Category: CMA

Open Banking Limited (OBL) has today announced that the number of consumers and SMEs actively using Open Banking powered services in the UK has reached 7 million for the first time.

User numbers are reported to the OBL by the CMA9, the banks and building society mandated under the CMA Order to implement Open Banking in the UK, and figures for January show that the combined figure tipped 7 million.

The upward trend comes just one month after the completion of the CMA Roadmap and the 5th anniversary of the Second Payment Services Directive (PSD2), which made Open Banking a regulatory requirement in the UK. 


Marion King, Chair and Trustee of OBL, said:

“Open Banking is good for the nation, increasing competition and allowing consumers and SMEs to benefit from new and innovative ways to manage their financial lives. It is encouraging to see that 7 million people have been empowered to take advantage of the benefits of Open Banking.

“As we await key recommendations on the future vision for Open Banking from the Joint Regulatory Oversight Committee, this strong growth underlines the need to continue the momentum so that the many benefits of Open Banking are developed, promoted, and made available to millions more of our citizens.”

Henk Van Hulle, Chief Executive Officer of OBL, said:

“I am delighted that we have now reached 7 million active Open Banking users in the UK. It is significant that 1.2 million of these are first-time users. From access to cost-effective credit, building a regular savings habit or making more informed financial decisions – Open Banking is delivering the means for our citizens to improve their financial wellbeing.”

Notes to editors:

1. Open Banking Ltd (OBL) was set up by the CMA9 in September 2016 as required under the Competition & Markets Authority’s (CMA) Retail Banking Market Investigation Order 2017 to fulfil one of the remedies mandated by the CMA following a market 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. OBL’s role is to: 

• Enforce the obligations on the CMA9 under the CMA Order.

• Design the specifications for the Application Programme Interfaces (APIs) that banks and building societies use to securely provide Open Banking.

• Support regulated third party providers and banks and building societies to use the OBIE’s Open Banking Standards.

• Create security and messaging standards.

• Manage the OBIE’s Open Banking Directory which allows regulated participants like banks, building societies and third-party providers to enrol in Open Banking.

• Produce guidelines for participants in the Open Banking ecosystem.

• Set out the process for managing disputes and complaints.

OBL spokespeople are available on request.

For enquiries, please contact: CiceroOpenBankingPR@cicero-group.com, 020 7297 5965

Charlotte Crosswell, Chair and Trustee of Open Banking Limited (OBL), has today published her End of Implementation Roadmap summary report, marking the conclusion of her mandate as Implementation Trustee.

The report details Charlotte’s Trustee recommendations to the Competition and Markets Authority (CMA) on how to maintain the ongoing requirements of the Retail Banking Market Investigation Order (the Order).

The report also contains her personal views on what the Joint Regulatory Oversight Committee (JROC) should consider regarding the design of the Future Entity and strategic roadmap.

Charlotte also outlines the progress OBL has made to prepare for transition, and the key priorities for the organisation over the coming weeks and months. This follows the end of the implementation phase of the Order.

The CMA will now consider the Trustee’s Order-related recommendations and provide feedback to OBL and the incoming Trustee, Marion King, as they continue their transition planning ahead of JROC’s recommendations.

In terms of next steps, the Strategic Working Group (SWG), which was formed to collate the views and input about the future direction of Open Banking of a wide range of industry stakeholders, is expected to provide and publish their final report to JROC shortly.

Meanwhile, JROC is expected to publicly set out its vision for the future of Open Banking by the end of the first quarter of 2023.


Charlotte Crosswell OBE, Chair and Trustee of OBIE, said:

“Open Banking has come a long way since the CMA’s Retail Banking Market Investigation in 2016. Today, more than 6.5 million consumers and SMEs in the UK have been empowered to use innovative Open Banking-enabled products to better manage their money. The UK fintech sector has successfully leveraged Open Banking technology, contributing to our leadership in innovation, and providing tangible benefits to consumers and SMEs. 

