The Financial Conduct Authority will start testing open banking finance with mortgage companies next month.
A three-month “technology sprint” will begin on November 17, with the regulator inviting home loan industry companies to apply to trial “simulation and test data sharing”.
It added: “The purpose of the Mortgage TechSprint is to explore and test how open finance and smart data can improve the mortgage journey by developing practical solutions that improve access, affordability and consumer understanding, while informing the FCA’s regulatory approach and supporting the wider Smart Data Accelerator programme.”
Limited registration opens today to companies, industry, policymakers and international partners, with registration closing on November 2.
The test will be conducted by technology company Raidiam, a pioneer in open finance and open insurance in Brazil.
The regulator will also trial open banking financing for small and medium-sized enterprises in a separate test starting on February 12 next year.
The company said the tests are part of its efforts to “help accelerate digital innovation” and “give people control over how they manage their money and plan for their financial future.”
The regulator said the tests were a follow-up to an “Open Finance Sprint” conducted in March, which brought together regulators, fintechs, technology providers and consumer groups.
