About OPEN BANKING LIMITED Open Banking Limited (OBL) – the Implementation Entity described in the CMA Order – built the UK’s world-leading Open Banking Standard and industry guidelines to drive competition, innovation and transparency in UK retail banking. There are now 7 million active users – consumers and SMEs -of open banking-powered financial management apps and payment tools in the UK.Delivering the RoadmapScroll for more THE ORIGINS OF open banking In 2016, The Competition and Markets Authority (CMA) published a report on the UK’s retail banking market. The report found that established banks don’t have to compete hard enough to gain customers’ business, while newer banks find it difficult to access the market and grow. One of the CMA’s recommendations to tackle this lack of competition was open banking. Since 2018, the open banking ecosystem has enabled customers and SMEs to share their current account information securely with third party providers, which use that data to tailor their apps and services to peoples’ specific financial circumstances. COMPLETION OF THE ROADMAP In January 2023, the CMA announced the completion of the Implementation Roadmap. This marked a pivotal milestone that has benefited businesses, consumers and the wider UK fintech sector. As it prepares to transition to the future entity, OBL now looks to the Joint Regulatory Oversight Committee and its recommendations on the design of the future entity and the vision for open banking. We continue to support the ecosystem and provide critical services. Its activities can be broadly grouped into three areas: BRINGING OPEN BANKING TO LIFE Supervisory activities Championing the opening banking ecosystem Providing critical services and infrastructure Supervisory activities We enable the Trustee to discharge their regulatory obligations, by: Providing secretariat services to the Implementation Entity Steering Group Recording and managing the governance of CMA9 requirements under the CMA Order and RoadmapCollating management information (MI) from the CMA9 on their implementation of the Open Banking Standard and Roadmap items, and the performance of those implementationsProviding frequent reports to the Trustee based on this monitoringSupporting the Trustee in issuing directions in situations where performance or implementations are deemed to be below expectations, followed by the ongoing monitoring of adherence to those directionsThis work is carried out primarily by the Office of the Trustee, which includes the Monitoring team, who draw on the wider expertise of colleagues across the entire organisation and particularly the Management Information team. Championing the opening banking ecosystem We develop the Standard and promote the ecosystem, by: Publishing and maintaining the Open Banking StandardOperating the Evaluate/Consult/Implement process by developing content and running consultations and working groupsPromoting open banking to the wider ecosystem, end user organisations and new verticals, to encourage participation, highlight use cases and fuel adoptionCurating and producing research, expert analysis, thought leadership and insight that is of value to ecosystem participants. Providing critical services and infrastructure We underpin the day-to-day running of open banking in the UK, by: Developing and operating the Open Banking Directory, which is the trust framework that sits at the heart of open bankingProviding tangible technical assistance to all ecosystem participants, including financial institutions, pre-paid and credit card providers, and TPPs – from certification and on-boarding through to BAU supportMaintaining the highest principles of security and counter-fraud within the ecosystem and providing an information-sharing platform between participantsEnabling ecosystem participants with a platform for managing disputes and complaints. LATEST NEWS AND INSIGHTS Thought Leadership How open banking is helping businesses save this Small Business Saturday 30 November 2023 Read more Thought Leadership Cyber Monday – how open banking payments are protected for consumers 27 November 2023 Read more Case studies AperiData’s Credit Console expands access to loans for HEY Credit Union customers 24 November 2023 Read more Report New Impact Report reveals increased adoption and product innovation 16 November 2023 Read more Press Releases Save smarter and faster with open banking this World Savings Day 31 October 2023 Read more CONTACT USIf you have an enquiry about OBL or would like to talk to our team about the Open Banking Standard or services, please email us. For anything else, please visit our contact us page.Visit our contact page
About OPEN BANKING LIMITED Open Banking Limited (OBL) – the Implementation Entity described in the CMA Order – built the UK’s world-leading Open Banking Standard and industry guidelines to drive competition, innovation and transparency in UK retail banking. There are now 7 million active users – consumers and SMEs -of open banking-powered financial management apps and payment tools in the UK.Delivering the RoadmapScroll for more
THE ORIGINS OF open banking In 2016, The Competition and Markets Authority (CMA) published a report on the UK’s retail banking market. The report found that established banks don’t have to compete hard enough to gain customers’ business, while newer banks find it difficult to access the market and grow. One of the CMA’s recommendations to tackle this lack of competition was open banking. Since 2018, the open banking ecosystem has enabled customers and SMEs to share their current account information securely with third party providers, which use that data to tailor their apps and services to peoples’ specific financial circumstances.
