- 137 regulated providers made up of 85 third party providers and 52 account providers, with 32 regulated entities that have at least one proposition live with customers.
Commenting on the June highlights for Open Banking, Trustee of the OBIE, Imran Gulamhuseinwala OBE said:
“June was an encouraging start to the summer months, with new Open Banking-enabled propositions live to customers, continued ecosystem growth and a strong pipeline of firms working through registration. As PSD2’s September deadline draws near, it is also positive to note the debate building around Open Finance and the extensibility of the Open Banking approach into other sectors.”
Welcome to new Open Banking entrants
- Credorax Ltd, GoCardless Ltd, Hargreaves Lansdown Savings Ltd, Tide Platform Limited, Ulster Bank Ireland DAC, The Governor and Company of the Bank of Ireland
Did you see?
- 12 June: UK Government publishes Smart Data Review
- 25 June: Publication of Independent Report: ‘Consumer Priorities for Open Banking’.
Powered by Open Banking
- Lloyds launches first Open Banking app for credit cards and savings
- FCA publishes opinion piece on Open Finance
- Newcastle Building Society launches Open Banking-enabled debt help service
- TPP Token publishes ‘Open Banking’s First Year-End Dividend‘
Information correct as at 30 June 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.