Title page
Contents
Foreword 3
Executive summary 5
1. Introduction 7
2. Benefits and risks of Open Finance 8
Objectives and potential beneficial impact of Open Finance 8
Key risks and challenges of Open Finance 10
3. Implementation challenges and design choices 15
Voluntary and mandatory nature of data sharing 15
Incentives: reciprocity of data sharing and compensation 16
Building customer trust: data protection and liability frameworks 18
Building interoperability by design: data and infrastructure enabling data sharing 30
4. Policy considerations 36
References 40
Figure 3.1. Sets of sectorally and horizontally determined elements 16
Figure 3.2. Reciprocity in access to customer data for all parties involved in data sharing 17
Figure 3.3. Charging third parties for data access 18
Figure 3.4. G20/OECD High-Level Principles on Financial Consumer Protection (updated in 2022) 20
Figure 3.5. Inclusion of portable digital ID in data sharing initiatives 32
Figure 4.1. Pillars for successful implementation of Open Finance data sharing frameworks 36
Boxes
Box 2.1. Open Finance use cases 10
Box 3.1. G20/OECD High-Level Principles on Financial Consumer Protection (updated in 2022) 20
Box 3.2. Global Legal Entity Identifier (LEI) 34