GLOBAL credit reporting agency Equifax has teamed up with the Open Data Institute, a non-profit data research body founded by World Wide Web inventor Sir Tim Berners-Lee, to launch a report on the international consent framework for Open Banking.
The report aims to identify and compare consent environments across the globe, as Open Banking becomes more commonly used internationally. It also aims to outline important information consider and the consequences for breaking data consent rules in different regions.
Open Banking is a data-sharing initiative that mandates high street banks to share anonymised customer data with approved third parties, to boost competition within financial services. A number of peer-to-peer lenders have adopted the technology in order to level the playing field with banks.
The new report combines research into the data-sharing initiative across a range of countries with interviews with experts from each region.
“With Open Banking becoming a multi-national movement, the importance of research and developing understanding is paramount,” said Patricio Remón, president for Europe at Equifax.
“Each country has its own set of tailored regulations, so it is vital that both consumers and financial institutions are able to understand the consent rules which apply to them and where the special circumstances, definitions and potential pitfalls lie. Our joint research alongside the ODI intends to shine a light on some of these issues and start discussions amongst the industry to help develop the understanding of data and consent in a global sense.”