Government could legislate to ensure open data in banking and other regulated industries by 2017

"The UK government wants to open up access to data in banking and other regulated industries by 2017 and has threatened to legislate unless the industry takes its own steps to embrace the use of "secure APIs".01 Dec 2015 Banking Banking & Restructuring TMT & Sourcing Software TMT Banks Energy Financial Services Advanced Manufacturing & Technology UK Europe The Treasury is already behind a drive to deliver a new open API standard in UK banking and, in a new report setting out its plans to boost competition in UK markets (30-page / 684KB PDF), it confirmed that details of the new standard are expected to be announced before the end of the year. APIs (application programme interfaces) allow software applications to talk to each other."

Read the full article for information on how the UK is thinking of standardizing the banking industry in regards to open data.