- 96 regulated providers made up of 64 third party providers and 32 account providers, with 12 third party providers live with customers
- 97.93% of API calls were successful in October with usage increasing steadily – see the November API performance metrics later this month for more details
Commenting on November highlights for Open Banking, Trustee of the OBIE, Imran Gulamhuseinwala OBE said:
“We are seeing a growing pipeline of new entrants to Open Banking with an encouraging list of innovators waiting to join. Importantly however, our focus remains firmly fixed on ensuring both the quality and performance of the APIs continues to improve, ultimately giving a frictionless and much enhanced customer experience.”
Welcome to new Open Banking entrants
- TSB Bank, Yorkshire Building Society, Xero (UK) Limited, Nordea Bank Abp, Figo GmbH, Ipagoo LLP, Skrill Ltd, Alpha FX Ltd, Instantor AB Y Tree Ltd, JPMorgan Chase Bank and APS Financial Ltd.
Open Banking Key Milestones
- 30 November: Open Banking Standards version 3.1 published
We published version 3.1, a minor update which offers enhanced functionality and features to enable PSD2 compliance.
- 30 November: Updated Customer Experience Guidelines published
This updated version includes new Confirmation of Funds journeys and aligns with v3.1 of the Open Banking Standards.
Powered by Open Banking
- AIB rolls out Open Banking APIs in Ireland, allowing them to provide new products and services to customers.
- iwoca makes the first business loan using Open Banking data through Funding Options business finance aggregator.
- FinTech Futures and TLT’s Opportunity Knocks white paper “Just 10 months since its launch, Open Banking has dramatically impacted the investment decisions of financial services companies and significantly altered the threat landscape.”
– 72% see Open Banking as a positive initiative
– 84% have new offerings in launch or in development
– 77% see PSD2 and Open Banking as ‘one of the most radical changes in recent history’
Information correct as at 30 November 2018. Produced by Open Banking Implementation Entity (OBIE).
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For further information, please contact:
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.