The current Inquiry into Future Directions for the Consumer Data Right chaired by Scott Farrell is exploring a wide range of issues relating to the next steps in the Consumer Data Right evolution. Key amongst the terms of reference is consideration of extending the current functionality to include write access:
“2.1 How the Consumer Data Right could be expanded to include ‘write’ access to enable customers to apply for and manage products (including, for Open Banking, by initiating payments) through application programming interfaces.”
Whilst this introduces a significant increase in complexity and a range of new risks, I believe that the benefits it will bring are well worth the effort. This is a capability that was implemented from day one in Europe under PSD2 and UK Open Banking and has seen significant innovations for the benefit of consumers.
Late last year, whilst at Deloitte, I was lead author on a paper explicitly addressing this capability. You may find it an interesting read.
Deloitte: Open Banking Payment initiation – completing the vision