Raidiam, a global provider of secure open data ecosystems and the technical delivery partner for the FCA‘s Smart Data Sprints, has entered into a research partnership with the Saïd Business School at the University of Oxford. Commissioned by the FCA’s Smart Data Accelerator, the programme will design testable infrastructure models for open finance and smart data in the UK.
The collaboration, which was recently highlighted at the FCA Mortgages & SME Finance TechSprint Showcase Day, will contribute to a multi-chapter research report. This report will examine alternative technology, infrastructure, and governance models capable of underpinning a future open finance ecosystem.
Four dimensions of open finance
The independent research is being led by Professor Pınar Özcan, director of the Oxford Future of Finance and Technology Initiative, alongside researcher Kyeyoung Shin. To ensure a comprehensive evaluation, the programme will examine infrastructure and data architecture models across four critical dimensions.
First, the project will assess infrastructure and standardisation, focusing heavily on ecosystem rails, APIs, interoperability, and overall resilience. Second, it will explore the role of emerging technology, specifically looking at agentic AI, blockchain or distributed ledger technology (DLT), and quantum-readiness. The final two dimensions will concentrate on establishing robust trust and consent frameworks—prioritising consumer control, ethical data use, and data assurance—alongside the development of overarching governance and liability frameworks.
Translating concepts into testable blueprints
Saïd Business School will spearhead the independent research programme by combining structured architectural modelling, global benchmarking, and active stakeholder engagement. Raidiam, under the leadership of John Heaton-Armstrong, will contribute technical and domain expertise drawn from its extensive experience in designing and operating high-trust, regulated data-sharing ecosystems.
A central premise of the initiative is that infrastructure design decisions—such as identity frameworks, accreditation models, trust anchors, consent representation, and standards governance—are not neutral. These choices ultimately dictate who can participate, how quickly ecosystems scale, how risks are monitored, and how liability is allocated.
The research aims to develop multiple architectural models, including hybrid, federated interoperability, and centrally coordinated approaches. The Raidiam team will support the translation of these conceptual models into testable, technically coherent blueprints. Each model will specify the technical components required for simulation within the FCA Innovation Department’s Digital Sandbox using synthetic datasets, articulating integration considerations, operational dependencies, and testing parameters.
Shaping future UK policy
Barry O’Donohoe, CEO and Co-Founder of Raidiam, commented on the strategic importance of the work, noting that as the UK considers the evolution from open banking to broader open finance and smart data regimes, infrastructure choices will shape market participation, resilience, and consumer protection for years to come. He stated that Raidiam is pleased to contribute implementation insights to ensure the proposed models are both technically credible and capable of structured testing.
Professor Özcan added that the UK is at a pivotal moment in the development of open finance. She emphasised that the research will compare alternative configurations to provide the FCA with evidence-based options for experimentation and future policy development.
The project will run until the end of March 2026, with the final report scheduled for submission on 31 March 2026. The findings are expected to support future experimentation within the FCA’s innovation functions and may inform broader policy development and industry research outputs.
