With complex processes and multiple parties, determining the costs of payments can be difficult. In recent years, the Reserve Bank of Australia (RBA) has taken up the challenge and released a research report on the cost of payments in Australia. This represents a long-awaited follow up to research last done in 2006. The most recent RBA report dated December 2014 draws upon data collected in 2013 from financial institutions, businesses and consumers and seeks to quantify the overall cost of payments and the cost of various payment methods. This includes both “resource costs” (the costs to the whole economy) and “private costs” (the costs borne by consumers, merchants and financial institutions respectively).
We were pleased to welcome many members of the payments community at our Open Data discussion earlier this month. David Beardmore, Commercial Director of the Open Data Institute (ODI) shared insights from the ODI’s work on the UK’s Open Banking Standard.
David discussed a number of topics, from the importance of educating consumers about open data, to making sure we have the correct security and privacy settings in place.
He used the data spectrum below to help us think about different types of data.
David explained that a wide range of data is produced by organisations along a spectrum, ranging from ‘Closed’ private & personal information, to ‘Open’ and freely accessible public access information.
Bus timetables for example, logically fall into the ‘Open’ public access category. While something as confidential and private as an employment contract is ‘Closed’ and available for private access only. At the centre of the pendulum is the ‘Shared’ information that may require some authorisation and access approval. For example, allowing your doctor to share medical records with .
If you would like a copy of David’s presentation, please get in touch.