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Open Finance
It’s already
happening
Dave Tonge
CTO
About Me
● CTO at Moneyhub
● I’m an active contributor & now co-editor of
the FAPI specs
● FAPI WG Liaison Officer to UK
Op...
About Moneyhub
● UK Based Fintech established since 2011
● We build an intelligent financial assistant
and work with our pa...
The Road to OpenBanking
The Road To OpenBanking
I’ve been a reluctant screen
scraper since 2013.
Nat Sakimura came to the UK in
June 2016 shortly ...
Open Finance - APIs & Screen
Scraping
Moneyhub is core to any personalised digital proposition.
Available data sources are selected in priority order to form th...
Initiatives happening in the
UK and Europe
Berlin Group - Open Finance
Pension Dashboard Project
Open Savings & Investment...
What about FAPI
FAPI
Financial-Grade API
➢ Producing specs that codify
OAuth security best practices
➢ Right people: authors of
OpenID, JW...
➢ Standardisation - the unsung hero of security and an aid
to innovation
➢ Conformance - boring but incredibly important
➢...
Open Finance is here, but
there is still a long way to go!
Dave Tonge
CTO, Moneyhub
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apidays LIVE LONDON - Open Finance, it's already happening by Dave Tonge Slide 1 apidays LIVE LONDON - Open Finance, it's already happening by Dave Tonge Slide 2 apidays LIVE LONDON - Open Finance, it's already happening by Dave Tonge Slide 3 apidays LIVE LONDON - Open Finance, it's already happening by Dave Tonge Slide 4 apidays LIVE LONDON - Open Finance, it's already happening by Dave Tonge Slide 5 apidays LIVE LONDON - Open Finance, it's already happening by Dave Tonge Slide 6 apidays LIVE LONDON - Open Finance, it's already happening by Dave Tonge Slide 7 apidays LIVE LONDON - Open Finance, it's already happening by Dave Tonge Slide 8 apidays LIVE LONDON - Open Finance, it's already happening by Dave Tonge Slide 9 apidays LIVE LONDON - Open Finance, it's already happening by Dave Tonge Slide 10 apidays LIVE LONDON - Open Finance, it's already happening by Dave Tonge Slide 11 apidays LIVE LONDON - Open Finance, it's already happening by Dave Tonge Slide 12 apidays LIVE LONDON - Open Finance, it's already happening by Dave Tonge Slide 13
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apidays LIVE LONDON - The Road to Embedded Finance, Banking and Insurance with APIs
Open Finance, it's already happening
Dave Tonge, CTO at Moneyhub

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apidays LIVE LONDON - Open Finance, it's already happening by Dave Tonge

  1. 1. Open Finance It’s already happening Dave Tonge CTO
  2. 2. About Me ● CTO at Moneyhub ● I’m an active contributor & now co-editor of the FAPI specs ● FAPI WG Liaison Officer to UK OpenBanking Implementation Entity ● UK Expert at ISO TC68 SC9/WG2 - Financial APIs ● Technical Representative for the Financial Data & Technology Association ● Key proponent of the use of CIBA spec for financial use-cases ● Represent AISPs at OpenBanking & the FCA.
  3. 3. About Moneyhub ● UK Based Fintech established since 2011 ● We build an intelligent financial assistant and work with our partners to improve the financial wellbeing of their clients ● Founding member of FDATA ● Active with the Open Banking Working Group ● Active in lobbying the CMA to require a “common” OpenBanking API ● One of the first Account Information Service Providers in Europe
  4. 4. The Road to OpenBanking
  5. 5. The Road To OpenBanking I’ve been a reluctant screen scraper since 2013. Nat Sakimura came to the UK in June 2016 shortly after starting FAPI. The timing was perfect & thankfully we were able to get the evolving FAPI security profile adopted by UK Open Banking
  6. 6. Open Finance - APIs & Screen Scraping
  7. 7. Moneyhub is core to any personalised digital proposition. Available data sources are selected in priority order to form the most accurate, cost effective aggregated account for your customer. Budgeting Categorisation Smart Nudges Screen Scraping e.g. Yodlee eWise OTHER EXTERNAL SOURCES OF DATA Open Banking Intermediated e.g. Platforms Administrators Third parties e.g. Fund data House prices Pension dashboards Credit scores Socio-economic e.g. Demographic Behavioural ENTERPRISE OWNED OR SOURCED DATA CORE MONEYHUB Manually entered data Enterprise owned data e.g. Pensions Investments Insurance Mortgages Enterprise owned products e.g. Voluntary benefits ISA’s Mortgages Insurance Enterprise agreed Market place Machine learning 7
  8. 8. Initiatives happening in the UK and Europe Berlin Group - Open Finance Pension Dashboard Project Open Savings & Investment Smart Data
  9. 9. What about FAPI
  10. 10. FAPI Financial-Grade API ➢ Producing specs that codify OAuth security best practices ➢ Right people: authors of OpenID, JWT & many OAuth RFCs ➢ Right structure: active working group at OpenID Foundation with weekly calls and open collaboration on Bitbucket ➢ Right IPR: Royalty free & mutual non-assert ➢ Worldwide adoption (UK, Japan, Australia, USA, etc)
  11. 11. ➢ Standardisation - the unsung hero of security and an aid to innovation ➢ Conformance - boring but incredibly important ➢ Authentication and Authorisation - the hardest part of any API
  12. 12. Open Finance is here, but there is still a long way to go!
  13. 13. Dave Tonge CTO, Moneyhub

apidays LIVE LONDON - The Road to Embedded Finance, Banking and Insurance with APIs Open Finance, it's already happening Dave Tonge, CTO at Moneyhub

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