC will produce a report on how Open Banking can be developed beyond current requirements. JROC has set expectations on areas the report should cover. These areas (ranging from gaps in standards to consideration of ESG) are very broad and could possibly bog the work down’.

TrueLayer’s head of public policy continued, adding that, instead, the focus should be on ‘existing blockers and risks to Open Banking success’, such as ‘preventing the wind-down of OBIE at the end of its roadmap’ and ‘requiring banks to support VRP beyond simple sweeping use cases to unlock competition’.

More about Open Banking 

For those wishing to find out if A2A payments and Open Banking payments are the exact same thing or not, David Parker, the founder and CEO of Polymath Consulting, clarifies the difference between account-to-account payments and Open Banking payments.

Also, seasoned experts from Flagship Advisory Partners share their view on the rise of Banking-as-a-Service (BaaS), in parallel with unmet expectations on Open Banking payments.

For an encompassing view of Open Banking’s state of affairs around the world, we encourage you to download the Open Banking Report.

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