Why is Open Banking transactional data inherently useless?

In this article, I’m going to make a very strong claim about a particular design decision which is currently being hotly debated between the Fintech community and CMA9 banks, and will outline why it is exceptionally important that Open Banking Ltd must push banks to comply.

Open Banking Limited is an entity which was created by the CMA9 to develop data standards and protocols which would permit an open banking ecosystem to operate in the United Kingdom, bringing desperately needed competition to UK’s retail and small business banking sector.

In non-tech speak, they design data “templates” which allow both parties (the TPPs and ASPSPs) to have a “conversation” using a common language. The development of these data standards is a huge undertaking and I bow to my former colleagues at Open Banking Ltd for pushing through such a colossal amount of work at breakneck pace to deliver to CMA’s deadlines.

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