“Whilst significant progress has been made, there is still much more to do to optimise and deliver the full benefits of Open Banking within retail banking markets, and beyond. Marion King, OBL’s incoming Trustee, will now steer OBL through the next phase in its transition journey. I hope that my recommendations and personal views will be useful as the CMA and JROC decide how to ensure the many benefits of Open Banking is sustained and developed going forward.  

It has been an honour to act as Trustee through the completion of the Roadmap, and to engage across the wider ecosystem during this phase. I would like to thank the team at OBL for their hard work in reaching this milestone, as well as the banks and innovators who have helped to make Open Banking a reality. This combined effort and collaboration is delivering better outcomes for consumers and SMEs across the UK.”


Notes to editors:

1. Open Banking Ltd is the entity set up by the CMA9 as ordered by the CMA in 2016 to deliver open banking.  

2. OBL is funded by the CMA9 (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, NatWest Group and Santander). The OBIE works with the CMA9, as well as challenger banks, financial technology companies, third party providers and consumer groups. 

3. OBL’s role is to: 

• Enforce the obligations on the CMA9 under the CMA Order 

• The specifications for the Application Programme Interfaces (APIs) that banks and building societies use to securely provide open banking 

• Support regulated third party providers and banks and building societies to use the Open Banking standards 

• Create security and messaging standards 

• Manage the Open Banking Directory which allows regulated participants like banks, building societies and third-party providers to enrol in open banking 

• Produce guidelines for participants in the open banking ecosystem 

• Set out the process for managing disputes and complaints 

OBIE spokespeople are available on request.

For enquiries, please contact: CiceroOpenBankingPR@cicero-group.com, 020 7297 5965

The Open Banking Implementation Entity (OBIE) is pleased that the Competition and Markets Authority (CMA) has announced the completion of the Roadmap. This marks a pivotal milestone that has benefited businesses, consumers and the wider UK fintech sector. As it prepares to transition to the future entity, the OBIE now looks to the Joint Regulatory Oversight Committee (JROC) and their upcoming recommendations in relation to the design of the future entity and the vision for open banking. 

Following a requirement by the CMA in 2016 to deliver open banking, the OBIE was created by the nine largest current account providers in Great Britain and Northern Ireland (the CMA9). Since then, the OBIE has played a key role in the successful implementation of open banking in the UK. 

Open banking has transformed the payments and data landscape, enabling customers and small businesses to leverage their current account information securely with third party providers, who use that data to tailor their apps and services to peoples’ specific financial circumstances. 

The UK’s approach in mandating and enforcing a single standard has allowed UK fintechs to overcome challenges much faster than other European and competitor jurisdictions. In this time, the UK has created a thriving and collaborative ecosystem. There are now 246 regulated third-party providers in the UK compared to 338 in the whole European Economic Areai.  

Against the backdrop of a challenging economic environment – the COVID-19 pandemic and, more recently, cost of living rises – open banking has improved consumers and businesses financial resilience. The ecosystem has allowed for consumers and small businesses to reap these technological advances at a time of need.  

The number of users has shown strong growth over the last five years, and there are now: 

Open banking has a continuing role in promoting greater competition and innovation for the benefit of consumers, businesses and the wider economy, as well as maintaining the UK’s international competitiveness and leadership in the field. This will enable new services that consumers and businesses value and trust, and which support sustainable economic growth. JROC is determined to ensure that the benefits of open banking are fully realised and momentum is sustained. 

Charlotte Crosswell OBE, Chair and Trustee of OBIE, said: “The completion of the CMA’s Roadmap is the result of a concerted effort and partnership between the OBIE, CMA9, the wider ecosystem, regulators and government. Through this close collaboration, the tangible benefits of open banking-powered products are being delivered to over 6.5 million users. 

“As we look back over the last five years, our thriving ecosystem should be immensely proud of the financial innovation and benefits they have delivered to consumers and businesses. Not only is this helping millions of people across the UK with their day-to day financial management, but crucially, their ability to navigate the impact of the pandemic, rising cost of living and other unexpected financial shocks.” 

