The Investing and Saving Alliance (TISA) has partnered with Moneyhub, the market leading Open Finance data, intelligence, and payments platform, to develop a set of API standards for Open Finance.
TISA’s ambitious Open Savings, Investments and Pensions (OSIP) initiative utilises Moneyhub’s enhanced sandbox to experiment with data sharing among financial services providers and fintechs. Participants in the trials include Fidelity International, Hargreaves Lansdown and Coutts & Co.
A first stage of testing with synthetic data will run from October 2021 to the first quarter of 2022 after which live customer data will be used in a beta phase lasting until mid-year 2022. Thereafter, OSIP participants that sign up to the OSIP standards will be able to access information on their accounts via the OSIP API.
The sandbox tests represent an important step in bringing Open Finance standards for the sharing of savings, investment and pensions data in line with Open Banking, especially when it comes to issues such as security, data minimisation and user experience.
OSIP takes the industry beyond Open Banking by providing standards and accessible APIs to accounts. Though not currently required by regulation, these may be covered by future Open Finance rules. In so doing, OSIP enables individuals to compare products more easily, switch to better rates and make more informed trade-offs about whether to save, invest, spend or borrow.
Developing common APIs standards for Open Finance also creates the foundation for innovative new propositions while also offering consumers a holistic view of their investments.
Moneyhub, a pioneer and champion of Open Finance and the leading UK platform offering Open Finance connections to its clients, is the perfect partner for TISA as it develops the Open Finance standard. Moneyhub has been an active member of several industry working groups, including the Pensions Dashboards Programme, and, earlier this year, its CEO Samantha Seaton joined TISA’s OSIP Steering Group.
TISA has become the pre-eminent financial services membership firm for advancing consumer focussed digital policy and industry infrastructure developments.
The partnership has been enabled by a raft of new functionality developed by Moneyhub for its sandbox. Members now have access to a test bank when they experiment with new products, and don’t need to connect with live customer data, but can instead use Moneyhub APIs to use the same standards and connect to a proxy.
Sam Seaton, CEO of Moneyhub said: “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.”
David Dalton-Brown, CEO at TISA, said: “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.”
For more information:
Kuba Stawiski Ingrid Anusic
Cicero/AMO Moneyhub
020 7343 1600 or 07856 031 906 +44 (0)783 722 6553
Notes To Editors
The Investing and Saving Alliance (TISA) is a unique, rapidly growing membership organisation for UK financial services.
Our ambition is to improve the financial wellbeing of all UK consumers. We do this by focusing the convening the power of our broad industry membership base around the key issues to deliver practical solutions and devise innovative, evidence-based strategic proposals for government, policy makers and regulators that address major consumer issues.
TISA membership is representative of all sectors of the financial services industry. We have over 230 member firms involved in the supply and distribution of savings, investment products and associated services, including the UK’s major investment managers, retail banks, online platforms, insurance companies, pension providers, distributors, building societies, wealth managers, third party administrators, Fintech businesses, financial consultants, financial advisers, industry infrastructure providers and stockbrokers.
As consumers, the financial services industry and the economy react to and recover from the effects of the pandemic, the importance of the three key pillars of work that TISA prioritises has never been more apparent:
· Strategic policy initiatives that influence policymakers regarding the financial wellbeing of UK consumers & thereby enhancing the environment within which the industry operates in the key areas of consumer guidance, retirement planning, later lifetime lending, vulnerable customers, financial education, savings and investments.
· TISA is recognised for the expert technical support provided to members on a range of operational and regulatory issues targeted at improving infrastructure and processes, establishing standards of good practice and the interpretation and implementation of new rules and regulations covering MiFID II, CASS, ESG/RSI, operational resilience, Cyber Risk, SM&CR and a range of other areas.
· Digital transformation initiatives that are driving ground-breaking innovation and the development of industry infrastructure for greater operational effectiveness and revenue promoting opportunity for firms. TISA has become a major industry delivery organisation for consumer focused, digital industry infrastructure initiatives – TISAtech (a digital marketplace that brings together financial institutions and FinTechs for greater collaboration and innovation) and TURN (TISA Universal Reporting Network – a digital platform providing a secure data exchange for financial services using blockchain technology) – alongside projects Digital ID and Open Savings & Investment. This reflects TISA’s commitment to open standards and independent governance.
For more details please visit: www.tisa.uk.com
About Moneyhub
Moneyhub is the leading Open Banking and Open Finance platform that uses the power of data, intelligence and payments to enhance the lifetime financial wellness of people, their communities and their businesses. Moneyhub’s APIs and white label solutions help businesses - both within and outside of financial services - drive customer engagement through hyper-personalised experiences.
The company takes consumer data security seriously and has been instrumental in the roll-out of Open Banking from its beginning. Leading the way in Open Finance since 2014, Moneyhub is authorised as AISP and PISP by the FCA, ISO-27001 certified, co-founder of FDATA and works on the Pension Dashboard and TISA Open Savings, Investment and Pension steering committees to put the power of data into the hands of those who own it: the consumer.
For more details, please visit https://www.moneyhubenterprise.com/