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Three open banking milestones for May 2022

It’s been exciting to see the increasing speed of open banking adoption in the past six months. Today I’m pleased to share several key successes. 

First, the open banking community made a record 1 billion API calls during May 2022.  

This metric is a key barometer for the level of activity that the open banking industry generates each month. From information calls to payment calls – hitting the 1 billion mark shows the huge rise in activity since the first release of the API specifications in July 2017. 

Secondly, businesses and consumers made 5 million open banking-driven payments throughout May 2022.  It is clear that end-users are choosing to ‘pay by bank’ and take advantage of all the benefits that come with using this fast, frictionless, and secure way to pay.   

With a record 1 billion API calls, 5 million open banking payments, and 6 million active users, it’s clear that open banking is continuing to deliver added value to the UK’s consumers and small businesses.

Six million users and counting 

Finally, it’s taken just under three months for us to reach another milestone – we can now count 6 million active users of open banking in the UK. 

Once again this demonstrates that consumers and small businesses are reaping the rewards of using open banking to keep on top of expenditure and daily budgeting, cut card-processing costs, and shop around for better financial products and services.  

David Beardmore Ecosystem Development Director, OBIE

We’ve already found that 64% of consumers have claimed that using open banking savings apps increased their total level of savings and helped them develop a regular savings habit, while using money management apps improved their understanding of their finances, helping them to feel more in control of their finances. 

And our third Open Banking Impact Report, published later this month, contains unique new research which highlights how open banking-driven cloud accounting services are helping small businesses make better financial decisions, become more efficient, and collaborate more effectively with their accountants.   

It’s clear that open banking is continuing to deliver added value to consumers and small businesses in the UK, and our first-class open banking standard and ecosystem continue to lead the way in the uptake of this pioneering technology.