Category: Press Releases

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:

The Open Banking Implementation Entity (OBIE) is pleased to announce that it is a media partner for the Open Banking Expo Awards for the second year.

The annual awards recognise the innovators, disruptors and visionaries across the globe who have spearheaded the open banking revolution.

Open Banking for Good award

We are also supporting this year’s Open Banking for Good award. The award aims to recognise those organisations that offer open banking services to help vulnerable consumers, particularly in the areas of mental health and debt management. It also acknowledges organisations that have harnessed open banking data to distribute fairer and faster Bounce Back Loans (BBLs) to businesses during the pandemic, or enabled faster uptake of the Coronavirus Business Interruption Loan Scheme (CBILS).

David Beardmore, our Ecosystem Development Director, will be part of the expert judging panel for this year’s awards. He said, “I’m delighted to witness the innovation and creativity among the ecosystem in bringing new open banking products and services to the market, as the number of active users – both in the UK and across the globe – continues to grow.

Kelly Stanley, co-founder of Open Banking Expo, said: “2021 was a big year for open banking and open finance. We took a collective huge step forward as an industry in a period of ongoing economic challenge. There were also plenty of individual success stories, spanning new innovations and products, to new ways of serving customers and supporting SMEs in the post-pandemic recovery.

“And once again, the Open Banking Expo Awards provide a fantastic opportunity to share and celebrate these achievements with the global open banking, open finance and open payments community.

The awards will be announced at a ceremony at the Park Plaza London Riverbank in July.

Submit your entry today

All interested parties can submit their entries for any of the 15 categories on the Open Banking Expo Awards website.  Deadline for entries is 1st April 2022.

The Open Banking Implementation Entity (OBIE) has announced the appointment of Henk Van Hulle as the organisation’s first Chief Executive Officer. The creation of this new position was recognised in the CMA’s recently published updated governance arrangements for the OBIE, as part of a package of changes that deliver a strong and effective governance and management framework for the organisation.

Mr Van Hulle joins from Post Office Ltd, where he had more than nine years’ experience in senior roles in innovation, including Managing Director of Digital Services and as Deputy CEO, Financial Services and Telecoms.

Mr Van Hulle brings a wealth of experience and is a proven business leader with a strong consumer focus. He has expertise in building and managing profitable businesses, both blue chip and start-ups, particularly in financial services, e-business, and information technology firms.

Mr Van Hulle’s appointment further strengthens the leadership and governance of the OBIE.  Towards the end of 2021 two independent non-executive directors, Barbara Ridpath and Jeremy Newman, were appointed to the OBIE Board. Both have already had a significant impact on strengthening the governance of the organisation in terms of their respective expertise and the independent scrutiny and oversight they provide.

As CEO, Mr Van Hulle will lead the OBIE executive team and provide strategic, financial, and operational leadership. He will work closely with the Chair and Trustee, Charlotte Crosswell, as well as the Executive Committee and Board to deliver and refine OBIE’s mission, as well as having primary responsibility for leading company operations and driving its overall strategy.

The OBIE has also appointed a new People and HR Director, Debbie Lombard. Mrs Lombard will focus on developing the OBIE’s people proposition, and will lead on enhancing HR practices and workplace culture, ensuring these are fully understood and adopted across the organisation.

Charlotte Crosswell, who was appointed as Chair and Trustee of the OBIE in October 2021, welcomed Mr Van Hulle’s appointment.

She said: “I am delighted that Henk is joining as CEO and believe his experience will be invaluable as we strengthen the leadership of the OBIE. I would also like to warmly welcome Debbie Lombard as People and HR Director who will lead our work on HR practices and workplace culture. I remain wholly committed to making both immediate and ongoing changes, to strengthen the OBIE’s governance and culture following the publication of the independent Alison White report and as we prepare for our next phase.”

Mr Van Hulle said: “I am delighted to be joining the OBIE at this exciting time. The number of people using open banking continues to grow and as we complete the implementation phase of open banking, I want to see the benefits of it sustained and further developed throughout 2022 and beyond. At the same time, I am committed to working with Charlotte, the Board, and the rest of the management team to not only ensure we address legacy issues but also adopt a culture of continuous learning and improvement going forward. We want to ensure the OBIE of today, and whatever new entity we transition to, remains a culturally progressive, inclusive, and fit for purpose organisation.”

About Us

The Open Banking Implementation Entity (OBIE) 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 Limited.

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

OBIE’s role is to:

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

Today (January 13) marks the fourth anniversary of the Payments Services Directive 2 (PSD2) * making open banking a regulatory requirement in the UK. Open banking has transformed the way that millions of consumers and small businesses are in control and can leverage their financial data, as well as supporting the UK’s position as a global innovator in financial services.

Open banking was mandated by the Competition and Markets Authority (CMA) in January 2018 with an aim to improve customer choice and boost competition in the retail banking sector by allowing individuals and businesses to securely share their financial data to their benefit. This work has been led by the Open Banking Implementation Entity (OBIE), who has worked closely with the government, regulators, industry and consumer and SME champions to create a world-leading open banking ecosystem.

There are now over 4.5 million regular users of open banking – 3.9 million consumers and 600,000 small businesses. In the past 12 months, the OBIE has seen a 60% increase in new customers (up from 2.8 million in December 2020). Momentum is increasing too, with the addition of 1 million new regular / active users every 6 months.

A collaborative effort:

Fundamental to open banking’s success is 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.

A testament to the constant innovation, is that at any given time, there are around 125 open banking enabled products and services live with customers within the open banking ecosystem.

Rise in open banking payments:

One area that has seen a significant increase in use is open banking enabled payments. Open banking payments allow customers to pay for services or goods in shops or online directly from their accounts rather than using a credit or debit card, as well as creating competition and choice in ways to pay and be paid. Earlier in 2021, HM Revenue & Customs (HMRC) became the first Government department in the world to allow users to make open banking payments. To date, more than £2.4bn has been made using this method, which significantly reduces the risk of fraud, customer error when making the payment as well as the cost of transaction too – saving taxpayers money.

At the end of 2021, cumulatively over 26.6m open banking payments have been made. An increase of more than 500% in 12 months.

Open banking use in the real world:

In addition to the growth of open banking payments, this year the OBIE published its second Open Banking Impact Report showing how open banking enabled products are having a tangible benefit for customers. Amongst the key findings of the research is that those customers using personal finance management apps, 75% said is helping them to keep on top of expenditure and keep to a budget (64%). Similarly, 64% claimed that savings apps had increased their total level of savings, providing a financial buffer – this was the first time that nearly a quarter of those had ever saved.

The data shows over three-quarters (76%) of people saying they will or are likely to continue using the services and 90% reporting they are easy to use and set up. 83% of respondents indicated that they would be interested in expanding their use of open banking-enabled services.

2022 will see continued growth of open banking in the UK:

The OBIE predicts increased momentum of open banking adoption in the UK in the year ahead, with more government departments adopting it too. There is further potential in financial products that merge data and payments, and the large UK banks’ implementation of Variable Recurring Payments, akin to smart direct debits, for moving money between your own accounts (known as “sweeping”).

Further consideration is being given to the future arrangements and governance of open banking and the OBIE will work closely with the CMA and other stakeholders to deliver this.

 Charlotte Crosswell, Chair and Trustee, Open Banking Implementation Entity (OBIE) said: “The progress made by the entire industry during the past four years to make open banking in the UK a success has been astounding. I’m proud of the contribution that the OBIE has made, enabling and supporting ground-breaking financial innovation and collaboration across the sector. This wouldn’t have happened without a strong regulatory framework and forward-thinking policy makers to support our work. We have set a high standard in the UK, inspiring many other markets to follow our lead.

