Source · Select Committees · Business and Trade Committee
Recommendation 36
36
We recommend that the Government consult on a comprehensive Open Finance framework based on the...
Recommendation
We recommend that the Government consult on a comprehensive Open Finance framework based on the model of Open Banking, and covering the gamut of financial data relevant to SME credit assessment. The redesigned 123 Bank Referral Scheme should be built on this infrastructure so that referrals carry real-time business data, enabling faster and more accurate lending decisions. (Recommendation, Paragraph 128)