What's Happening?
The Financial Conduct Authority (FCA) has commissioned a research partnership between Raidiam and the Saïd Business School at the University of Oxford to design testable infrastructure models for open finance and smart data in the UK. This initiative,
part of the FCA's Smart Data Accelerator, aims to explore alternative technology, infrastructure, and governance models for a future open finance ecosystem. The research will focus on four dimensions: infrastructure and standardization, emerging technology, trust and consent frameworks, and governance and liability frameworks. The project will run until March 2026, with findings expected to inform future policy development and industry research.
Why It's Important?
This research is significant as it addresses the evolving landscape of open finance, which is crucial for enhancing financial services and consumer protection. By exploring different infrastructure models, the project aims to identify solutions that can support the transition from open banking to broader open finance regimes. The outcomes could influence how financial ecosystems are structured, impacting market participation, resilience, and consumer trust. As financial services increasingly rely on data sharing and digital platforms, the research will provide valuable insights into creating secure and efficient systems that benefit both consumers and the industry.
What's Next?
The research findings will be submitted by March 2026 and are expected to guide future experimentation within the FCA's innovation functions. The insights gained could lead to the development of new policies and frameworks that support the growth of open finance. Stakeholders in the financial industry, including regulators, financial institutions, and technology providers, will likely engage with the research outcomes to adapt their strategies and operations. The project underscores the importance of collaboration between academia and industry in shaping the future of financial services.
