GBST is working with 12 other major financial services firms and TISA, the investing and saving membership organisation, to oversee a project to develop an Open Savings & Investment solution to enable UK consumers to more easily control their key holdings and valuation data. The project will focus on non-banking product sets to ensure an alignment with the aims of Open Banking and the greatest benefit for consumers. Open Savings & Investment (OS&I) is expected to be a fundamental building block for the digitisation of the market.
The project’s vision is to create a common set of open standards for supporting APIs (Application Programming Interfaces) capable of interfacing with legacy and current systems, together with the necessary supporting infrastructure and governance. This would then enable the UK’s investment managers, wealth managers, transfer agencies, platforms, pension providers, ISA providers, distributors, and Fintech companies to release their data in a secure, standardised form so that it can be shared more easily between authorised organisations online and deliver a range of digitally enabled benefits to the consumer.
Alongside GBST, other firms participating in the project include: