Fintech and open banking news: 10/25

FCA and Raidiam launch Smart Data Accelerator

The Financial Conduct Authority (FCA) confirmed its partnership with Raidiam to deliver the Smart Data Accelerator — a live testing programme for open-finance data sharing across mortgages and SME finance. Two TechSprints will run from 17 November 2025 to 12 February 2026, with registration open until 2 November 2025.^[1]

Asima view: This initiative marks the shift from open banking to open finance. For firms building on account-to-account rails or consent-based data flows, readiness for regulated testing environments will soon be as important as production resilience. Infrastructure must be sandbox-ready: observable, auditable, and easily integrated into regulatory pilots.

Open Banking Limited outlines its “next chapter” at Open Banking Expo

At Open Banking Expo UK & Europe 2025, Open Banking Limited published What open banking did next – Building the foundations for open innovation, describing how UK standards will evolve to support AI integration, digital ID, and open finance connectivity.^[2]

Asima view: The focus is broadening from payments to permissioned data infrastructure. Standards bodies are signalling that interoperability and trust will define open finance. Providers of APIs and data platforms should design for:

• seamless identity linkage;
• consent refresh and revocation;
• telemetry to evidence responsible data use.

These will become baseline capabilities rather than premium features.

Bank of England signals tokenised deposits and new payment models

In her 15 October 2025 speech, Deputy Governor Sarah Breeden set out the Bank of England’s view that the UK’s monetary architecture must evolve to include tokenised deposits, interoperable bank-money rails, and a clear regulatory regime for stablecoins.^[3] She emphasised that innovation should “build on the safety of existing money”, not bypass it.

Asima view: The message is continuity through renewal. Tokenisation and programmable money will sit on top of trusted banking infrastructure. For open banking and payments providers, the opportunity lies in offering bridging APIs that connect today’s bank accounts with tomorrow’s tokenised instruments, maintaining the same assurance of SCA, consent, and auditability.

Why this matters for Asima clients and partners

• Infrastructure readiness: As regulators move toward “sandbox → scale” frameworks, firms that can demonstrate compliance-grade observability from day one will lead.
• Data governance as product design: In open finance, customer consent, identity, and data lineage are integral to the product itself.
• Future-proofing: Tokenised and traditional money will coexist. Systems that treat value as type-agnostic — whether deposits, stablecoins or tokens — will remain relevant.

“Infrastructure isn’t the constraint on innovation, it’s the enabler of trust. When architecture, policy, and purpose align, scale follows.”
— Kieron James, CEO, Wonderful Payments (Asima)

What to watch in November

• FCA follow-up on the Smart Data Accelerator and potential expansion into pensions and insurance.
• Publication of Open Banking Limited’s technical guidance for AI-enabled data flows and digital-ID interoperability.
• Bank of England and HM Treasury consultations on stablecoin and tokenised-deposit regulation.
• Continued consolidation among open-banking infrastructure providers positioning for open-finance scale.

Footnotes

1. Financial Conduct Authority & Raidiam, Smart Data Accelerator – TechSprints announcement, 14 Oct 2025. Link ↩︎
2. Open Banking Limited, What open banking did next – Building the foundations for open innovation, 22 Oct 2025. Link ↩︎
3. Bank of England, Speech by Sarah Breeden: “Not just token gestures”, 15 Oct 2025. Link ↩︎