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8 Years of Open Banking: Momentum, Milestones, and a Pivotal 2026 Ahead

05 February 2026

At the 8‑year anniversary of open banking, OBL Chair and Trustee Marion King, delivered a forward‑looking reflection on how far the ecosystem has come and why 2026 could be its most significant year yet. What began in January 2018 as an, uncertain moment in UK financial services has grown into one of the world’s most vibrant smart‑data and payments ecosystems.

Growth That Can’t Be Ignored

Marion highlighted the scale and speed of today’s adoption:

  • 33 million open banking payments in November alone
  • 16.5 million monthly user connections
  • Over 2 billion API calls in a single month, and rising
  • 50% year‑on‑year growth in open banking payments
  • 40% annual growth in regular usage

“This is not withering on the vine. This is accelerating.”

A UK Model That Stands Apart

Marion paid tribute to the CMA9 and the Competition and Markets Authority, crediting them for their pragmatism and foresight in shaping a uniquely UK approach. “We’re the only country to have done this with a competition remedy. And it has worked.” She also acknowledged the enormous work behind JR0C and the cross‑industry effort that has steered the ecosystem toward open finance and beyond. This collaborative effort, she noted, represents a genuine shift: “Industry‑led actually means industry‑led and that’s tricky when there is no CEO of the industry.”

Despite differing priorities, commercial constraints and regulatory pressure, institutions across the sector have come together to build, govern, and evolve a shared ecosystem.

2026: A Pivotal Year

If the past 8 years have been about implementation and foundation‑building, 2026 will be about expansion. Marion spotlighted the creation of the UK Payments Initiative (UKPI)– the first new payment system since Faster Payments in 2008 as a major turning point. “It’s more than a new payment scheme. It’s a sign that the industry can truly lead.”

The incorporation of UKPI in December and its upcoming board and leadership appointments mark a new chapter one where commercial variable recurring payments (CVRP) become a structured national scheme that others can innovate on. Account‑to‑account payments, Marion suggested, will be central to the UK’s future digital economy.

“It won’t be another 8 years before the next scheme. The foundations are in place, and we can see it happening.”

A Future Beyond the Order

With the Data Use and Access Bill now an Act and the long‑term regulatory framework pending, Marion outlined a future where the current order is eventually revoked and the ecosystem transitions to a new, sustainable model. “OBL won’t exist as it does today because the order won’t exist. But we will protect it until the move to a new future is safe and secure.”

In 2026, government roadmaps from the Department of Business and Trade (DBT) and the Financial Conduct Authority (FCA) will offer clearer direction for smart data and open finance, unlocking new opportunities and drawing in more innovators.

A Toast to the Next Chapter

Marion closed by recognising the people behind the movement – the banks, fintechs, regulators, innovators and small organisations that have taken risks, invested time and resources, and shown genuine commitment to collaboration.

“Industry‑led is working. And that broader spectrum represents our economy and our citizens.”