A Sprint Through the Ecosystem: How Open Standards and Self-Certification are Helping Drive Open Banking

The presentation will provide an update on the OpenID Connect Financial-Grade API (FAPI) Profile and how certification of FAPI implementations will help drive the Open Banking initiative in the UK and potentially globally. The push is on to standardize open banking as financial services players have learned the lesson that collaboration is better than competition.  Given the success of the OpenID Connect standard, the OpenID Foundation’s Financial Grade API Working Group has stepped up to help drive this global interoperability initiative. The combination of open identity standards and open banking enables banks and new fin tech players to compete with each other and other industries for the best customer experience.