Open Banking Highlights – April 2020

Open Banking April Highlights

  • 243 regulated providers made up of 169 third party providers and 74 account providers, with 73 regulated entities that have at least one proposition live with customers.

Commenting on the April highlights for Open Banking, Trustee of the OBIE, Imran Gulamhuseinwala OBE said:

“We have witnessed significant societal changes in recent weeks as a result of the Covid-19 pandemic. Yet, as lockdown restrictions begin to ease, the emerging story beyond gloomy financial predictions is both positive and encouraging. How can financial services make a meaningful impact during times of crisis? A key example is the many innovative Open-Banking enabled products and partnerships, which are not only fueling the coronavirus relief effort, but are specifically designed to aid economic recovery. Businesses of all sizes and consumers are benefiting from this increased collaboration between third party providers and financial institutions.”


  • Nesta Open Up Challenge finalist CreditSpring is using Open Banking to provide customers will the tools to prove and access forbearance measures.
  • Ecospend is making its Open Banking-enabled payment services available free of charge for payments to the NHS by individuals and charities.
  • Akoni is continuing to provide cash marketplace and tools, (such as bank diversification, competitive rates and cash planners), free to SMEs.
  • OKEO is developing affordability and credit risk models using current “crisis data” to lend money to financially excluded young adults at low rates during the pandemic.
  • supports gig economy workers and the self-employed to prepare and submit tax returns.

Powered by Open Banking

  • Captain Tom Moore’s NHS fundraising aided by growth of Open Banking-fuelled PISP Payments American Express helped to facilitate donations made through the Just Giving platform.
  • Realrates and TruNarrative connect with AccountScore, which offers affordability insight by sharing data via Open Banking.
  • Capital on Tap and TrueLayer partner to speed up access to loans for small businesses.
  • ezbob announced the launch of CBILS eligibility and credit assessment engine which helps SMEs gain access to funds.
  • Ember launches app to simplify the accounting process by automating processes such as tracking, management, calculation and submission of tax.

Did you see?

Information correct as at 30 April 2020. Produced by Open Banking Implementation Entity (OBIE).

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About Us

Open Banking is a new, secure way for customers to take control of their financial data and share it with organisations other than their banks. Open Banking has the power to revolutionise the way we move, manage and make more of our money. For businesses, it is about making the management of cash flow and receiving paymes cheaper and easier. Open Banking will make things simpler, faster and more convenient.

Open Banking follows the Competition and Markets Authority (CMA) investigation into the supply of personal current accounts (PCAs) and of banking services to small and medium-sized enterprises (SMEs).

Open Banking was created to enable innovation, transparency and competition in UK financial services. It is tasked with delivering the Application Programming Interfaces (APIs), data structures and security architectures that will enable developers to harness technology, making it easy and safe for individuals and SMEs to share the financial information held by their banks with third parties.

Open Banking will bring substantial benefits. It gives customers and SMEs greater market choice and greater control over their money and associated data, along with better and easier access to new financial services providers in a secure environment.

Notes to Editors:

1. Open Banking Ltd was set up by the Competition & Markets Authority (CMA) in September 2016 to fulfil one of the remedies mandated by the CMA following an 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. Open Banking was created to enable innovation, transparency and competition to UK financial services. It is tasked with delivering the Application Programming Interfaces (APIs), data structures and security architectures that will make it easy and safe for customers to share their financial records by January 2018.

4. The data provided by Open Banking will enable developers to harness technology that allows individuals and businesses to share their financial records held by their banks with third parties.

5. Open Banking is a private body; its governance, composition and budget was determined by the CMA. It is funded by the UK’s nine largest current account providers and overseen by the CMA, the Financial Conduct Authority and Her Majesty’s Treasury.

6. The 9 mandated institutions (referred to as the CMA9) are: Barclays plc, Lloyds Banking Group plc, Santander, Danske, HSBC, RBS, Bank of Ireland, Nationwide and AIBG.