The OpenID Foundation Publishes Whitepaper “Open Banking and Open Data: Ready to Cross Borders?”

The OpenID Foundation is pleased to share their 1st Editor’s Draft of the whitepaper, “Open Banking and Open Data: Ready to Cross Borders?”.  This whitepaper has been written for open data technologists, entrepreneurs and regulators.

The whitepaper offers an overview of the global open data landscape and makes a hypothesis that the next stage of open data development will be focused on global interoperability.

If this hypothesis is proven true, in the future, you should be able to give your consent for data to be released from one jurisdiction and “across borders” to another jurisdiction. This unlocks many global use cases that are currently not secure, not private, or not possible at all. Those use cases can be as broad as Open Banking and Open Data is itself, looking at cross border financial data, payments, insurance, telecom, insurance, energy, health and more. The paper highlights the use cases and stakeholders that are likely to drive Open Banking and Open Data overseas.

The whitepaper can be downloaded here. We warmly welcome comments from the global open banking, open finance and open data community to ensure we accurately represent current landscape, potential use cases and how the global interoperability can be achieved.

We encourage you to share it and welcome feedback directed to by August 26th to inform the final paper, targeted for publication in September 2022.