COMPLETION OF THE ROADMAP In January 2023, the CMA announced the completion of the Implementation Roadmap. This marked a pivotal milestone that has benefited businesses, consumers and the wider UK fintech sector. As it prepares to transition to the future entity, OBL now looks to the Joint Regulatory Oversight Committee and its recommendations on the design of the future entity and the vision for open banking. We continue to support the ecosystem and provide critical services. Its activities can be broadly grouped into three areas:
BRINGING OPEN BANKING TO LIFE Supervisory activities Championing the opening banking ecosystem Providing critical services and infrastructure Supervisory activities We enable the Trustee to discharge their regulatory obligations, by: Providing secretariat services to the Implementation Entity Steering Group Recording and managing the governance of CMA9 requirements under the CMA Order and RoadmapCollating management information (MI) from the CMA9 on their implementation of the Open Banking Standard and Roadmap items, and the performance of those implementationsProviding frequent reports to the Trustee based on this monitoringSupporting the Trustee in issuing directions in situations where performance or implementations are deemed to be below expectations, followed by the ongoing monitoring of adherence to those directionsThis work is carried out primarily by the Office of the Trustee, which includes the Monitoring team, who draw on the wider expertise of colleagues across the entire organisation and particularly the Management Information team. Championing the opening banking ecosystem We develop the Standard and promote the ecosystem, by: Publishing and maintaining the Open Banking StandardOperating the Evaluate/Consult/Implement process by developing content and running consultations and working groupsPromoting open banking to the wider ecosystem, end user organisations and new verticals, to encourage participation, highlight use cases and fuel adoptionCurating and producing research, expert analysis, thought leadership and insight that is of value to ecosystem participants. Providing critical services and infrastructure We underpin the day-to-day running of open banking in the UK, by: Developing and operating the Open Banking Directory, which is the trust framework that sits at the heart of open bankingProviding tangible technical assistance to all ecosystem participants, including financial institutions, pre-paid and credit card providers, and TPPs – from certification and on-boarding through to BAU supportMaintaining the highest principles of security and counter-fraud within the ecosystem and providing an information-sharing platform between participantsEnabling ecosystem participants with a platform for managing disputes and complaints.
Supervisory activities We enable the Trustee to discharge their regulatory obligations, by: Providing secretariat services to the Implementation Entity Steering Group Recording and managing the governance of CMA9 requirements under the CMA Order and RoadmapCollating management information (MI) from the CMA9 on their implementation of the Open Banking Standard and Roadmap items, and the performance of those implementationsProviding frequent reports to the Trustee based on this monitoringSupporting the Trustee in issuing directions in situations where performance or implementations are deemed to be below expectations, followed by the ongoing monitoring of adherence to those directionsThis work is carried out primarily by the Office of the Trustee, which includes the Monitoring team, who draw on the wider expertise of colleagues across the entire organisation and particularly the Management Information team.
Championing the opening banking ecosystem We develop the Standard and promote the ecosystem, by: Publishing and maintaining the Open Banking StandardOperating the Evaluate/Consult/Implement process by developing content and running consultations and working groupsPromoting open banking to the wider ecosystem, end user organisations and new verticals, to encourage participation, highlight use cases and fuel adoptionCurating and producing research, expert analysis, thought leadership and insight that is of value to ecosystem participants.
Providing critical services and infrastructure We underpin the day-to-day running of open banking in the UK, by: Developing and operating the Open Banking Directory, which is the trust framework that sits at the heart of open bankingProviding tangible technical assistance to all ecosystem participants, including financial institutions, pre-paid and credit card providers, and TPPs – from certification and on-boarding through to BAU supportMaintaining the highest principles of security and counter-fraud within the ecosystem and providing an information-sharing platform between participantsEnabling ecosystem participants with a platform for managing disputes and complaints.
LATEST NEWS AND INSIGHTS Thought Leadership How open banking is helping businesses save this Small Business Saturday 30 November 2023 Read more Thought Leadership Cyber Monday – how open banking payments are protected for consumers 27 November 2023 Read more Case studies AperiData’s Credit Console expands access to loans for HEY Credit Union customers 24 November 2023 Read more Report New Impact Report reveals increased adoption and product innovation 16 November 2023 Read more Press Releases Save smarter and faster with open banking this World Savings Day 31 October 2023 Read more
Thought Leadership How open banking is helping businesses save this Small Business Saturday 30 November 2023 Read more
Thought Leadership Cyber Monday – how open banking payments are protected for consumers 27 November 2023 Read more
Case studies AperiData’s Credit Console expands access to loans for HEY Credit Union customers 24 November 2023 Read more
Report New Impact Report reveals increased adoption and product innovation 16 November 2023 Read more
Press Releases Save smarter and faster with open banking this World Savings Day 31 October 2023 Read more
CONTACT USIf you have an enquiry about OBL or would like to talk to our team about the Open Banking Standard or services, please email us. For anything else, please visit our contact us page.Visit our contact page