- 267 regulated providers made up of 190 third party providers and 77 account providers, with 87 regulated entities that have at least one proposition live with customers.
Commenting on the July highlights for Open Banking, Trustee of the OBIE, Imran Gulamhuseinwala OBE said:
“It’s been a great month for the Open Banking ecosystem, with the number of API calls successfully carried out pushing through the 4 billion mark, of which a record breaking 475 million happened in July alone. This, along with the rapidly growing number of live propositions in the market – all of which are making it easier for people to manage their finances – demonstrates the significant progress being made in building the infrastructure necessary for Open Banking to deliver the end-user directed financial services of the future.”
New entrants include:
- Mojo Mortgages
- WSO2 Open Banking
- QuickBooks backs small business recovery with the launch of new digital tools
- BNP Paribas taps Experian and AryZA to support customers through Covid-19
- Zopa implements new digital affordability product
Open Banking around the world
- Australia takes first steps towards open banking
- Revolut launches open banking for one million French customers
- Digital wealth manager Moneyfarm teams up with Italian open banking provider Fabrick
- 2 July 2020: Widespread Conformation of Payee confirmed to be in place
- 23 July 2020: ‘The City View’ – Imran Gulamhuseinwala on Britain’s open banking future (Podcast)
- 11 August 2020: HMRC issue £3M open banking tender
Information correct as at 28th July 2020. Produced by Open Banking Implementation Entity (OBIE).
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Open Banking is a new, secure way for customers to take control of their financial data and share it with organisations other than their banks. Open Banking has the power to revolutionise the way we move, manage and make more of our money. For businesses, it is about making the management of cash flow and receiving payments cheaper and easier. Open Banking will make things simpler, faster and more convenient.
Open Banking follows the Competition and Markets Authority (CMA) investigation into the supply of personal current accounts (PCAs) and of banking services to small and medium-sized enterprises (SMEs).
Open Banking was created to enable innovation, transparency and competition in UK financial services. It is tasked with delivering the Application Programming Interfaces (APIs), data structures and security architectures that will enable developers to harness technology, making it easy and safe for individuals and SMEs to share the financial information held by their banks with third parties.
Open Banking will bring substantial benefits. It gives customers and SMEs greater market choice and greater control over their money and associated data, along with better and easier access to new financial services providers in a secure environment.
Notes to Editors:
1. Open Banking Ltd was set up by the Competition & Markets Authority (CMA) in September 2016 to fulfil one of the remedies mandated by the CMA following an investigation into UK retail banking.
2. The CMA’s investigation into the retail banking market (whose findings were published in August 2016) concluded that older and larger banks do not compete hard enough for customers’ business and that Open Banking should deliver a new, secure option for customers to be able to compare the deal they are getting from their bank.
3. Open Banking was created to enable innovation, transparency and competition to UK financial services. It is tasked with delivering the Application Programming Interfaces (APIs), data structures and security architectures that will make it easy and safe for customers to share their financial records by January 2018.
4. The data provided by Open Banking will enable developers to harness technology that allows individuals and businesses to share their financial records held by their banks with third parties.
5. Open Banking is a private body; its governance, composition and budget was determined by the CMA. It is funded by the UK’s nine largest current account providers and overseen by the CMA, the Financial Conduct Authority and Her Majesty’s Treasury.
6. The 9 mandated institutions (referred to as the CMA9) are: Barclays plc, Lloyds Banking Group plc, Santander, Danske, HSBC, RBS, Bank of Ireland, Nationwide and AIBG.