Equifax and ODI launches Open Banking research report

Equifax, the information collection and management firm, has announced it has launched a research report in conjunction with the Open Data Institute (ODI), an international organisation dedicated to improving the use of data.

The report which is looking at the international consent framework for Open Banking will combine research and data portability initiatives from a range of countries with expert interviews. The aim of this is to identify and compare worldwide consent environments due to the increasing international use of Open Banking. 

David Beardmore, Commercial Director at The ODI, stated: “Consent is important because it gives people power over how data about them is used, who can access their data, and for what specific purpose – allowing them to confidently opt-in to data sharing environments like Open Banking.

“This report helps us understand what consent means beyond Open Banking in the UK by looking at similar data portability environments in Europe, Australia, New Zealand and Mexico. We now know that consent mechanisms vary substantially from country to country for a variety of reasons, including the social and legal context, the risks to individuals and the technical landscape. 

“Despite this, there are important overarching similarities such as consent being given voluntarily, explicitly, and easily revoked. We are delighted to have worked with Equifax to contribute to discussion on this important subject.”

Moreover, as well as identifying and comparing consent environments across the globe, the report is also aiming to outline both important information that must be considered as well as consequences in regards to the breaking of national or regionally-specific data consent rules.

Patricio Remón, President for Europe at Equifax, concluded: “With Open banking becoming a multi-national movement, the importance of research and developing understanding is paramount. Each country has its own set of tailored regulations, so it is vital that both consumers and financial institutions are able to understand the consent rules which apply to them and where the special circumstances, definitions and potential pitfalls lie. 

“Our joint research alongside the ODI intends to shine a light on some of these issues and start discussions amongst the industry to help develop the understanding of data and consent in a global sense.”