Sarah Cardell, Chief Executive of the CMA, said: “This update is an important milestone. The majority of banks have completed the Roadmap, and so open banking moves into a new phase.  

“The OBIE’s work is vital to the ongoing success of open banking, and we look forward to continuing to work closely with the FCA, PSR and HM Treasury to help deliver the future arrangements for open banking.” 

Henk Van Hulle, Chief Executive Officer of OBIE, said: “Over the past five years, open banking has evolved from concept to an everyday tool used by over 6.5 million people. Not only has it helped consumers improve the way they manage, move and make the most of their money, but open banking has also supported increased productivity and cost savings for businesses.  

“As we mark this milestone, it is important to note there is still more to do to build on these strong foundations so we can continue to build the best environment for open banking to reach its full potential.” 

Notes to editors:

  1. Open Banking Ltd was set up by the CMA9 in September 2016 as required under the Competition & Markets Authority’s (CMA) Retail Banking Market Investigation Order 2017 to fulfil one of the remedies mandated by the CMA following a market 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. Third Party Providers (TPPs) are organisations or natural persons that use APIs developed to Standards to access customer’s accounts, in order to provide account information services and/or to initiate payments. Third Party Providers are either/both Payment Initiation Service Providers (PISPs) and/or Account Information Service Providers (AISPs).
  4. The OBIE is funded by the CMA9 (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, Natwest Group and Santander). The OBIE works with the CMA9, as well as challenger banks, financial technology companies, third party providers and consumer groups.
  5. OBIE’s role is to:
    • Enforce the obligations on the CMA9 under the CMA Order
    • Design the specifications for the Application Programme Interfaces (APIs) that banks and building societies use to securely provide open banking
    • Support regulated third party providers and banks and building societies to use the Open Banking Standards
    • Create security and messaging standards
    • Manage the Open Banking Directory which allows regulated participants like banks, building societies and third-party providers to enrol in open banking
    • Produce guidelines for participants in the open banking ecosystem
    • Set out the process for managing disputes and complaints
  6. Fundamental to the UK’s success in open banking has been the OBIE’s technical standards and delivery of a back-end infrastructure that guarantees the performance of the open banking technology. This, coupled with the collaboration between new and established financial services providers who have developed open banking-enabled products and services, has created a thriving ecosystem.
  7. Consumers and businesses can use the Open Banking App Store to explore which open banking-enabled products are right for them.
  8. Joint Regulatory Oversight Committee: https://www.fca.org.uk/firms/future-open-banking-joint-regulatory-oversight-committee.
  9. Payment Systems Regulator (PSR): The future oversight of open banking – Joint Regulatory Oversight Committee https://www.psr.org.uk/our-work/joint-regulatory-oversight-committee/.
  10. The revised Payment Services Directive (PSD2) and the transition to stronger payments security: https://www.ecb.europa.eu/paym/intro/mip-online/2018/html/1803_revisedpsd.en.html.

OBIE spokespeople are available on request.

For enquiries, please contact: CiceroOpenBankingPR@cicero-group.com, 020 7297 5965

The CMA has today published its response on the next steps for open banking across several key areas including monitoring, regulatory oversight, resourcing, sustainability, leadership and representation. Alongside the CMA’s consultation response, HMT, FCA, PSR and CMA have published a Joint Regulatory Statement providing further clarity to the open banking ecosystem on the government’s and regulators’ ambition for open banking and its extension into open finance and other sectors.

Commenting on the announcements, the OBIE’s Trustee and Chair, Charlotte Crosswell, said: “We welcome the announcements by the government and regulators, and the endorsement it gives for the future of open banking to our thriving ecosystem. There has been significant collaboration in developing the infrastructure, standards and ecosystem that we have in place today. We now need to drive forward competition and adoption to realise the benefits of innovation for consumers and businesses across the UK.

“Today’s announcement underlines government and regulators’ commitment to the future success of open banking, and the foundations for open finance and beyond. We will look forward to working with the new Joint Regulatory Oversight Committee over the course of this year.”

