- 311 regulated providers made up of 226 third party providers and 85 account providers, with 113 regulated entities that have at least one proposition live with customers
Commenting on the April highlights, OBIE’s Implementation Trustee Imran Gulamhuseinwala OBE said:
“The CMA consultation in to the future governance arrangements for Open Banking in the UK has closed, and the CMA are now considering the responses ahead of making their decision. I am thrilled that the response was significant in terms of the number of submissions received, varied and representative of the ecosystem and stakeholders, and both thoughtful and considered. I provided the CMA with my own response as Implementation Trustee, providing a practical framework of what should come next, in addition to a vision for the future in which the open banking ecosystem (and indeed other Smart Data initiatives) can continue to evolve and flourish. Open banking’s success is dependent on increased adoption by users and entry into the market of new and innovative propositions and third parties. This is why I included a strong representation that continued Trustee stewardship, in addition to monitoring and supervision, will be required for Open Banking to remain a UK success story.”
New open banking entities with live customers:
- Naudapay Ltd
- Open by Eliga
Powered by Open Banking
GoCardless launches open banking payments
GoCardless is trying to challenge the dominance of cards for one-off payments with Instant Bank Pay. The feature, which is directly integrated into its global payment platform, aims to provide a low-cost, seamless and convenient way for merchants to collect instant payments from new and existing customers, while still reaping the benefits of bank debit for their recurring payments. This is the first milestone in GoCardless’ journey to expedite its open banking strategy. At the end of last year, the company received $95m in funding to make this happen.
YouGov acquires Lean App
Data analytics company Yougov has acquired open banking start-up Lean App, to use financial data such as the value, timing and frequency of purchases made on and offline – to improve its products. It follows the launch of Yougov safe, which aims to empower its 15 million + panellists to securely generate value from their personal data, sharing it with selected partners anonymously or on a one to one approval basis.
Bud: Beyond Open Banking 2021: Navigating the post-pandemic landscape
This report examines how the pandemic is transforming our relationship with money and those who manage it on our behalf, while open banking and the transaction dataset that it unlocks is delivering tailor-made solutions for many of those with sudden and acute needs. OBIE Trustee Imran Gulamhuseinwala is featured in the report, highlighting how open banking is becoming an extraordinary catalyst for innovation and change. “The dynamism of the open banking ecosystem is evidenced with over 300 TPPs already regulated and another 400 in the pipeline and more than 3m people actively using account information services day to day,” he says.
Open banking Expo launches awards scheme
The 2021 iteration of the Open Banking Expo Awards, which aims to celebrate the significant progress of open banking across the global financial services sector, is calling for entrants. The scheme offers 12 categories, including awards for the Best Open Banking Partnership, Best App Proposition, Best Customer Experience and the Open Banking for Good award. The #PowerOfTheNetwork award in association with the OBIE, will recognise the best industry response to the Covid-19 crisis.
- 14th April – The OBIE Op Ed: Transforming public sector delivery through open banking technologies
- 21st April – OBIE publishes additional documents on Sweeping and Variable Recurring Payments
- 24th April – Which Money: Open banking: sharing your financial data
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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.
The OBIE is governed by the CMA and funded by the CMA 9 (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, Natwest Group and Santander). Its works with the CMA 9, as well as challenger banks, financial technology companies, third party providers and consumer groups. The OBIE’s role is to:
- Enforce the obligations on the CMA 9 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 OBIE’s Open Banking Standards
- Create security and messaging standards
- Manage the OBIE’s 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