Category: Press Releases

As cost-of-living pressures mount and households feel the pinch, it’s more important than ever to identify ways to save money. The open banking revolution is making it easier, faster and smarter to save. With 34% of adults either having no savings, or less than £1000, in a savings account – open banking is finding ways to innovate and help mitigate mounting living costs.

In previous research, OBL found that 64% of consumers claimed that using open banking savings apps increased their total level of savings and helped them to develop a regular savings habit. With 11% of UK consumers and 17% of small businesses now using open banking, the UK is increasingly embracing this financial innovation to help boost their savings. It allows people to put money aside quickly and easily, either by using ‘round-ups’ on regular purchases, or apps that sweep surplus cash from current accounts to interest-earning saving accounts.

Open banking-powered investment apps have also brought wealth management services to a wider audience, by combining low fees with a low barrier to entry. With an up-to-date picture of an individual’s finances, these apps can deliver better deals, and more relevant products and services.

Open banking is also helping to boost savings by allowing consumers to open a savings account and deposit straight away, allowing them to start earning interest more quickly. This is in contrast to the several days it can traditionally take for deposits to reach an account.

Consumers want ease and convenience when managing their savings, which is why there is also increased demand for Variable Recurring Payments (VRPs) – a ‘smart payment’ that allows controlled sweeping between current and savings accounts, helping both consumers and businesses to save smarter.

One building society has recently partnered with an open banking platform to enable members to fund their savings account immediately after they’ve opened it. The building society estimates that about 8 per cent of accounts are closed each month as members forget to fund their accounts. This faster funding puts users on a good footing to start saving smarter from day one.

As the UK swiftly moves towards ‘open everything’, the many additional benefits and cost saving options open banking can provide will become even more apparent. Open finance has the ability to create innovative products, allowing consumers to maximise the interest they earn by keeping savings in situ. They can move the money to a current account when needed for regular payments such as mortgage, rent or other bills.

Henk Van Hulle, CEO, Open Banking Limited, said: “As we mark World Savings Day, we are proud of the benefits open banking providers offer to consumers, allowing them to save smarter and faster. Enabling the UK population to increase their financial resilience is a key driver of open banking.”

He added: “As we look beyond open banking, it is important that the Government proceeds at pace with the Digital Data Protection and Digital Information Bill which will fully unlock a revolution of smart data to other sectors such as energy, telecoms, and water.”

Open Banking Limited (OBL) today announced that Claudio Pollack has been appointed to the Board as an independent Non-Executive Director (NED).

Claudio brings significant regulatory, competition and consumer policy expertise to the OBL Board. His appointment will strengthen the organisation as it continues to prepare for transition.

Previous positions include over a decade at Ofcom, the UK’s telecoms regulator, as well as being a part of the team at alternative telecommunications provider Cable and Wireless, which led efforts to ensure obstacles to competition and innovation in the sector were tackled.

Current roles include Chair of the One Touch Switching Company and advising on policy and advocacy in regulated industries through Abberton Consulting. Clients have included the Payment Systems Regulator (PSR) and Financial Conduct Authority (FCA).

Commenting on his appointment, Marion King, OBL Chair and Trustee said:

“I am delighted to welcome Claudio. His considerable experience will be invaluable to the Board as we navigate the future development of open banking in the UK, and transition to a Future Entity.”

Claudio Pollack said:

“My career to date has been focused on working to ensure that regulated markets deliver on their intended outcomes for consumers and businesses. I am therefore delighted to be joining OBL at such a pivotal time, where building on the momentum achieved to date will be essential to open banking’s future success.”

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

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) has today announced that Marion King has been appointed as its new Chair and Trustee and will commence her Trustee mandate on 1 February 2023.

Marion’s appointment follows a robust recruitment process led by the Competition and Markets Authority (CMA). She will succeed Charlotte Crosswell, the current Chair and Trustee, who steps down on 31 January following completion of her Trustee mandate.

Before joining the OBIE, Marion was Director of Payments at NatWest Group and President of MasterCard UK and Ireland. Prior to that she was the Chief Executive Officer of VocaLink – a specialist payments partner to banks, corporate partners and government departments.

Key priorities for Marion include the protection of the CMA Order and its ongoing requirements and working with stakeholders and the Joint Regulatory Oversight Committee, following their decisions on the future long-term regulatory framework for open banking in the UK.

The Chair and Trustee will continue to oversee corporate governance at the OBIE, CMA9 compliance with the CMA Order, as well as developing plans for the orderly transition from OBIE to a Future Entity that will be responsible for developing open banking beyond the scope of the Retail Banking Market Investigation Order 2017.

The OBIE has also appointed Sarah Beauvallet as the new Independent Non-Executive Director to the Board of Open Banking Limited (OBL) to provide further assurance to the Board as the OBIE prepares for transition to a Future Entity, joining 30 January 2023. The OBIE is currently in the process of appointing a third independent Non-Executive Director to succeed Barbara Ridpath who will leaving the board at the end of February 2023.

Marion King said:

“I am honoured to be appointed Chair and Trustee of the Open Banking Implementation Entity and I am looking forward to leading the OBIE into the next phase of its crucial work.

