Proofs of Concept developed by the Open Finance Coalition

A very important aspect of the Open Finance ecosystem is ensuring a smooth consent and authentication flow, as well as an effective consent management process. To achieve this objective, The Open Finance coalition designed and built a prototype authentication flow and consent hub, based on the established UK Open Banking model, embedding end user trust and full control to share and manage their data.

Open Data Authentication Flow (Wireframes)

Consumer Use Case

SME Use Case

Guidelines

The Open Data Authentication Flow ensures safe and secure data sharing from various sources with multiple institutions. The streamlined process aims to reduce frustration, establish trust, and alleviate friction throughout the data sharing process.

The Open Data Consent Hub puts user consent and control at the heart of the proposed solution. Once the consent journey is complete, consumers will be able to understand which data permission has been given or to whom. It also enables consent reconfirmation and revocation for particular use cases, mitigating the need to manage each individual consent.

Open Data Consent Hub (Wireframes)

Consumer Use Case

SME Use Case

Guidelines

Data Visualisation Assets and Dashboards

Once consent is provided and data is shared, we made it possible for financial service providers to visualise the requested information through live dashboards, where they can extract all the relevant insights and better serve their customers.​

Consumer Data Visualisation

SME Data Visualisation