Crosswell took the opportunity to reflect on the public good aspect of the CMA’s Retail Banking Market Investigation Order 2017, and highlight why the UK leads the world in open banking implementation and growth. 

“Four years ago, open banking was a concept in name only. Today, more than five million consumers and small businesses are benefiting from open banking-enabled products, and this is only the start. We did not make so much progress by accident, it was by design. The UK’s leadership in open banking was enabled by our pro-competition approach and the ambition of our regulators and government. This forward looking leadership provided the confidence and the means through which innovation has flourished. I look forward to working in close collaboration with all stakeholders in taking open banking into the future and strengthening the UK’s leadership in this field.”

Henk Van Hulle, the OBIE’s CEO, said the organisation was already in planning and preparation mode. “We have already made positive organisational, governance and operational changes to ensure we are best placed to take these arrangements forward. We will consult with key stakeholders and develop a detailed plan for transition, and I am confident that we are in a strong position to deliver what is needed to drive progress and maintain momentum in open banking.” 

Ends.

Notes to editors.  

For further enquiries, or to arrange an interview with an OBIE spokesperson, please contact Adam Taylor, adam.taylor@cicero-group.com.

Open Banking Ltd is the entity set up by the CMA9 as ordered by the CMA in 2016 to deliver open banking. Its trading name is Open Banking Implementation Entity (OBIE).

The OBIE is funded by the CMA9 (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, NatWest Group and Santander). The OBIE works with the CMA9, as well as challenger banks, financial technology companies, third party providers and consumer groups.

The OBIE’s role is to:

We are pleased to announce that the Competition and Markets Authority (CMA) has today published a clarification of the definition of sweeping.

This follows its decision in July 2021 to mandate the use of Variable Recurring Payments (VRPs) as the mechanism for implementing sweeping under item A10 of the Open Banking Revised Roadmap.

Next steps for Managed Roll Out

The OBIE will now progress plans with those banks subject to the CMA Order (the CMA9) and Third Party Providers (TPPs) to test sweeping using Variable Recurring Payments in a Managed Roll Out (MRO).

Charlotte Crosswell, OBIE Chair and Trustee, said: “We welcome the clarity provided by the CMA today and look forward to the new Sweeping propositions coming to market later this year. Delivering better outcomes continues to be a key focus of our innovative ecosystem and sweeping is a great example of how consumers and SMEs can make their money work harder with better interest rates and overdraft alternatives.”

The newly appointed Chair of the Open Banking Implementation Entity (OBIE), Charlotte Crosswell pledged to acknowledge and learn from past mistakes to help open banking deliver on its mission as a public good by increasing competition and innovation and ultimately securing better outcomes for consumers and SMEs.

Charlotte Crosswell, Chair of the Open Banking Implementation Entity (OBIE)

Crosswell’s appointment comes after Imran Gulamhuseinwala resigned as OBIE Trustee and Chair following an independent investigation commissioned by the CMA (Competition and Markets Authority). Having considered the findings, the CMA last week published the report and set out the next steps to be taken.

Crosswell is charged with leading the planned transition to the future arrangements for open banking. Further priority hires will be the appointment of new Non-Executive Directors to the OBIE board to give appropriate independent scrutiny and oversight. The OBIE will work with the CMA and CMA9 to put the appropriate measures in place surrounding their appointments.

Charlotte Crosswell, OBIE’s Chair said: “Firstly I want to thank everyone who contributed to the review and acknowledge that those must have been difficult conversations to have. On behalf of OBIE, I want to take this opportunity to sincerely apologise to anyone who feels negatively affected or let down by the issues identified in Ms White’s report. In my new role at OBIE, I am committed to turning these learnings into effective and meaningful change both in terms of stronger governance as well as a continued focus on employee values and wellbeing.

 As part of a transition from a contractor to employee model, the OBIE has already made some progress on overhauling its employment infrastructure; the implementation of employment policies and procedures, the establishment of a dedicated HR function and a Culture and Values Working Group. The sentiment conveyed to me by an overwhelming number of existing staff is that the OBIE of today is unrecognisable from the negative culture previously described. However, the observations and findings of Ms White mean that there is absolutely no scope for complacency. Under my leadership we will commit to working to ensure that there is no repetition of any failings and inadequacies, historical or otherwise. Simply put, what happened was unacceptable and can’t happen again. We intend to act swiftly and decisively. Non-Executive Directors will be appointed to the OBIE board as a priority, to provide appropriate independent scrutiny and oversight.”

Ms Crosswell went on to explain that since joining the OBIE initially as Transition Lead earlier this year she has been hugely impressed with the professionalism, dedication and innovation of the OBIE team and the wider support of the open banking ecosystem.

 “OBIE personnel past and present have helped to establish the UK as a recognised world leader in open banking. 4 million consumers and small businesses in the UK now use services powered by open banking technology. Everyone that works for the OBIE believes in the mission and that has been powerful and inspiring to witness.

 With the CMA soon to announce next steps towards the model for the future governance of open banking we are at a key inflection point, and I hope this will give us greater clarity and enable us to implement fully the kind of leadership, governance and structure, alongside a supportive, diverse and inclusive culture, that is vital for a progressive and permanent organisation.” 

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For further information, please contact: press@openbanking.org.uk

Notes to Editors:

  1. Open banking enables consumers and SMEs to share their bank and credit card transaction data securely with trusted third parties who are then able to provide them with applications and services which save them time and money.
  1. Charlotte Crosswell OBE was appointed as Transition Lead at Open Banking Ltd earlier this year. Charlotte has been involved in capital markets and technology throughout her career – as CEO, Board Advisor and Non-Executive Director. She is the Former CEO of Innovate Finance, where she worked closely with Fintech entrepreneurs, government and regulators in addition to working on the Independent Strategic Review into UK Fintech that was published in February 2021. Charlotte also represents UK Fintech on the Department for International Trade’s Financial Services Trade Advisory Group.
  1. You can view Alison White’s report on the CMA’s website.
  1. The CMA announced the following steps that are being taken following the investigation:
  1. The open banking implementation phase will complete in 2022. The findings of the Alison White investigation will also be taken into consideration in relation to the future governance arrangements for OBIE, alongside responses received to the CMA consultation earlier this year. A further update on this will be published as a priority.

About Us

The Open Banking Implementation Entity (OBIE) is the entity set up by the CMA in 2016 to deliver open banking. Its trading name is Open Banking Limited.

The OBIE is governed by the CMA and funded by the CMA9 (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, Natwest Group and Santander). Its works with the CMA 9, as well as challenger banks, financial technology companies, third party providers and consumer groups.

The OBIE’s role is to:

The Open Banking Implementation (OBIE) has today launched a consultation on version 3.1.9 of the OBIE Standard. This represents the next stage in the development of open banking in the UK.

This versions includes updates on:

The OBIE welcomes responses to the consultation from all interested parties. The consultation process will take place between the 16th August and 3rd September 2021.

  1. The OBIE is hosting a webinar on Tuesday, 24th August at 13:00, to talk through v3.1.9 artefacts and explain the consultation process in more detail. If you wish to join this session, please register via Eventbrite here.
  2. Written consultation responses are due by midday on 3rd September 
  3. Please submit one response per organisation for each artefact.
  4. Responses are deemed to be non-confidential.
  5. Consultation responses will be reviewed, and the responses published, before the September Implementation Entity Steering Group meeting

Links to the draft version 3.1.9 of the OBIE Standard & feedback pages

 API specification

ASPSP MI Specifications & Change Log

TPP MI Specifications & Change Log

Customer Experience Guidelines & Change Log

Guidance for TPPs on use of VRPs for sweeping

Feedback pages

In addition to the above we would like to inform the ecosystem that we have updated the Variable Recurring Payment Proposition to include the agreed definition of Sweeping.

If you experience any issues accessing any of these links, please raise a ticket via the Service Desk Portal (if you have access)

https://openbanking.atlassian.net/servicedesk/customer/portal/1 or email the ServiceDesk@openbanking.org.uk and we can organise access.

All other queries can be directed to press@openbanking.org.uk

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For further information, please contact: press@openbanking.org.uk

About Us

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 cash flow and receiving payments cheaper and easier. Open banking will make things simpler, faster and more convenient.

The OBIE 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).

The OBIE 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:

The OBIE 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.

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.

The OBIE 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.

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.

The OBIE 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.

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.

The Competition and Markets Authority’s (CMA) today published all of the responses it received (60) to its recent consultation on the future oversight of the open banking remedies, including the submission presented by the OBIE’s Implementation Trustee, Imran Gulamhuseinwala OBE.

The Trustee’s full written response to the Consultation can be accessed here.

Imran Gulamhuseinwala said: “We are at a critical juncture in the journey of Open Banking in the UK, with the CMA set to decide the future path that journey will take in the coming weeks. I am proud of what we have achieved thus far, with the infrastructure largely built and adoption and innovation picking up pace. But we now must look to the future.

The UK has long led the world in the field of financial innovation and we have a golden opportunity for Open Banking to evolve to the next logical phase, Open Finance – opening up new products and opportunities for citizens and businesses alike. My response provides the CMA with a forward-looking and positive plan to bank what we have achieved and to prepare us for what comes next.”

The consultation, which ran from the 5 to the 29 March 2021, sought “stakeholder views on what arrangements it would be appropriate to put in place to ensure the effective oversight and governance of the CMA’s open banking remedies” following the completion of the OBIE’s existing implementation Roadmap, and to generate insight from the ecosystem on an appropriate transition process towards a future governance model.

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For further information, please contact: press@openbanking.org.uk

About Us

The Open Banking Implementation Entity (OBIE) is the entity set up by the CMA in 2016 to deliver open banking. Its trading name is Open Banking Limited.

The OBIE is governed by the CMA and funded by the CMA9 (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, Natwest Group and Santander). Its works with the CMA 9, as well as challenger banks, financial technology companies, third party providers and consumer groups. The OBIE’s role is to:

The Open Banking Implementation Entity (OBIE) is pleased to announce the publication of the Extended Customer Attributes (ECA) standard. This optional extension to the Open Banking standard is a significant enhancement and supports a range of identity-related use cases such as customer onboarding, age verification and delivery address confirmation.

The ECA Standard enables data providers, such as banks, to share or verify customer data attributes, for example age and address, with businesses that act as relying parties, such as retailers. This will reduce the time and cost associated with validating this data manually, bringing benefits to consumers, businesses and data providers.

This OBIE-designed “Premium API” Standard is not related to a regulatory requirement.

The ECA Standard was funded by seven of the largest UK banks, and designed in an inclusive way, with a wide range of participation to reflects views of consumers, businesses and banks.

For firms looking to implement the ECA standard, please see the following link for further details:

https://openbanking.atlassian.net/wiki/spaces/DZ/pages/2013888689/ECA+Standard+-+RC1

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For further information, please contact: press@openbanking.org.uk

About Us

The Open Banking Implementation Entity (OBIE) is the entity set up by the CMA in 2016 to deliver open banking. Its trading name is Open Banking Limited.

The OBIE is governed by the CMA and funded by the CMA 9 (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, Natwest Group and Santander). It works with the CMA 9, as well as challenger banks, financial technology companies, third party providers and consumer groups. The OBIE’s role is to:

This morning the Competition and Markets Authority (CMA) have published a consultation paper on the future governance of open banking. Responding to the news, Imran Gulamhuseinwala, Trustee, Open Banking Implementation Entity (OBIE) said: 

“As the OBIE comes to the end of the implementation phase, we look forward to working with the CMA, who will set out the next steps and we encourage any external stakeholders to contribute to the consultation. A regular appraisal of the progress of open banking implementation is crucial to ensure a healthy ecosystem and competitive market.”

