- 280 regulated providers made up of 204 third party providers and 76 account providers, with 92 regulated entities that have at least one proposition live with customers.
Commenting on the October highlights for Open Banking, Ecosystem Development Director, David Beardmore said:
“The Open Up 2020 Challenge is all about unlocking the power of open banking to UK consumers so it was particularly encouraging to witness the calibre and volume of entrants and so many initiatives that will no doubt help consumers forge better relationships with their finances. At a time when money management is at the foremost of everyone’s mind, winners Mojo Mortgages, Moneybox, Plum and Wagestream have developed products that fulfil a genuine need in our society, and I look forward to following their progress.”
- Currensea launches FX proposition for SMEs
- Trilo enables open banking-powered rewards scheme
- AccountScore and Click2Check partner to bring open banking to mortgage advisors
- OpenPayd taps Token to unlock Open Banking
- 14th October 2020 – Nesta names Open Up 2020 challenge winners
- 16th October 2020 – The Times: How Captain Tom started an open banking revolution
- 26th October 2020 – Policy Exchange publish paper on digital identity
Information correct as of 31st October 2020. Produced by Open Banking Implementation Entity (OBIE).
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The Open Banking Implementation Entity (OBIE) is the entity set up by the CMA in 2016 to deliver Open Banking. Its trading name is Open Banking Limited.
OBIE is governed by the CMA and funded by the CMA9 (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, RBS Group and Santander). It works with the CMA9, as well as challenger banks, financial technology companies, third party providers and consumer groups. OBIE’s role is to:
- Enforce the obligations on the CMA9 under the CMA Order
- Design the specifications for the Application Programme Interfaces (APIs) that banks and building societies use to securely provide Open Banking
- Support regulated third party providers and banks and building societies to use the Open Banking standards
- Create security and messaging standards
- Manage the Open Banking Directory which allows regulated participants like banks, building societies and third-party providers to enrol in Open Banking
- Produce guidelines for participants in the Open Banking ecosystem
- Set out the process for managing disputes and complaints