UK could lead the world with Pensions Dashboard architecture, says Origo
22 May 2018
The UK has the opportunity to implement a world-leading Pensions Dashboard architecture that will enable consumers to access all of their pensions data and at the same time control who can get access to this data.
Combining assured citizen and delegate digital identity with Application Programming Interfaces (APIs) and the User-Managed Access (UMA) open security standard paves the way for a solution without parallel. No other country with a Pensions Dashboard has implemented such advanced controls.
Such a solution would also surpass Open Banking with advanced consumer consent, data sharing and privacy approaches without any need to aggregate data in one place (a topical security concern).
A well governed Open API approach will encourage an innovative and competitive market for FinTech integration service providers to offer cost efficient participation for pension schemes and administrators providing the pension data to consumers.
This approach will also allow dashboards to be provided to consumers through trusted brands including banks, platforms and other financial institutions (if that is the approach the Department for Work & Pensions sets out in its Feasibility Study).
Alongside Open APIs, UMA would enable consumers to have full control of who can access their data and for how long – granting access for example, to their financial adviser or the Single Financial Guidance Body – as well as the ability to revoke access and for security to be in place to prove who is accessing the data. The UMA approach to security and consent is also well aligned with the requirements of GDPR (General Data Protection Regulations).
Kenneth May, Chief Architect of Origo, says: “It is vital to ensure that access to sensitive customer financial data is only granted at the point of consumption, according to time-bound consent and only when an appropriate level of assurance for all dashboard entities such as individuals, delegates, organisation and software clients has been established.
“Using UMA to achieve this is a game-changer. It allows us to introduce a level of API-enabled connectivity and secure, permissioned access to data never seen before in our industry. Privacy and security is at the heart of the solution – it’s a world-class approach to the benefit of the consumer.”
Anthony Rafferty, Managing Director of Origo, adds: “Should DWP favour a solution based on UMA then this would promote a thriving open architecture and trust ecosystem. The UK has the opportunity to implement a world-leading Pensions Dashboard architecture based on Open APIs and the UMA open standard.
“Our extensive work has proven that this architecture is feasible and will be strongly supported by the industry and consumer groups as it allows the consumer to control who gets access to their pensions data such as their financial adviser or the new Single Financial Guidance Body.”
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