“Open banking is a UK success story and exemplifies the very best of UK innovation and entrepreneurship, providing benefits to over 6.5 million consumers and small businesses. I am looking forward to seeing even more users adopt and take advantage of products that will help them better manage, move, and make more of their money.

“We cannot afford to be complacent and must work with and support the ecosystem, policymakers, and regulators to ensure the UK remains internationally competitive and innovative.”

Charlotte Crosswell OBE said:

“It has been an honour to help deliver the final completion of the CMA Roadmap and witness the opportunities for open banking and the tangible benefits it has delivered to over 6.5 million users. Marion brings a wealth of experience that will add real value to OBIE’s ongoing work. She will champion the OBIE’s mission and be a strong advocate for the future success of open banking.

“This is an important role and Marion joins the OBIE at a time of challenge but also opportunity. Whilst significant progress has been made in the past five years, there is still more to do to optimise and deliver the full benefits of open banking. As the UK looks to future possibilities that open banking holds, it is vital that momentum is not lost.”

Sarah Cardell, Chief Executive of the CMA, said:

“We are delighted that Marion has been appointed as Chair and Trustee of the OBIE. Marion’s considerable experience in financial services in a number of leadership roles will be critical to the continued growth of open banking.

“We look forward to working closely with her as the OBIE prepares for the transition to a future entity that will drive open banking forward and maintain the UK’s international competitiveness and leadership in the field.

“We are also incredibly grateful to Charlotte for her important contribution in overseeing the significant governance changes at the OBIE, overseeing the substantive completion of the Open Banking Roadmap and starting to prepare the OBIE for transition. We wish her all the best in her new role as Chair of the Centre for Finance, Innovation and Technology.”

Notes to editors:

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 CMA9, as well as challenger banks, financial technology companies, third party providers and consumer groups. The OBIE’s role is to:

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

Open Banking Limited (OBL) has today announced that Charlotte Crosswell OBE, Chair and Trustee of the Open Banking Implementation Entity (OBIE), will step down from her role on 31 January 2023 when her contract expires.

The CMA will commence a search for the next Chair and Trustee in the coming weeks. They will be appointed and take up their new contract on 1 February 2023.

Charlotte has overseen and delivered significant governance, culture and management changes at the OBIE during her tenure. These changes have been essential in ensuring that the OBIE is fit for purpose and ready for transition to the next phase for Open Banking. Charlotte is committed to carrying out her Trustee duties, including the completion of the implementation Roadmap, the delivery of a Transition Report to the CMA, and preparing the organisation for transition to a Future Entity.

Key priorities for the next Chair and Trustee will include the protection of ongoing CMA Order requirements and the consideration and potential implementation of the Joint Regulatory Oversight Committee’s decisions on the future long-term regulatory framework for Open Banking in the UK.

The CMA intends to launch the recruitment process for a new Chair and Trustee of OBL as soon as possible. The Chair and Trustee will continue to oversee corporate governance at the OBIE, as well as planning for the transition from OBIE to a Future Entity that will be responsible for developing Open Banking beyond the scope of the Retail Banking Market Investigation Order 2017. The OBIE also intend to appoint an additional Non-Executive Director to the Board of OBL to provide further assurance to the Board as OBIE prepares for transition to a Future Entity. The OBIE intends to launch the recruitment process for the NED shortly.

The OBIE will also make a number of changes to its operational management structure, as we move beyond the implementation phase, to support the organisation through the transition.

Charlotte Crosswell OBE, Trustee and Chair of the OBIE said: “It has been an honour to serve as the Trustee and Chair of the OBIE since October 2021 and I wish my successor well as they take on the role.

“The past few years have been an exceptionally exciting period for Open Banking in the UK. I am proud of what the OBIE team, the wider ecosystem, and other stakeholders have achieved, delivering on the promise of Open Banking, and creating a world leading framework and thriving sector for the benefit of our citizens.

“I would like to thank all my colleagues at the OBIE and in the financial services sector that we have worked closely with over the past year. I will continue to support their work and will keep championing Open Banking and the potential it brings to consumers and businesses alike.”

Henk Van Hulle, Chief Executive Officer of the OBIE said: “Charlotte’s tireless work, dedication and experience have been invaluable as the OBIE prepares for transition post-implementation. She has led the OBIE with passion and care and will leave the organisation well-prepared for the next phase of Open Banking.

“Charlotte will soon complete her mandate, moving us beyond implementation and into the interim state. I will work closely with the CMA as they start the search for her successor and will assist in ensuring there is a smooth handover.

“I will also be making further operational and management changes to prepare the OBIE for transition and will work closely with the CMA and JROC to deliver on our responsibilities as an organisation.

“On behalf of myself, and the whole of the OBIE, I would like to offer Charlotte our sincere thanks and gratitude for what she has delivered and wish her the best for her next challenge.”