Ultimately, I’m delighted that we are beginning to see how open banking is giving people more control over their money. The pandemic has changed consumer behaviour, with an increase in the use of digital and financial services. We continue to see customer growth alongside new and exciting products, and as even more are introduced into the market, open banking will become increasingly mainstream.  That will be key to taking user adoption from over four million to tens of millions.

The new OBIE Board remain committed to strengthening our governance and culture, a key focus as we move open banking to the next phase in its journey.”

Andrea Coscelli, CMA Chief Executive, said: “Four years ago, we ordered banks to give people control of their own data, helping transform the industry, drive innovation and stimulate competition. This has led to two million more people signing up for open banking in the last year. We are working closely with OBIE to strengthen governance, and to ensure that even more users make the most of the potential of open banking in 2022 and beyond.”

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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 CMA9 as ordered by the CMA in 2016 to deliver open banking. Its trading name is Open Banking Limited.

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.

OBIE’s role is to:

Consumers and businesses can use the Open Banking App Store to explore which open banking-enabled products are right for them.

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

  

Open Future World, the global information source on progress in open banking and open finance, has released its inaugural 2021 Global Rankings. The rankings offer a snapshot of organisations which have been making open finance headlines around the world.

The 2021 rankings placed the Open Banking Implementation Entity (OBIE) at No.8 in its ‘Most Featured’ listing, alongside organisations such as Plaid, TrueLayer, MasterCard, Tink and Finicity. All these companies feature regularly in Open Future World’s popular ‘Daily Edit’ of the most interesting news and opinions.

The rankings recognise global industry achievements and thought leadership, from both leading brands and smaller organisations punching above their weight through great leadership.

Other UK organisations which appear in the Roll Call of Honour include the Financial Conduct Authority, HMRC and the UK government.

In geographical terms, organisations headquartered in the UK, USA and Brazil get the most mentions.

“Keeping up with the open finance movement is becoming ever more interesting (and demanding),” commented Open Future World co-founder Marie Walker. “These rankings provide a rich reflection of what is happening globally. We look forward to continuing to chart progress in 2022.”

The complete archive includes more than 5,000 individual mentions, featuring over 1,500 organisations across 72 countries. The searchable archive is freely available online allowing users to find mentions of any particular company, country or topic.

The Open Banking Implementation Entity (OBIE) is delighted to announce Barbara Ridpath has been appointed as an independent non-executive director (NED).

Barbara brings a wealth of professional, financial and regulatory experience to the organisation including roles at JP Morgan and the ratings agency S&P. Barbara is currently a non-executive director at Paragon Bank and Chair of the Ethical Investment Advisory Group.

Barbara’s appointment follows that of Jeremy Newman, who joined the OBIE board as an independent non-executive director in November. The appointment will support the wider reforms led by Chair and Trustee, Charlotte Crosswell, to improve corporate governance, provide independent oversight and transparency, stronger policies and controls, as well as support employee values, culture and wellbeing.

In addition to today’s announcement and in consultation with the CMA and CMA9, the OBIE has initiated an open recruitment process to appoint a CEO. It was agreed that the creation of a new CEO role for the OBIE will help the organisation deliver the transformation required by the independent investigation’s recommendations and help ensure a smooth transition to the future governance arrangements for open banking.

With the future governance of open banking in the UK to be determined in early 2022, the CEO role will be initially filled on a 12-month fixed term basis a will report to Charlotte Crosswell, OBIE Trustee and Chair. The CEO will primarily focus on strong leadership, change management, driving greater awareness and understanding of the benefits of open banking to consumers and SMEs.

Charlotte Crosswell, OBIE, Trustee and Chair: “I’m delighted to welcome Barbara to the OBIE as non-executive director. Her professional experience, particularly around regulatory reform, will significantly strengthen corporate governance, as we continue to address the findings and recommendations in Alison White’s independent report.”

