Thought Leadership

OBL Impact Report 7: open banking delivers real-world impact as adoption accelerates year-on-year

16 May 2025

We are pleased to publish our seventh Impact Report – a data-driven deep dive into the adoption, experience and outcomes delivered by open banking to the UK’s consumers and small businesses.

Read the report

The data published today shows a record high adoption rate of open banking with one fifth (1 in 5) of consumers and businesses now using the financial innovation, up from just 1 in 17 in March 2021.

The report shows – as of March 2025 – that there are 13.3 million active open banking users in the UK and that, for the first time since the launch of open banking in 2018, consumer adoption has reached almost the same level as small businesses.  

Painting the clearest picture yet of open banking’s day-to-day impact, the report highlights that 31 million open banking payments were made in March this year alone, with usage expanding into sectors such as travel and e-commerce, as well as credit card payments and saving account deposits.

Key findings from the 2025 Open Banking Impact Report:

  • As of March 2025, there are 13.3 million active open banking users, including both individuals and small businesses, up by 40% on the previous year.
  • 31 million open banking payments were made in March 2025, which is equivalent to 1 in 13 or 7.9% of all Faster Payments.
  • 70% year-on-year growth of open banking payments with variable recurring payments (VRPs) now accounting for 13% of the total. 
  • There are 145 third party providers (TPPs) with a live-to-market open banking proposition, a further 406 agents and potentially thousands of firms using open banking data and payments.
  • The ecosystem continues to adapt and develop, with 33 live-to-market TPPs exiting the market since 2022, but being replaced by 23 new firms.

Open banking is no longer a promise – it is a reality that’s delivering tangible impact at scale. We are seeing a dynamic, user-led ecosystem emerge – one that helps people manage their finances, boosts SME productivity, and improves access to credit. This report proves that when industry, government, and regulators work together with purpose and trust, we can build financial systems that are open, inclusive, and competitive.”

Luke Ryder, OBL Strategy and Policy Director

The consistent and significant growth in open banking payments processed via Faster Payments is a very positive sign that A2A retail payments are becoming increasingly widespread across the ecosystem.”

Euan Ballantyne, Product Director, Pay.UK

Open banking plays a key role in delivering the Government’s National Payments Vision and its wider efforts to stimulate economic growth across key industry sectors. It’s brilliant to see that 1 in 5 of my constituents and small businesses are using open banking-powered products and services, giving them greater control over their money and access to real-time data insights to help them run their businesses more efficiently.”

Luke Charters, MP for York Outer

In this pivotal year for open banking, our latest Impact Report provides invaluable insights into its continued ability to enable a thriving sector of innovative technology companies and an ecosystem which is worth an estimated £4bn to the UK economy.

Read the report