Sarah Cardell, Interim Chief Executive of the CMA said: “I want to thank Charlotte for all her work as Open Banking Implementation Trustee and as Chair of Open Banking Limited. As Chair of OBL, she led important efforts to strengthen the management, governance and workplace culture of the organisation. As Trustee, she has overseen significant progress by the CMA9 banks in meeting their obligations under the Retail Banking Market Investigation Order, and this will enable the implementation phase of the Open Banking remedy to be completed shortly for the majority of the CMA9 banks.”

Notes to Editors

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

About the Open Banking Implementation Entity (OBIE)

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 Joint Regulatory Oversight Committee is considering the future of Open Banking in the UK as we move beyond the CMA Order. There will be a staged transition in the governance of Open Banking, summarised as follows:

The Open Banking Implementation Entity (OBIE) is pleased to announce that it is a media partner for Open Banking Expo in London for the second year running and we are thrilled to be promoting our world-leading ecosystem. 

We will be joining a stellar line-up of more than 650 of the UK’s open banking innovators, disruptors, and visionaries at the Business Design Centre, Islington, N1 0QH on 20 October. 

Members of the OBIE team will be joining experts on the following panels: 

David Beardmore says, “As the UK’s open banking ecosystem matures and user adoption continues to grow, with over six million users and counting, we are looking forward to seeing the next wave of innovations in open banking, including variable recurring payments, take flight.

“These are exciting times for open banking and this OB Expo offers a great opportunity to hear about, promote and discuss current developments across the ecosystem and to consider what the future of open banking might look like.” 

Come and visit us at Stand 20 to find out more about the future of open banking. 

Discount tickets

The event is free to attend for qualifying individuals. You can also save 25% on tickets when you register with our special code: OBIE25.  

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 OBIE recently celebrated passing the 5 million open banking users milestone. Here we take a look back at 2021 and how our thriving, world-leading ecosystem delivered this impressive growth.

2021 Insights:  

Regulated Providers  

By the end of 2021 there were 337 regulated providers enrolled in the OBIE Directory – up from 294 at the close of 2020. This growth points to the continued value firms receive from direct participation in open banking. 

Payments made using open banking: 

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

Ecosystem Numbers (December 2021)  

OBIE’s GOALS for 2022  

Charlotte Crosswell, Chair & Trustee, OBIE said: 

“2021 was a year of growth for open banking in the UK. We witnessed a 60 per cent increase in the number of active open banking users, with adoption increasing at a rate of approximately one million new users every six months. Similarly, OB payments increased by an impressive 500 per cent year on year. The OBIE navigated a number of difficult challenges, but sought to listen, learn and reform as a number of organisational, governance and cultural changes were made. As we move forward in 2022 and these internal improvements continue, we want to see the growth momentum that took us to the recent 5 million user milestone continue.”

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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:

There are now more than 5 million active users of open banking services in the UK based on data provided during January 2022 by the CMA9, the nine banks and building society mandated under the CMA Order to implement open banking in the UK.

This important milestone follows January’s celebration of the 4th anniversary of PSD2 making open banking a regulatory requirement in the UK, when more than 4.5 million people and businesses were using open banking services.

Accelerated speed of growth

What is especially exciting for us – and for our ecosystem – is the impressive trajectory of that growth. It took 10 months to grow the number of users from 1m to 2m in 2020. In contrast, it has taken just four months to grow from 4m to more than 5m, demonstrating the increasing appetite for consumers and small businesses to use open banking services to move, manage and make the most of their money.

Open banking payments boost adoption

Payments were the driving force behind this rapid growth – we saw nearly 625,000 additional payments in January 2022 compared with December 2021.

A significant factor in this payments growth was HMRC’s incorporation of a ‘Pay by bank‘ option into its annual self-assessment process, which took the total number of payments made via open banking to 3.86m in January 2022. This is an increase of 19.3% on December 2021.

Commenting on reaching such a significant user milestone, Charlotte Crosswell, Trustee of the Open Banking Implementation Entity (OBIE), said: “Open banking was predicated on delivering increased competition and providing consumers and small businesses with new and innovative solutions.

“It is therefore extremely encouraging to see that more than 5 million active users are now leveraging the benefits of open banking.

“This accelerated growth strongly represents a world-leading and thriving ecosystem bringing an ever-increasing range of real-world solutions, that in turn is driving mass user adoption. As open banking technology embeds and becomes easier to use, we look forward to seeing this momentum continue.” 

Newly appointed CEO of the Open Banking Implementation Entity (OBIE), Henk Van Hulle, said: “What a great time to be joining the OBIE! This is great news for the open banking community. I am delighted to see such accelerated growth in end-user adoption rates. This demonstrates that the tremendous efforts of everyone across the whole ecosystem continue to bear fruit. It also shows what a superb job the team at the OBIE are doing in building and running the supporting infrastructure.”

David Beardmore, Ecosystem Development Director at the OBIE, said that as well as increased adoption, the numbers provide a clear demonstration to the wider open banking community that open banking is here to stay. “This is positive news for all involved in open banking – for those entrepreneurs who have built fintech businesses based on the foundations of open banking, for the investment community funding the continued expansion of products and services, and for government as it continues to examine how best to extend open banking functionality into other areas of the economy.”

Notes to editors

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: 

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