The Joint Regulatory Oversight Committee welcomes OBL’s submission of two data collection frameworks

On October 18, 2023, the Financial Conduct Authority (FCA) announced that the Joint Regulatory Oversight Committee (JROC) has welcomed the submission of two data collection frameworks by the Open Banking Limited’s (OBL), the current Open Banking Implementation Entity in charge of the oversight of open banking activities in UK. These frameworks focus on „Levelling up availability and performance“ and „Mitigating the risks of financial crime“. The submissions thereby complete the first two tasks assigned to OBL by the JROC in its April 2023 recommendations for the future of open banking in the UK.
The [first framework](https://www.openbanking.org.uk/wp-content/uploads/Data-collection-framework-for-API-availability-and-performance.pdf
), „Levelling up availability and performance“, sets out a framework for collecting and reporting data on the frequency of outages in open banking. This data will help OBL assess whether changes or clarifications to API standards are necessary. The approach involves a phased delivery of data metrics, with the goal of ensuring high-performing and reliable services for consumers and businesses. The framework also outlines how the OBL will distribute the findings from the data collection.
The second framework, „Mitigating the risks of financial crime“, seeks to improve reporting on financial crime in the open banking sector. It will collect data on open banking payments and fraud volume and value on a monthly basis, enhancing understanding of the level of fraud in the open banking channel. OBL will begin analyzing the data in October 2023.
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OBL will initiate the first data collection by seeking voluntary submissions from third-party providers and account servicing payment service providers. The collected data will be shared with the Payment Systems Regulator (PSR) and the FCA, who co-chair the JROC. The findings will inform their policy decisions, potentially leading to changes in reporting requirements and further consultations. Firms are encouraged to actively participate in the data collection.