The Financial Conduct Authority (FCA) has published industry feedback from its Open Finance call for input from December 2019.
Responding to the findings, Imran Gulamhuseinwala OBE, Trustee, Open Banking Implementation Entity said:
“Both today’s report from the FCA and the recent Kalifa Review clearly highlight the transformation and the benefits that open banking is bringing across financial services.
“More than three million consumers and SMEs are using open banking enabled apps. That’s not only boosting competition and innovation, but it means that customers are getting better deals and more suitable products.
“The success of open banking is reflected in the strength of the UK’s FinTech sector. The UK has more open banking third party providers than the whole of the EU combined. That’s something not only to celebrate, but crucial in understanding how we maintain momentum and pave the way for open finance and Smart 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 CMA9 (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 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 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