The government says that the smart data initiative would be based on the use of Application Programming Interfaces (APIs) to share data securely, but only once the consumer has verified their identity and the TPP has received their express consent to do so.

There are existing Smart Data initiatives such as Open Banking. Plans for the future include utility management services that monitor a consumer’s current household bills and usage, and prompt them if better deals become available that match their preferences. Another example would be automatic switching services that enable consumers to set their preferences and let the service switch them automatically if a better deal appears.