The UK’s Financial Conduct Authority (FCA) has joined forces with Raidiam to advance open finance innovation and enhance secure data sharing across the financial ecosystem.
Highlights:
-
FCA collaborates with Raidiam to strengthen the UK’s open finance testing environment and foster innovation.
-
The initiative aims to enable seamless, secure data exchange between financial institutions and third-party providers.
-
Raidiam’s expertise in open banking infrastructure will support the FCA’s goal of building a robust and transparent open finance ecosystem.
Summary:
The Financial Conduct Authority (FCA) has announced a strategic partnership with Raidiam, a UK-based open banking technology provider, to drive the next phase of open finance development and testing. This collaboration is designed to build a secure and scalable framework for sharing financial data between consumers, financial institutions, and third-party service providers.
Raidiam’s proven infrastructure solutions — already powering parts of the UK’s open banking ecosystem — will be leveraged to test and validate new open finance standards, ensuring compliance, interoperability, and data protection. The partnership marks a significant step toward enabling consumers to gain greater control over their financial information, promoting transparency, competition, and innovation within the fintech landscape.
With open finance seen as the next evolution of open banking, this initiative reflects the FCA’s commitment to future-proofing the UK’s financial sector and empowering both businesses and consumers through safe data-driven innovation.