Barbara Ridpath, OBIE, independent non-executive director:

“I am very pleased to join OBIE. The development of open banking is in the interest of consumers and SMEs, as well as demonstrating the UK’s leadership in the future of financial innovation. My experience lends itself well to providing strong governance support to Charlotte on the OBL Board, but also helping the OBIE as it transitions.”

OBIE has initiated an open recruitment process to hire for the CEO role through independent search agency Sapphire Partners who are specialists in fulfilling high-level public sector roles and known for supporting organisations to find diverse candidates.  For a copy of the role description please click here or email openbankingCEO@sapphirepartners.co.uk.

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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:

  

Open Banking Limited (OBL) is seeking to appoint a Chief Executive Officer to lead the executive team.

A CEO is required to lead and manage the day-to-day running of the OBIE by providing strategic, financial, and operational leadership.

Appointed by the OBL board, the CEO will work with the Trustee, Executive Committee and Board to deliver and refine OBIE’s mission as well as have primary responsibility for leading company operations and driving its overall strategy.

The CEO will also be instrumental in transitioning OBIE’s ongoing functions to the future entity (which is still to be determined). The CMA will publish its response to the consultation on future governance arrangements in early 2022.

The OBIE supports a growing ecosystem of participants in the development, implementation and delivery of open banking-enabled solutions, using the API Specifications, Guidelines and Standards that we have developed.

It is tasked with driving the increased adoption of open banking-enabled services, growing its ecosystem, and engaging proactively with banks, FinTechs and financial services organisations.

Open banking allows consumers and SMEs to share their bank account information securely with trusted intermediaries who can then use this information to help them save time and money by finding better products to suit their needs.

Job description

For a copy of the role description please click here or email openbankingCEO@sapphirepartners.co.uk. This is a time critical appointment with the closing date of 23 December 2021. 

If you have any questions or would like a confidential conversation, please contact: Sally Springbett (sally@sapphirepartners.co.uk – +44 (0)7751386223) or Julie Hacon (julie@sapphirepartners.co.uk – +44 (0)7810756483).

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:

Notes: Open Banking Limited (OBL) is the legal entity for the OBIE.

The Open Banking Implementation Entity (OBIE) is pleased to announce the publication of the ASPSP MI Specification which is part of the Open Banking Standard version 3.1.9.

The Standard now includes further clarifications to help ecosystem participants further improve their open banking products and services.

In the seven months since v3.1.8 was published, our ecosystem participants have requested several clarifications which have been included in this version.

The OBIE has logged 10 issues. These have been subsequently addressed and you can find out more details via the TDA decision 240. You can see the updated specification here.

Latest FAQs
We have also updated the FAQs section of the Open Banking Standard and this will be of significant interest to organisations implementing Variable Recurring Payments (VRPs) for sweeping.

We have reviewed all historical queries logged with our helpdesk and provided clarification on key topics being discussed by ecosystem participants.

The Open Banking Implementation Entity (OBIE) welcomes the announcement from the Competition and Markets Authority (CMA) that provides additional clarity regarding the implementation timetable for Variable Recurring Payments (VRPs) for Sweeping [here].

Sweeping is the automatic transfer of money between a customer’s own accounts, such as moving excess funds into a separate savings account or using them to repay a loan or overdraft account.

VRPs are a new way to make ongoing payments. You can think of them like ‘smart direct debits’, which are set up with a provider, but allow the customer to choose when they end and the payment limits (for example no more than £15 per month). Customers will be able to see what permissions they have granted in their banking app.  This is all about putting customers, not companies, in control of their money.

The intention of this revised timetable is to ensure that open banking payment providers can start to pilot new propositions early in 2022, whilst ensuring that all CMA9 banks have an appropriate amount of time to successfully implement VRPs for sweeping by mid-2022.

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:

Since being appointed Chair and Trustee of the OBIE just over three weeks ago, I wanted to provide an update on the progress that has been made to address the findings and recommendations outlined in Alison White’s independent review into the OBIE.   

