- 67 Regulated providers made up of 44 Third Party Providers and 23 Account Providers
- Over 3 million uses of API calls in July – up from 2million in June
Imran Gulamhuseinwala OBE, Trustee of the OBIE, said:
“We continue to see steady progress within the open banking ecosystem, in particular with the growing use of our APIs. We expect to see this momentum continue, not least as we release the next version of our standards later this week which will only help accelerate our focus on giving people better ways of moving, managing and making more of their money.”
Open Banking Key Milestones
- 23 July: Revised Open Banking Roadmap
Aims to improve the customer experience for Open Banking services, particularly apps.
- 23 July: Confirmation of Payee (CoP) technical specifications
Working with the NPSO, we released CoP specifications which are now in industry consultation.
- 15 August: Banks’ Service Quality Indicators API
Developers can access banks’ customer survey data from banks to build apps enabling customers to be better informed about products and services.
- 31 August: Go live with v2.2.1 of Open Data Standards
Powered by Open Banking
- Investing app Moneybox announces its integration with Santander – enabling Santander customers to invest their spare change.
- Clydesdale Bank selects the ID Co to support its mobile banking app, B – enabling its customers to bring all their financial information into one place.
- Credit-checking company ClearScore announces the launch of OneScore service in Spring 2019 – aiming to give customers detailed insight into their financial situation to prompt mortgage and credit card switching.
- 7 September: Version 3 of the Read/Write API
Includes enhancements to previous version and new features required under both the CMA Order and PSD2/RTS
Information correct as at 31 August 2018. 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.