Open banking media kit

Details, definitions and dates – your one-stop-shop with all the facts about open banking. 

media kit

Quick access information

What is open banking? 

What is open banking? 

Open banking is a secure way for customers to take control of their financial data and share it securely with organisations other than their bank.  

By sharing this data with authorised third parties, customers can access services that help them make more of their money. This could mean access to smart savings apps, finding better mortgage rates or accessing credit. Businesses can also use open banking – for example, to manage cash flow or make it easier to receive payments. 

The Open Banking Implementation Entity 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 competition in UK retail banking. The open banking ecosystem is designed to deliver fairer, more transparent banking and financial services. 

ob-obie
OB vs OBIE 

OB vs OBIE

Open banking is the technology that’s being developed and leveraged by a growing network of providers, products and services that make it all happen. 

We are the Open Banking Implementation Entity (OBIE). We were created by the CMA to deliver the Application Programming Interfaces (APIs), data structures and security architectures that power open banking. Our frameworks empower developers to build systems that make it easy and safe for customers to share their financial information with third parties. 

governance
Governance 

Governance 

The OBIE is a private body; our governance, composition and budget are determined by the CMA.  

OBIE is funded by the UK’s nine largest current account providers (often called the CMA9) and overseen by the CMA, the Financial Conduct Authority and Her Majesty’s Treasury.  

The nine mandated institutions are: AIBG, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, Natwest Group and Santander. 

stats
Stats

Stats

£1bn  

Open banking could boost UK GDP by £1 billion annually  

Source: CEBR study into Open Banking – February 2018  

£7.2bn  

The open banking sector could quadruple its worth to generate £7.2bn of revenues by 2022  

Source: PWC: The Future of Banking – June 2018  

84% 

of financial services companies are investing in open banking products and services. 

Source: Fintech Futures: Opportunity Knocks – the future of Open Banking 2018 

77% 

of banks in Europe plan to invest in open banking initiatives for their commercial customers. 

Source: Accenture: It’s Now Open Banking – November 2018 

86% 

of financial firms recognise the value of the data Open Banking provides. 

Source: Transunion: The Evolution of Open Banking – January 2019 

2020 performance numbers

294 

Regulated providers 

215

Third party providers 

79

Account providers 

5.83bn

API calls in 2020 

4.29mn

Successful payments

Ecosystem Distribution

Open banking ecosystem participants are spread throughout the UK.

*Visual not indicative of total open banking ecosystem due to non-UK participants and organisations holding dual or multiple roles.

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Consumer outcomes

The OBIE does not ‘log’ open banking activity in the way that a traditional payment infrastructure might. This is because no open banking activity flows through the OBIE platform. Our best window on the breadth of open banking activity comes from the Open Banking App Store.

*Source: OBIE data. Chart may double-count as certain propositions cover multiple usage categories.

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Real benefit to businesses

Businesses’ adopting solutions like cloud accounting and cashflow forecasting indicate the importance of clarity and control over their finances. As a growing number of businesses resort to eCommerce to meet customer demand, we anticipate payments to be a key area of growth for small businesses in 2021 and beyond.

Visit the open banking app store

Total API Volume

“The rapid take up of open banking-enabled products and services across 2020 is clear proof that the appetite is there and growing fast”

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THE OBIE’S ANNUAL REPORT

2020 was a transformational year for open banking and for the OBIE. This report provides an overview of the OBIE’s activities for 2020 and 2021.

Read the report
annual report