I welcome the update the CMA (Competition & Markets Authority) made last week on open banking and agree that taking immediate steps to improve current governance is a priority for both the CMA and OBIE, alongside addressing the other serious issues highlighted in the investigation report (the Report) published last month. As stated by the CMA, taking action now is important to secure and build on the significant achievements in open banking that have been made to date and that are possible in the future.  

The sentiment conveyed to me in my short time as Chair – by an overwhelming number of existing employees – is that the OBIE of today is making good progress on many of the issues highlighted. However, the findings of the Report mean that there is absolutely no scope for complacency or lack of action. I said when I started that I intended to act swiftly and decisively to address the issues and concerns raised, and that is what I am now doing.  

Governance framework 

In October, we appointed our first independent non-executive director (NED) to the Board, Jeremy Newman. He brings an incredible amount of experience and knowledge to the OBIE and will provide appropriate scrutiny and challenge that all well run organisations require. In addition, we have launched an open process to recruit an additional NED to the Board and are working with an independent search agency and have published an advert for the role.  I anticipate we will be in a position to appoint an additional NED before the end of the year.  

These are important steps but there is also more work being undertaken behind the scenes to tackle the issues raised by the Report, including clarifying roles and responsibilities and ensuring there is a robust governance framework in place that is effectively implemented. We will be working closely with the CMA to reflect these changes in revisions to key documents such as the Agreed Arrangements.  

We are committed to providing our stakeholders with an appropriate level of transparency with regards to OBIE’s finances and financial controls. Further work regarding new processes to increase financial transparency is also being progressed by the Board in consultation with the CMA, along with broader review of the organisation’s corporate governance framework, policies and controls.   

Complaints, management and HR support  

Given the seriousness of the issues raised in the Report, it is also important that the OBIE has sufficient resources and support in place to take forward the recommendations. We have now carried out a robust procurement process for two firms that will provide the OBIE with the necessary support to examine and address the recommendations. Jeremy Newman and I have personally overseen the tender processes to ensure that we adhere to best procurement practices, including transparency, value for money and fair competition.  

The first is the appointment of an experienced and reputable independent third party * to handle complaints. There can be no getting away from the serious concerns raised by the independent investigation. This has been my immediate priority as it’s essential we have a fair, robust and independent process in place to review and advise on complaints, including those that pertain to the investigation. Please contact OBIEredress@eversheds-sutherland.com for any complaints related queries.

The second firm, which we hope to appoint shortly, will provide the Board, myself and other OBIE colleagues with additional support to help address the findings as quickly as possible and action the recommendations within the report. This includes providing:  

  1. A progress report of OBIE –  to assess gaps and identify where further action is needed to address the issues identified in the Report.   
  2. Leadership and senior-level support to assist in assessing and delivering changes to address the issues raised by the Report.  
  3. Reviewing the HR agenda, organisational structure, and the work being undertaken around culture and values, including policies, controls and procedures their effectiveness and proposing any immediate changes required. 
  4. Implementing and operationalising OBIE governance changes. 

 More to be done 

Whilst there has been progress, and I would like to thank all OBIE colleagues and stakeholders that have made this possible since my appointment, this work does and should take time. I am determined that all the changes we make are both considered and appropriate, and always in keeping with best practice.   

It is important for me that we prioritise people, both internally and externally to the OBIE, and I am committed to building a culturally progressive, inclusive and fit for purpose organisation. 

Since joining, I have already spoken to hundreds of people from the wider open banking ecosystem. It is wonderful to hear the collaboration and innovation taking place. However, it is important that I take the necessary steps to ensure that OBIE continues to deliver on its open banking mission and that it does so in the right way. 

There will be a number of internal developments in the coming weeks which we will be sharing direct with the OBIE team and the CMA. I will also commit to providing additional significant updates externally when relevant.  

Notes to Editors: 

 *The OBIE has appointed global law firm Eversheds Sutherland as an independent third party to review and advise on complaints. 

