UK’s FCA Taps Raidiam to Help Test Data Sharing for Open Finance

The United Kingdom’s Financial Conduct Authority has partnered with Raidiam to help firms simulate and test data sharing in support of open finance.

Raidiam will provide the companies participating in the FCA’s Smart Data Sprint that was announced Monday with access to a stable testing environment in which they can simulate and test data sharing, which will help them develop smart data solutions that are safe and secure, the FCA said in a Monday (Oct. 13) press release.

“Raidiam has been behind significant sharing developments around the world, including enabling open finance and open insurance in Brazil,” the release said.

In its own press release about the partnership, Raidiam said it will enable this testing with its advanced sandbox and trust framework solution called Raidiam Connect.

Raidiam CEO and Co-founder Barry O’Donohoe said in the release that the U.K. set the global standard for open banking and that by testing outcomes in realistic conditions, the country will move forward in open finance and smart data.

“We’re proud to support the FCA in enabling practical, secure innovation that delivers genuine benefits for consumers and the wider market,” O’Donohoe said.

This solution will support two new TechSprints announced Monday by the FCA.

The FCA uses TechSprints to bring together participants from across and outside financial services to focus on issues in the market, expand the discussion and awareness of potential solutions, and develop technology-based ideas or proofs of concept.

The regulator’s new TechSprints will focus on how open finance and smart data can enhance mortgages and small and medium-sized business finance, according to the FCA’s Monday press release.

Registration for these TechSprints is open until Nov. 2, and the events will run from Nov. 17 through Feb. 12.

“We will continue to work with all the relevant stakeholders, including the government, and will set out a roadmap for open finance by March 2026,” FCA said in the release.

PYMNTS reported in January that open banking’s roots like with the U.K., where PSD2, a decade ago, gave a tailwind to banks’ “opening” their data to third-party providers, and that the FCA is now charting a course to open finance.

In August, the FCA said it would continue to engage with the industry as it works to establish a new standard-setting body for open banking. The new body will succeed the current Open Banking Limited entity and will develop open banking standards and guidelines to go beyond OBL’s remit.