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.
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.
This prototype solution will enable you to experience the complete authentication journey where you would provide consent to share pre-defined datasets and manage the respective permissions in your Consent Hub.
To provide consent to share the HMRC data, you may wish to use the following login credentials to the HMRC sandbox.
HMRC Sandbox credentials
User ID: 606311314782
Password: 1OCnB1GdYsAu
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.
Here’s an example of how the data that has been consented to flows into an IBM environment, and subsequently used by a real organisation to support the Consumer use case.
Here’s an example of how the data that has been consented to flows into an IBM environment, and subsequently used by a real organisation to support the actual SME use case.