- 127 regulated providers made up of 81 third party providers and 46 account providers, with 23 regulated entities that have at least one proposition live with customers.
Commenting on the April highlights for Open Banking, Trustee of the OBIE, Imran Gulamhuseinwala OBE said:
“We continue to see encouraging signs of growth and traction in the Open Banking ecosystem. We are pleased with the continuing pipeline of entrants adopting the Standard from both banks and third parties and look forward to seeing the innovation that this will bring in time; resulting in giving customers greater control and greater benefit from their data.”
Welcome to new Open Banking entrants
- AllStar Business Solutions, Currency UK, Permanent TSB Plc., Prepay Technologies Ltd, Salt Edge Limited, Spendee s.r.o., Sports Loyalty Card Ltd
Open Banking Key Milestones
- 02 April: Guidance from OBIE to EEA Open Banking Participants regarding the Temporary Permissions Regime
- 08 April: OBIE supports participants seeking exemption from the contingency mechanism
- 29 April: OBIE has been accepted into cohort 5 of the regulatory sandbox to test innovative financial products and services
Powered by Open Banking
- UK start-up Tully has launched a promising Open Banking solution to help provide debt-laden Brits with a clear picture of their finances along with a personalised, flexible repayment plan.
- Nationwide Building Society has picked seven fintech start-ups to take part in its £3 million challenge to develop Open Banking-based apps and services that help financial vulnerable people.
- MortgageGym.com will combine open banking, credit file searches and banks’ internal lending criteria in an attempt to improve affordability calculations.
Information correct as at 30 April 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.