RE-ALIGNING BUILDING SOCIETIES FOR TODAY’S CONSUMERS THROUGH OPEN BANKING

Sam Seaton, Moneyhub CEO, explains how open banking and open finance can help some of the UK’s building societies catch up in the innovation race, attract younger audiences, and simplify customers’ financial lives.

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JROC’s proposal for the design of the future entity for UK open banking

Marion King, OBL Chair and Trustee, submitted her response to JROC on the design of the future entity, setting out how a future entity would secure the continued success of open banking, and deliver for the public good.

This response supports JROC’s ongoing commitment to establishing the future entity and building on what has been achieved to date under the CMA Order.

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GUIDE TO BUYING AND RENTING A PROPERTY WITH OPEN BANKING

Buying and renting a home in the UK can be stressful. Our new guide explains how open banking can help speed up some of the key steps in the process (from ID to tenant vetting) and help deliver a seamless experience for buyers, sellers, renters, estate agents and solicitors.

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THE OPEN PROPERTY DATA ASSOCIATION – STREAMLINING THE HOME-BUYING PROCESS

The Open Property Data Association (OPDA) is an independent industry body which “promotes the application of open property data for the benefit of all”. Its latest trust framework aims to standardise property data to speed up the homebuying process for buyers, sellers, estate agents and solicitors.

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MAY HIGHLIGHTS

“Last month I submitted my response to JROC on the design of the future entity, setting out how a future entity would secure the continued success of open banking, and deliver for the public good.

Adoption and use continues to grow, with 9.7m active users and 16.8m open banking enabled-payments. Delivering the JROC roadmap and other non-Order initiatives are essential to ensure we maintain this positive momentum ahead of a transition to a long-term regulatory framework and new sustainable economic model.”

Marion King, OBL Trustee

Regulated providers

OPEN BANKING – THE FUTURE OF FINANCE

We provide the trusted framework to connect banks, fintechs and technical providers – simple, secure technology that’s helping more than 9 million UK consumers and businesses move, manage and make more of their money.

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ECOSYSTEM

Find all the information and support your organisation needs to create personalised open banking-enabled services.

Account Providers

Forge links to a busy community of fintechs and other innovative firms – collaborating to deliver new value-adds, tailored to customers’ financial needs via their bank transaction data.

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Fintechs (TPPs)

Build your proposition with access to the expertise and tools of a world-leading open banking ecosystem – plus a Directory of participants which are ready to embrace your offering.

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Technical service providers

From security standards to support services, open banking gives you trusted credentials.

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Regulatory

Information and guides to help you navigate the world of open banking regulation, from the CMA order to PSD2 and beyond.

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April API performance

99.76%

Average API Availability

372ms

Average API Response Time

99.51%

Successful API Calls (%)

99.86%

Average API availability – weighted

1461.2m

Successful API Calls Actual

0.49%

Failed API Calls

See all latest figures

BENEFITS

Explore the many practical ways that open banking can help you take control of your finances.

Consumers

Open banking is a secure way to help you understand your day-to-day finances, find cost-effective lending, and help tackle debt.

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Businesses

Open banking data and payments solutions can help businesses manage their finances, control cash flow and improve financial forecasting.

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