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OBIE publishes its first Open Banking Impact Report

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The Trustee of the Open Banking Implementation Entity (OBIE) has instructed OBIE to develop a Consumer Evaluation Framework (CEF) to properly assess the impact of open banking on retail consumers and SMEs. The framework is intended to provide the basis for measuring the delivery of key consumer outcomes envisaged by the CMA Order and was developed by the Personal Finance Research Centre at the University of Bristol.  

Once the Framework had been developed, OBIE’s next task was to design the analytical approach to populate it and start gathering data. OBIE envisages that the process of fully analysing all outcomes will be a multi-year exercise that requires a phased approach. The first Open banking impact report has been published today, which provides useful and usable outputs. OBIE will continue to build on this foundation in subsequent reports and has committed to delivering it at 6 monthly intervals. 

 Imran Gulamhuseinwala OBE, Trustee of the Open Banking Implementation Entity (OBIE), commented: 

“We have made significant progress since the CMA Order that created the OBIE and launched open banking for UK consumers and small businesses. The technology has now moved beyond the design and build phase, the ecosystem has grown strongly, and open banking is now a service that increasingly benefits millions of people in their daily lives. Notwithstanding this success, there is still more to do to encourage adoption and innovation. To this end, we are fully committed to investigating objective assessments of open banking versus its policy expectations and to communicating these findings transparently to all participants in the ecosystem.”

Read the full report

ENDS 

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 Open Banking Implementation Entity:  

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

We are governed 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. 

We work with the UK’s largest banks and building societies as well as challenger banks, financial technology companies, third party providers and consumer groups. 

Our role is to: 

  • 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