The aim of the Open Savings & Investment Project is to create a common set of standards for APIs for interfacing with the disparate systems and registers that store the records of consumers’ savings and investments.
This would enable the UK’s investment managers, wealth managers, transfer agencies, platforms, distributors, FinTech providers, traditional providers etc to release their data in a secure, standardised form so that it can be shared more easily between authorised organisations online and deliver a range of digitally enabled benefits to the consumer.
The proposed scope of the Open Savings & Investment Project is all products not covered by the UK’s Open Banking Initiative – this includes ISAs, pensions, bonds, general investment accounts, insurance products etc. The project objectives include:
Establish a clear initial and future scope for this key industry initiative.
Establish and agree the standards and specifications for APIs, directory, data, security and technical.
Define and deliver the governance structure for managing the standards and enrolment and use by regulated entities (contained in a Directory).
Establish business requirements and delivery of the APIs, Directory and ongoing maintenance.