The Financial Conduct Authority will begin testing open banking finance with mortgage firms next month.  

The three-month ‘techsprint’ will begin on 17 November, with the regulator inviting home loans industry firms to apply for the trial “to simulate and test data sharing”. 

It adds: “The aim of the Mortgages TechSprint is to explore and test how open finance and smart data can enhance the mortgage journey by developing practical solutions that improve access, affordability, and consumer understanding, while informing the FCA’s regulatory approach and supporting broader Smart Data Accelerator initiatives.” 

Limited registration opens today for to firms, industry, policymakers and international partners and runs until 2 November. 

The test will be run by tech firm Raidiam, which pioneered moves toward open finance and open insurance in Brazil. 

The watchdog will also trial open banking finance for SMEs in another test, which begins on 12 February next year. 

It says the tests are part of its work “to help accelerate digital innovation” and “give people control over how they manage their money and plan their finances for the future”. 

The regulator says these tests follow on from an ‘Open Finance Sprint’, it ran in March, which brought together regulators, fintech companies, technology providers and consumer bodies.