The initiative supports the FCA’s Open Finance strategic ambitions, which TISA is actively involved in.
Working with a project group of industry participants and stakeholders from across the financial services sector, the first phase focused on “empowering customers so that they can share their data between firms in a standardised manner”.
TISA says this was “a fundamental building block that will enable financial services providers and fintech’s to innovate and create dashboards for the consumer”.
As a result, the Open Savings & Investment (OSI) project has developed “open, interoperable standards and the associated API specifications (Application Program Interface) that underpin the messaging, technical, security, usability, customer experience and provider requirements”.
Phase 1 defined the scope for the initial launch which included investments, ISAs, GIAs, pensions, equities, bonds and debt, with further asset classes such as insurance being considered in later releases.
David Dalton-Brown, TISA CEO, said: “OSI has a clear vision to empower the financial services industry to become fully digitally enabled and so improve consumer financial wellbeing by enabling them to view and interrogate all their savings, investments and debt in a consistent manner via an App, web or online service.
“Along with TISA’s project to develop a Digital ID for financial services consumers, OSI is a key component in the drive towards fulfilling the FCA’s Open Finance strategy.
“Crucially, this is an opportunity for the industry to take the lead to develop a solution and, as was the case with TeX, avoid the need for mandatory intervention by the regulator.”
The OSI steering group has established a range of working groups comprising representatives from participating firms and other invited industry experts to achieve the delivery of the project.
Stuart Welch, head of personal investing for Fidelity International, added: “The consumer benefits of having an open savings and investment ecosystem are clear.
“Following on from open banking, innovation of this nature presents plenty of business opportunities for our industry.
“We support customer choice so this will help those who want to be in full control of their money and want to make informed decisions to secure their financial wellbeing with a simple and secure overview of all their assets and debts.
“Firms will benefit too by being able to tailor products and services to best meet their customers’ needs and enjoy the improved operational efficiencies and reduced costs that digitisation will provide.”