- 231 regulated providers made up of 157 third party providers and 74 account providers, with 71 regulated entities that have at least one proposition live with customers.
Commenting on the March highlights for Open Banking, Trustee of the OBIE, Imran Gulamhuseinwala OBE said:
“The effects of the COVID-19 crisis are being felt across the world and these are challenging times for everyone. The financial uncertainties faced by many, especially individual consumers and SMEs, demand rapid responses from Government and the financial services industry alike. Many Open Banking participants are eager to help by leveraging open banking technology in new and innovative ways. Many of our ecosystem participants are using Open Banking to help consumers and small businesses to better manage their money and get access to finance fast. Open Banking is proud to play its part by fostering an environment of innovative collaboration amongst participants and by championing those doing their bit to help during the crisis.”
- Trade Ledger, a digital lending platform; Wiserfunding, a digital SME credit scoring platform; Nimbla, a trade credit insurance provider, and NorthRow, a remote client onboarding platform have established a new fintech taskforce in response to COVID-19
- Starling introduces Coronavirus Support Scheme to help struggling customers
- Tully launches single online payments relief resource, the Covid-19 Relief and Wellbeing Network for people impacted by Covid-19
Powered by Open Banking
- Debut of smart money app Snoop to help consumers and households better manage their finances through the Coronavirus lockdown period
- A new app launched by iDelta aims to give retail banks increased visibility of how well their customers’ needs are being met
- Metro Bank strikes deal with banking software provider Ezbob. It will enable business customers to get funding decision in “a matter of minutes” via AI and Open Banking technology
Did you see?
- 31 March 2020: OBIE launches #PoweroftheNetwork campaign to showcase those members of the Open Banking ecosystem who are stepping up to help others during the COVID-19 crisis.
- 31 March 2020: Open Banking publishes the latest version of the Open Banking Standard, which includes updates to the Read/Write API Specification, Customer Experience Guidelines (CEGs) and Operational Guidelines (OGs).
- 30 March 2020: Bud publishes Beyond Open Banking report outlining the significant opportunity Open Banking technology presents for fintechs to improve consumers’ financial wellbeing.
- 27 March 2020: A coalition of Open Banking ecosystem participants petition the Chancellor for reform.
- 25 March 2020: Open Up 2020 Challenge reveals top debt-control tips.
Information correct as at 31 March 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 paymes 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.