Transforming Financial Services with Open Finance
Learn how the Smart Data Accelerator is paving the way for open finance by showcasing practical applications of data sharing
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The useful update
- The Smart Data Accelerator enables firms to develop open finance solutions in a digital testing environment
- Between November 2025 and February 2026, two TechSprints involved 17 firms working on prototypes for mortgages and SME finance
The stakes
- Realizing the potential of open finance requires collaboration between regulators, industry, and innovators
- An integrated approach to data sharing can enhance consumer financial experiences significantly
The next check
- Open finance is not just about data access but creating value through combined data
- The transition from experimentation to integrated solutions is already underway among participating firms
Where this came from
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Original report From promise to practice: shaping open finance policy with our Smart Data Accelerator
Publisher: FCA · Published Apr 28, 12:59 pm · fca.org.uk
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The short version
Open finance has vast potential. It promises to transform financial services for millions of people through firms using customers’ data in bigger and better ways. But to make that promise a reality,…
That’s the question we want to answer with our Smart Data Accelerator, which enables firms to showcase open finance solutions in a digital testing environment to help shape policy making
What happened
- The Smart Data Accelerator enables firms to develop open finance solutions in a digital testing environment
- Between November 2025 and February 2026, two TechSprints involved 17 firms working on prototypes for mortgages and SME finance
- Open finance will develop as an ecosystem, combining trusted data to improve financial decision-making
- Firms need strong data standards and infrastructure to support integrated solutions
- A mortgages and open finance policy sprint is planned for June 2026 to define the regulatory conditions needed
Why this matters
- Realizing the potential of open finance requires collaboration between regulators, industry, and innovators
- An integrated approach to data sharing can enhance consumer financial experiences significantly
- The insights from the TechSprints may lead to more effective policy-making that benefits consumers
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Original articleFrom promise to practice: shaping open finance policy with our Smart Data Accelerator
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