Open Banking enables and supports innovation and competition in a variety of products and services, to make it easier to get the most from your finances.
At present, Open Banking technology enables organisations to easily compare Personal Current Account, Business Current Account, Business Loan and Commercial Credit Card products from banks operating in the UK. It also makes it simple for organisations to access detailed information – such as locations and opening times – on bank branches and ATMs.
It does this by maintaining Application Programming Interfaces (APIs) and standardised data structures that govern how banks make information about their products, services, branches and ATMs available.
In January 2018, Open Banking, working with UK banks and regulators, will release APIs and standards that enable organisations to – with the customer’s permission – read the transaction history of Personal and Business Current Accounts and initiate payments from those accounts.