Data highlights

OBIE Highlights – December 2020

12 January 2021

Download open banking highlights – December 2020

  • 294 regulated providers made up of 215 third party providers and 79 account providers, with 102 regulated entities that have at least one proposition live with customers.

Commenting on the December highlights, OBIE’s Implementation Trustee Imran Gulamhuseinwala OBE said:
“Open Banking continues to make progress despite the pandemic. This was evident in our recent UK Small Business Financial Landscape study, which found that since the start of the pandemic, an increasing number of small businesses are leveraging open banking-enabled products to be more resilient, productive and profitable. As we move into a new year and a third national lockdown, small business owners who have not yet benefited from open banking should consider how it could assist in better financial management.”

New open banking entities with live customers:

  • Reckon One Ltd
  • Recash Europe Ltd

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HMRC explores open banking potential to deliver public services
The UK’s HM Revenue & Customs (HMRC) has issued a request for information (RFI) on ‘tax-compliant banking products.’ This request signals the department’s interest in testing and understanding how open banking technology might help offer customers simpler, more automated, and increasingly effortless tax calculation, submission and payment services. The focus is on small- and medium-sized enterprises (SMEs), sole traders and the self-employed, who under the present regime must manually submit a self-assessment tax return each year.

Nuapay’s pre-paid card tie-up gives a festive push to open banking payments
Nuapay joined forces with pre-paid providers, Their Perfect Gift and K Wearables, to enable consumers to use open banking payments in the lead up to Christmas. Their Perfect Gift has integrated Nuapay’s open banking payment service into its online check-out, enabling gift-givers to purchase a flexible gift card, without using their credit or debit card. K Wearables customers can now use Nuapay’s open banking payments to top up their K Ring contactless payment ring, which aims to eliminate the need to handle cash or touch a card PIN pad for purchases under £45.

Admiral leverages open banking to restart lending
After pausing lending during the COVID-19 crisis because of the difficulties of verifying income resulting from redundancies, furlough, or reduction in work, Admiral Financial Services (AFSL) is working with open banking-enabled credit reference agency Credit Kudos to support income verification. Credit Kudos’ open banking data will enable AFSL to assess income more quickly and more reliably, allowing them to responsibly increase lending volumes.

Curve has joined forces with Plaid to help people manage their money
The Curve app allows UK customers to spend from multiple bank accounts using a single debit card. It aims to provide better insight into users’ spending behaviour and more control over their finances. The London fintech startup will use Plaid’s open banking platform and database to connect accounts from banks such as Monzo, Starling, Barclays and HSBC. App users will be able to see the balances from all their connected accounts which will be refreshed automatically when they open the app. Curve hopes that this will encourage people to make better spending decisions.

Payoneer taps Truelayer to launch open banking in UK and Europe
Payments fintech Payoneer is partnering with open banking API provider TrueLayer to launch an open banking service for customers in the UK and Europe. Payoneer provides payment alternatives to credit cards, with 60% of its payments being done via bank account payments and other non-credit-card methods. This partnership will employ open banking to deliver a streamlined experience for SMEs by accelerating slow and inefficient B2B payments.

Key Highlights

Information correct as at 31st December 2020. Produced by Open Banking Implementation Entity (OBIE).

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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.

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