Open banking highlights – October 2020


Download open banking highlights – October 2020

  • 280 regulated providers made up of 204 third party providers and 76 account providers, with 92 regulated entities that have at least one proposition live with customers.

Commenting on the October highlights for Open Banking, Ecosystem Development Director, David Beardmore said:

“The Open Up 2020 Challenge is all about unlocking the power of open banking to UK consumers so it was particularly encouraging to witness the calibre and volume of entrants and so many initiatives that will no doubt help consumers forge better relationships with their finances. At a time when money management is at the foremost of everyone’s mind, winners Mojo Mortgages, Moneybox, Plum and Wagestream have developed products that fulfil a genuine need in our society, and I look forward to following their progress.” 

New OBIE app store participants

  • Crezco Ltd
  • Trilo Group Ltd

Visit the OBIE App store


Powered by Open Banking

Currensea launches FX proposition for SMEs
London-based fintech Currensea has launched a new open banking-enabled proposition for SMEs to help them reduce the fees associated with overseas transactions. The new debit card, which costs £5 a month, enables small businesses to make international transactions through their existing bank account without any bank charges and with low fees competitive with leading challenger banks. It offers 16 interbank currencies.

Trilo enables open banking-powered rewards scheme
Fintech start-up Trilo has announced the launch of its alpha service version in the UK – an open banking solution that will serve merchants and consumers. The ‘get paid when you pay’ scheme will offer customers incentives for using open banking, such as cashback. In addition, the firm is attempting to differentiate in a very competitive space by planting a tree for every user and business who joins Trilo.

AccountScore and Click2Check partner to bring open banking to mortgage advisors
AccountScore has partnered with fintech company Click2Check to launch Credit Assess. This new solution leverages open banking to enable mortgage advisors to gain an accurate evaluation of an individual’s lending risk within minutes and gain a thorough understanding of each customer’s unique financial circumstances.

OpenPayd taps Token to unlock Open Banking
OpenPayd has teamed up with Token as part of a multi-phase collaboration to enable OpenPayd to become a one-stop-shop for its corporate customers’ banking and payments needs. This will in time see the launch of a new open banking API. End users will be able to initiate payments from any of their bank accounts and transact without ever leaving their familiar provider’s app or web interface whilst ensuring PSD2 compliance at all times.

Key Highlights

  • 14th October 2020 – Nesta names Open Up 2020 Challenge winners
  • 16th October 2020 – The Times: How Captain Tom started an open banking revolution
  • 26th October 2020 – Policy Exchange publish paper on digital identity

Information correct as at 31st October 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