What is the Open Banking Working Group (OBWG)?

The OBWG or Open Banking Working Group was established in the UK in September 2015 by HM Treasury to determine how data sharing through Open Banking would work in practice. A framework for sharing banking data and guidelines on how to implement this framework was published in 2016. The group recommended that standardised APIs be used to share data and that Open Banking adopt a decentralised system across different banks.