“Open banking has been critical to supporting the UK’s emerging and growing FinTech industry. We have pioneered the technology and as the Government said only last week, it is now taking the world by storm. The legislation that underpins open banking (PSD2) applied to all EU countries, yet three years on, the UK has more open banking providers than the whole of the EU combined. That’s a clear endorsement to how we have approached this opportunity.

“In 2018, the OBIE was tasked to help build the framework and the standards that would allow open banking to flourish. I am delighted that we now have more than three million regular users of open banking-enabled products, from money management tools to help consumers manage their personal finances better, to accountancy products that are helping small businesses find cheaper Covid loans and manage cashflow. Currently, we are seeing one million new users of open banking every six months and growing innovation in areas such as payments.

“As we look beyond to open finance and smart data, it is terrific to see a clear recommendation from the Kalifa Review supporting the concept of a similar mandated body to oversee its implementation. It will be beneficial to UK FinTech, but most importantly to consumers and small businesses.”

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For further information, please contact: press@openbanking.org.uk

About Us

The Open Banking Implementation Entity (OBIE) is the entity set up by the CMA in 2016 to deliver open banking. Its trading name is Open Banking Limited.

The OBIE is governed by the CMA and funded by the CMA 9 (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, Natwest Group and Santander). Its works with the CMA 9, as well as challenger banks, financial technology companies, third party providers and consumer groups. The OBIE’s role is to:

 

 

CMA publishes approved Roadmap for the final stages of Open Banking implementation

Following the submission of the proposed Revised Roadmap for Open Banking, on 7th  April, the CMA defined areas of the proposal which had been approved and those requiring minor amendments. Working collaboratively with the CMA, the OBIE Trustee subsequently addressed these modifications and submitted an updated version of the Roadmap accordingly. On 14th May, the CMA published the Final Approved Roadmap for Open Banking.    

Commenting on the incorporation of the Roadmap into the Order, Trustee of the OBIE, Imran Gulamhuseinwala OBE said:  

”Today the CMA published the Final Agreed Roadmap on Open Banking, laying out the steps required to take to finalise the implementation of Open Banking. Already an ecosystem of more than 200 third parties are delivering tangible products and services powered by Open Banking to more than one million users, and more of us are realising the benefits of Open Banking every day.

This Roadmap will deliver a seamless Open Banking experience for users and improve the functionality of Open Banking, particularly around payments. The timelines have been extended because of the current crisis, and also incorporate flexibility should the current restrictions continue for longer than anticipated. This approach allows the banks to prioritise their Covid-19 responses, while still ensuring that good progress towards completing the final stages of implementation can be achieved.” 

Open Banking The blueprint to better financial management

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: AIG Group UK, trading as First Trust Bank in Northern Ireland, Bank of Ireland (UK), Barclays Bank plc, HSBC Group, Lloyds Banking Group plc, Nationwide Building Society, Northern Bank Limited, trading as DankseBank, The Royal Bank of Scotland Group plc (in Great Britain and Northern Ireland) and Santander.

On 7th April the CMA issued its response to the proposed Revised Roadmap for Open Banking. In this response, it sets out those areas of the proposal that are approved and those that require minor amendments.

Commenting on the CMA response to the proposed Revised Roadmap, Trustee of the OBIE, Imran Gulamhuseinwala OBE said:

“Today the CMA published an updated Roadmap that will now enable us to complete the implementation of Open Banking.

I am pleased the CMA has substantially approved all the proposals that are intended to improve performance, fill in the gaps in payment functionality and enable greater user adoption. The CMA requires some amendments and further detail on timing to account for the impact of Covid-19.

The CMA shares my view that, whilst we have made good progress, having passed the one million user mark in January, more needs to be done to ensure that we can look back on a successful implementation of Open Banking in the UK and ensure more consumers and businesses are able to use Open Banking to manage their finances.”

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: AIG Group UK, trading as First Trust Bank in Northern Ireland, Bank of Ireland (UK), Barclays Bank plc, HSBC Group, Lloyds Banking Group plc, Nationwide Building Society, Northern Bank Limited, trading as DankseBank, The Royal Bank of Scotland Group plc (in Great Britain and Northern Ireland) and Santander.