OFAE members adopt the following principles:
Open Finance will only thrive if consumer trust in data sharing is maintained. Providers should always ensure that the customer is explicitly aware of what specific data is being accessed, why it is being accessed, the duration of the access and the method to revoke access. Open Finance services should always be opt-in (through active consent of the customer), and never be included implicitly into other services.
Where customer transaction or financial data is accessed and stored by third-parties, it must be highly protected in accordance with applicable law) and the highest technological standards. The customer should always have the right and the ability to ask providers to delete their data.
Open Finance-powered services, including payments, should be affordable, and any fees and charges should be transparent for the customer. Customers should understand clearly what to do if an Open Finance-powered payment goes wrong.
Each OFAE member will promote these principles within their organisations, and when contributing to initiatives and debates on Open Finance.