Open Savings, Investments and Pensions (OSIP)

Open Savings, Investments & Pensions (OSIP) has the power to increase savings habits for the short and the long term, help people get an improved return on their savings and investments and help more people access financial help and advice earlier.

Open Savings, Investments & Pensions (OSIP) is a TISA initiative to create a set of API standards for savings, investment and pensions products. OSIP builds on Open Banking which enables consumers to share their current account data with third parties to access new products and services.  OSIP allows consumers to share their savings, investment and pension data with third parties too.

OSIP can also help people invest more sustainably, reduce their carbon footprint and save more in line with their values, supporting society’s efforts to reach net zero.

OSIP builds on the principles of Open Banking. It enables FinTechs and other financial institutions to access savings, investment and pensions data via APIs, bringing this kind of data sharing in line with Open Banking security, data minimisation standards and user experience.  And this is all being achieved within a voluntary governance framework, our OSIP ‘contract club’. If you want to find out more or join OSIP, you can use our contact form below.

Latest News

TISA completes Open Finance Consumer Testing phase, with a dramatic 91% of participants keen to use Open Finance app when authorised for public

READ PRESS RELEASE HERE

Sandbox is now live

Our OSIP Sandbox, delivered by Moneyhub, is now live and our team would now like to provide demos of how to connect into this. To find out more or get involved, please email Harry.Weber-Brown@tisa.uk.com

Consumer research

Our latest consumer research findings were revealed in our last Open Meeting, which took place on 6th October. 91% of people found the concept interesting and the vast majority (94%) thought they would be likely to use such an app if security could be guaranteed.
🔴REC – You can access our last open meeting on-demand for free here. 

You can also read the research report findings here.

For high level review on the project, please download our OSIP Flyer here

Get Involved

The team is working closely with the FCA in developing the Open Finance roadmap that will prescribe the next range of financial products to open up data. Please contact Harry Weber-Brown if you would like to hear more about our plans and would like to get involved in this Digital initiative by TISA. Look out for future open events for both programmes. 

“Open Finance is the future of our industry…Developing this app, and the consumer testing phase in particular, has provided us with valuable, actionable intelligence that will allow us, our partners and the industry as a whole to move forward with this vital project. Ultimately, the main beneficiary is the consumer, who will now be able to view all of their financial products at the touch of a screen.”

HARRY WEBER-BROWN, DIGITAL INNOVATION DIRECTOR, TISA

Background to OSIP

What is OSIP all about?

Open Savings, Investments & Pensions (OSIP) is a TISA initiative to create a set of API standards for savings, investment and pensions products. OSIP builds on Open Banking which enables consumers to share their current account data with third parties to access new products and services.  OSIP allows consumers to share their savings, investment and pension data with third parties too.

As an example, a consumer can choose to share information about their financial products with a Personal Financial Management app giving them a single overview of their financial position. A consolidated view allows a provider to offer new insights; visualise projections of someone’s financial situation; nudge new positive money management behaviours; and refer people to advice when it looks like they need it. 

Open Banking apps have already helped people set aside money to a savings account. Round-up savings or micro-saving small amounts is helping people on low incomes start saving for the first time and see that investing is possible. OSIP enables industry to go beyond Open Banking by providing standard and accessible APIs to accounts not currently required by regulation.  As a result people can compare accounts more easily, automatically switch to a better rate, automate their savings or make more informed trade-offs about whether to save, invest, spend, borrow or consolidate.  OSIP facilitates a wide range of advice services too. For instance, apps can nudge people towards getting financial advice earlier, perhaps for the first time. OSIP gives an adviser easier ways to fact-find and keep track of their clients’ situation. With more visibility of people’s all-round financial situation and future goals, advisers can set rules with their client to automate investments or drawdowns, ensuring their client’s money is always working as hard as it can for them.

Why are we doing this?

Our work supports the UK Financial Wellbeing Strategy to increase the number of savers in the UK, those accessing debt advice and planning for later life while reducing the numbers of people reliant on credit for food and bills.

The UK Government is pushing forward with its National Data Strategy to make data more accessible and available to support competition and growth in the economy. The department of Business, Enterprise, Innovation and Skills recently published their feedback statement on Smart Data saying they plan to legislate to make it possible to mandate industry involvement in Smart Data initiatives across the economy. And the FCA consultation asked what might be learnt from Open Banking for Open Finance.   TISA champions innovation for the benefit of citizens, our industry and the nation.

We are ahead of the curve and have already been working with the savings and investment industry as well as established and upcoming FinTechs to develop OSIP giving the industry new opportunities to innovate and compete for better consumer outcomes. Together we are leading the industry to Open Finance rather than waiting for regulation.  We are empowering the UK to continue to lead the world in a truly open economy that is transparent, accessible and good for people and planet.

How is OSIP relevant today?

Covid-19 has had a big impact on all of society, widening the gap between the haves and have nots. The Standard Life Foundation Coronovirus Tracker Survey found that in July 2020, 10% of the population were in serious financial difficulty and 16% were struggling to make ends meet. 37% were potentially financially exposed. The Nationwide Savings Index shows that 15% of people have had to dip into their savings as a direct result of Covid-19 – and for unemployed this figure increases to 27%. However, the Nationwide Survey also found 37% have saved more into a savings account than they normally have done during lockdown. This rises to 45% for people between the ages of 18 – 34.

Open Finance allows people to share their data with third parties who can help them understand their situations much more quickly and conveniently.  Such products have the potential to help people take control of their money and get the help and advice they need, leading to better overall outcomes for consumers.

In our prototypes we explore two future journeys for our fictional character Charlie: one where her office makes her redundant and she receives a lump sum; the other where she starts home working, her commuting costs come down and she finds she’s more money than she had before. These prototypes demonstrate just two examples of many products and services which industry can deliver using the safe and standardised API access to savings, investment and pension products which OSIP affords.

TISA OSIP Project

Context of TISA Open Savings, Investments & Pensions (OSIP)
Long Term Vision for OSIP

Open Savings, Investments & Pensions is a fundamental component of Open Finance which will enable our industry to become fully digitally enabled, allowing consumers through the web or an app to:

  • View all their savings, investments and debt – whether they be in unit linked funds, with profits, cash and in whatever wrapper (ISA, GIA, Pension, Bond, …); in a consistent format
  • Take control of an manage their short & long-term wealth goals
  • Enable them to interrogate and report on their savings, investments and debt to understand how they are performing and provide them to take more control over their financial wellbeing through making informed decisions
  • Enable improved access to advice and guidance and to facilitate the ability of consumers to make decisions
  • Enable consumers, or their advisers, to act on the decisions made from their review of their holdings

Long Term Consumer Benefits

TISA OSIP project so far – phase 3 now underway

Phase 3 of the project is now underway, which is the Implementation Roadmap and work on Governance. To find out more about the project and getting involved, use the contact form at the bottom of this page.

Participating Firms

Barclays PLC

Baringa Partners

Criterion Tec Limited

Ernst & Young

FDATA

Fidelity International

KPMG

L & G plc

Moneyhub

MorningStar

Northern Trust

Novia Financial Plc

Open Banking

Origo Services Ltd

NatWest

SS&C

FinTech Committee

Baringa Partners

Exizent

Moneyhub

Openmoney Limited

Ozone API

thisisbud

True Layer

Tumelo Limited

Visible Capital

This project is also supported by: Association of British Insurers, The Investment Association, UK Finance (formerly BBA)

How can you get involved in TISA’s OSIP project?

OSIP enables industry to go beyond Open Banking by providing standard and accessible APIs to accounts not currently required by regulation. Together TISA members are leading the industry to Open Finance, empowering the UK to continue to lead the world in a truly open economy that is transparent, accessible and good for both people and planet. And this is all being achieved within a voluntary governance framework, our OSIP ‘contract club’. If you want to find out more or join OSIP, get in touch today using the form below.

Contact Us

To find out more about TISA’s OSIP project and how to get involved, please use the form below.

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