The development of a Global Open Finance Centre of Excellence (GOFCoE) is one of DDI’s flagship projects. With the introduction of Open Banking in January 2018 the UKs top 9 banks were mandated by the Competition and Markets Authority (CMA) to participate, resulting in opening up their (or consumers) transactional current account data to third party providers on a consumer consented basis. The premise being to encourage more competition and innovation in the sector. Open Banking is the first phase and will lead to Open Finance and ultimately will not stop there, but for now there is a desire to harness this trend for the benefit of UK citizens.
Thus GOFCoE was born, working with Financial Services Companies and Fintechs to access previously untapped data to undertake innovation and research into societal, economic and environmental issues. A small team has been assembled to take on the first stage of this project developing some proof of concepts to underpin the longer-term ambition of setting up a fully functioning facility.