- 132 regulated providers made up of 83 third party providers and 49 account providers, with 25 regulated entities that have at least one proposition live with customers.
Commenting on the May highlights for Open Banking, Trustee of the OBIE, Imran Gulamhuseinwala OBE said:
“We continue to see encouraging signs through all lenses with Open Banking; non-mandated banks continue to adopt our Standard, TPPs continue to enrol and innovate, and API usage is increasing dramatically month-on-month. All of which, as the Chancellor referenced recently, point towards customers and small businesses receiving greatly improved products and services which help them move, manage and make more of their money. We expect this momentum to continue to build significantly during the second half of this year.”
Welcome to new Open Banking entrants
- Circit Ltd, YOYO Wallet Ltd, Oxlin, Sainsbury’s Bank Plc.
MBNA Ltd, Industrial and Commercial Bank of China Limited London Branch
Open Banking Key Milestones
- 01 May: OBIE publishes v3.1.2 of the Open Banking Standard
- 01 May: Chancellor Rt Hon Phillip Hammond discusses Open Banking at the Innovate Finance Global Summit
- 13 May: OBIE supports Mental Health Awareness Week
Powered by Open Banking
- NatWest has become the first UK bank to use open banking to provide customers with an alternative way to pay for online purchases – without having to use their debit or credit card.
- After incorporating open banking into its core underwriting process, Bluestone has been able to quickly retrieve customer data to determine a customer’s affordability and eligibility for specific products.
- FusionOne hosted the Open Banking hackathon created in partnership between Finastra and FinTECHTalents. The competition was won by Hyber, with Rewire, Fusion Trust and Fusion Optimum all highly-commended teams.
Information correct as at 31 May 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.