The standards themselves would need to be inter-operable and open to all of the market. In order to support the open standards and provide for the protection of good consumer outcomes a set of service level agreements would be needed, with penalties for non-compliance. A contract for those using the standards and a register of users would also be required.
Digitisation is clearly here to stay. But, by adhering to open standards, innovation can be harnessed to deliver in the best interests of the consumer, while at the same time support traditional UK financial services providers along with the growing FinTech market.
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David Dalton-Brown is director general of Tisa
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