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: