1. UK Open Banking project.
A UK government-sponsored initiative focused on an open standard for Application Programming Interfaces (APIs) for UK banks to:
- Increase competition and innovation in and around banking to improve outcomes for customers; and
- Thereby support the fintech industry in the UK.
One of features being developed is the freedom of the bank account holder to have their information shared with whom they choose. This will enable a corporate to collect information, such as bank balances and outstanding foreign exchange trades, from all their banks through APIs and have these reported into a central database such as a Treasury Management System (TMS).
2. Similar initiatives in other jurisdictions.