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:

The Open Banking Implementation Entity (OBIE) is seeking to appoint an independent Non-Executive Director (iNED) to their Board. Open Banking allows consumers and SMEs to share their bank account information securely with trusted intermediaries who can then use this information to help them save time and money by finding better products to suit their needs.

In order to implement Open Banking, the Competition and Markets Authority required the nine largest current account providers in Britain and Northern Ireland to create and fund an implementation entity – known as the Open Banking Implementation Entity. The implementation phase is expected to conclude in 2022.

The OBIE are now seeking a second iNED to further strengthen the governance of the organisation. The individual will be expected to work closely with the Chair, and recently appointed iNED to provide them with support and to provide independent scrutiny and constructive challenge to the functioning of the OBIE.

This individual will need to have significant experience in corporate governance, as well as change management. They will need to provide effective leadership alongside the Chair, during a time of significant change.

This will be a hands-on role with an anticipated time commitment of approximately 3-4days/month. The role is expected to have a duration of approximately 6 months. However, the length of term may be extended beyond this.  The role is remunerated at 45,000 per annum.

Applications in the form of a CV or requests for further information should be sent to our search partners, Moloney Search at OBIE@moloneysearch.com

The closing date is midday on 19 November 2021. Open Banking is committed to diversity and equality and is an equal opportunities employer.

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:

The Open Banking Implementation Entity (OBIE) has today published its second bi-annual report assessing the impact of open banking on consumers and SMEs. The work relates to an ongoing commitment to track the impact of open banking for years to come. 

According to the new data, adoption of open banking services continues to grow with 8% of digitally enabled consumers estimated to be regular users of at least one open banking service. This has grown from 5.5% in December 2020.  One area that is particularly strong is open banking payments. Between February and August 2021, there were 11 million payments, compared to 700,000 in the whole of 2020. Recently, HMRC announced it had received more than £1bn in open banking payments, less than six months after launching. Importantly, if open banking apps and products are to grow in popularity then it’s key that they are easy to use, inclusive and help the customer achieve their financial goal. The data shows over three-quarters (76%) of people saying they will or are likely to continue using the services and 90% reporting they are easy to use and set up. 83% of respondents indicated that they would be interested in expanding their use of open banking-enabled services. Encouragingly, the findings indicate that growing adoption of open banking services is improving the financial health of the UK. When looking at money management apps and tools specifically, the research has for the first time been able to understand the extent to which customers are seeing positive outcomes in terms of their financial health: 

When looking at savings apps we saw strong evidence that these services were helping people with their savings, even if some had only recently started using the app: 

It is estimated that half of the UK’s open banking users are aged 25 to 44, and that many early adopters of open banking enabled services are typically less experienced and have lower financial confidence.   Charlotte Crosswell OBE, Chair and Trustee of the Open Banking Implementation Entity (OBIE) commented: I’m really pleased the Open Banking Impact Report points to a continued growth in open banking services. The focus in the past few years has been building the infrastructure completely from scratch. We’re now beginning to see exciting new providers and products emerge with an even stronger pipeline. It’s great to see continued adoption from consumers and SMEs, but importantly seeing that these tools are solving real world issues such as saving and budgeting. That’s really important to me and the best is very much yet to come.”You can download the report here. Notes to Editors:   *OBIE was set up by the CMA and funded by the UK’s nine largest banks and building societies: Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, RBS Group and Santander.  Contact: OpenBankingMedia@cicero-group.com, 0207 297 5971  About the study sampleMarketing Means (UK) Ltd conducted 4,014 online interviews using a consumer panel to draw a broadly representative UK-wide sample of adults aged 16+.  All fieldwork was conducted between 25th August and 14th September 2021.  In addition, one of the third party providers offering an open banking app also agreed to share the online survey invitation with a sample of their customers.  This fieldwork was conducted between 9th and 25th September 2021, and added a further 152 interviews.   – – – ENDS – – –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: