- 110 regulated providers made up of 76 third party providers and 34 account providers, with 20 third party providers live with customers
Commenting on February highlights for Open Banking, Trustee of the OBIE, Imran Gulamhuseinwala OBE said:
“We continued to see a steady stream of activity in February with a number of providers launching new products. This shows how the ecosystem is growing and moving into new areas such as mortgage applications and payments.”
Welcome to new Open Banking entrants
Open Banking Key Milestones
- 1 February: Operational Guidelines and Checklist published
- 15 February: Service Quality Indicators APIs released
- 27 February: Updated How to Guides for Open Banking Directory participants
Powered by Open Banking
- M&S Bank announces they will speed up the mortgage process using open banking, reducing the application time for customers
- NatWest launches its account aggregation app allowing its customers to see accounts with 15 other UK banks
- Freedom Finance a fintech lending platform, launches open banking access to a panel of lenders for secured loans
- AccountScore and the Insolvency Panel announces the first ever Open Banking powered solution for free-to-client debt advisors
- Adyen launches a new payment method powered by Open Banking, as an alternative to card payments, signing Dutch airline KLM as the first big brand to roll out the service
- The IDCO. Limited launches DirectID Insights as the first online decisioning tool for use by Underwriters, Fraud Analysts and Credit Risk Officers
- Yolt launches Open Banking API for businesses across Europe
- Lloyds Bank unveils new open banking app feature allowing millions of its customers to view their personal accounts at up to six highstreet banks
Information correct as at 28 February 2019. 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 cashflow 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.