Proofs of Concept and Technical Resources

Identifying challenges and finding innovative
solutions to unlock the potential of Open Finance

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

Integrated Authentication Flow and Consent Hub (Prototype)

 

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

 Try it out

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

 

Data on IBM Cognos

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.

Cognos Dashboard

Prototype Figma Dashboard (Consumer Use Case)

The prototype dashboard presents the type of information that data aggregators can collect and make available to companies to support specific use cases.

 

Figma Dashboard

SME Data Visualisation

Data on IBM Cognos

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.                                                                

Cognos Dashboard

 

Prototype Figma Dashboard (SME Use Case)

The prototype dashboard presents the type of information that data aggregators can collect and make available to companies to support specific use cases.

 

Figma Dashboard

 

Technical Specification and API Documentation

API Documentation
This document provides an overview of the Consent and Authentication API, structured to facilitate developers in integrating with the platform, managing user consents, and accessing secure data sources effectively.
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Technical Specification
This document outlines the principles, methodologies, and guidelines for implementing the Proof of Concept of the Open Finance use cases.
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