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What is the Open Banking Readiness Checker?
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Answer a series of questions that will allow you to evaluate the appropriateness of different regulatory innovation initiatives.
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Receive a personalised report based on your score to assist in the Open Banking system implementation.
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Obtain detailed guides with case studies and best practices of Open Banking implementation.
Introduction
What is the Open Banking Readiness Checker Tool?
This tool seeks to guide regulatory decision-making and support financial authorities, regulators, and supervisors in assessing the applicability and appropriateness of the Open Banking initiative based on their own circumstances. It also provides a collection of vetted sources to support the implementation of Open Banking. Through its use, we aim to help financial authorities identify and develop the Open Banking initiative that suits their needs.
Technology-led financial services have introduced new challenges for financial authorities around the world. Along with the rapidly changing fintech industry and emerging new products and services, financial authorities are seeking innovative ways to understand how to regulate and supervise these products and services, how to address the risks posed by new business models and technologies, and how to allocate resources to ensure that fintech firms are appropriately managed. In this context, digital tools can offer an efficient, cost-effective, and scalable channel to build regulatory knowledge and capacity, supporting evidence-based decision-making at all levels of an organisation. Many regulators have responded to these challenges by implementing their own Open Banking initiatives.