Thought Leadership

A Landmark Year for Open Banking

06 February 2026

Across the UK’s open banking and fintech ecosystem, a growing sense of anticipation surrounds the year ahead. Leaders from payments, data, fintech, and technology agree: 2026 marks a turning point, the moment when regulatory clarity, maturing use cases, and cross‑sector collaboration converge to unlock the next chapter of the smart data economy.

This shared excitement is captured directly through the voices of the organisations shaping the future.

Steady Progress Sets the Stage for Big Change

For Ellie Duncan at Open Banking Expo, 2026 is not just about dramatic launches, but about meaningful groundwork taking place behind the scenes:

“So with smart data, I feel like we’re going to see some incremental progress there. So maybe no other big scheme launches, but lots of work going on behind the scenes in that space. Now we have the Data Use and Access Bill [Act]”

Her view reflects a broader industry sentiment: that the Data Use and Access Act is quietly laying the foundation for what comes next.

David Monty from Tell Money sees this groundwork leading to a pivotal convergence:

“I am hoping that the big change is the convergence with smart data. That’s where it gets really interesting. We’re not just looking at payments, but we start looking at how data can actually work for people.”

This transition from payments innovation to true data‑driven services is increasingly seen as the defining step for the sector.

CVRP, VRP and the Rise of Smarter Payments

Payment innovation continues to accelerate, with charities and merchants finding new opportunities in next‑generation recurring payment models. Kieron James of Wonderful Payments highlights this shift:

“We’ve got a lot of charities very excited about the potential with CVRP as a replacement potentially for direct debits in terms of, ease for the making those payments.”

Adam Jackson at Innovate Finance underscores CVRP’s potential as a modern alternative for digital commerce:

“The launch of CVRP – the open banking payments, solution, that’s a new form of direct debits becomes a new form of payment for e-commerce.”

Meanwhile, Luke Ladyman from Cheddar believes Variable Recurring Payments are on the brink of widespread adoption:

“So the one thing I’d expect to see and like to see is VRP coming mainstream in the same way ASPSP appears a normality.”

Across the ecosystem, 2026 is viewed as the year these payment innovations become part of everyday consumer behaviour.

Open Banking as the Foundation of the Smart Data Economy

While payments continue to evolve, many see 2026 as the year open banking takes on a broader role in the UK’s emerging smart data economy. Nick Davey at OBL frames this shift:

“I think we’ll see more payments innovation as well in open banking broaden out. But I see we’re going to a smart data economy and open banking being one of the fundamental use cases that will integrate with loads of other sectors.”

This cross‑sector integration, particularly into health, signals the move from financial data access to multi‑sector smart data sharing.

Robert Sullivan of Token.io connects this moment directly to legislative progress:

“It’s going to be a big step towards unlocking the kind of broader smart data economy in the UK with the Data Use and Access Bill [Act] really to come to fruition.”

The Act is widely expected to act as the catalyst for new commercial schemes, new collaborations, and new digital experiences.

The Arrival of Open Finance

Few areas are generating as much excitement as open finance. Dan Scholey of Moneyhub captures the growing momentum:

“The excitement behind open finance is more tangible than I think I’ve ever known. The excitement about open banking and the opportunities for consumers are just phenomenal.”

His colleague, Nej Korosec, points to the regulatory milestones that could finally turn potential into reality:

“The new regulatory footing for open banking, the future entity, and hopefully a statutory instrument from treasury, that will mean the introduction of open finance.”

With a statutory instrument expected, many believe 2026 will be the year the UK shifts from open banking to full open finance.

A Sector Poised to Capitalise on Collaboration

Bringing these perspectives together, Henk Van Hulle at OBL offers a fitting summary of what makes 2026 such a landmark year:

“I am really excited about 2026. It’s been called the Landmark Year, and it’s because people have seen and the industry have seen that they can come together and capitalize on sharing data, and that’s what’s going to happen. More and more commercial schemes are going to be set up for the best and all the benefits for end users in SMEs. And businesses alike so that we have an entire ecosystem which can be vibrant and can finally capitalise on all their investments.”

Across fintechs, banks, charities, SMEs, regulators, and innovators, there is a shared belief that the years of investment, experimentation, and collaboration are finally coming to fruition.