Data highlights

Open banking highlights – August 2020

25 September 2020
news

Open banking highlights – August 2020

  • 273 regulated providers made up of 196 third party providers and 77 account providers, with 88 regulated entities that have at least one proposition live with customers.

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

“Despite the economic headwinds open banking grew strongly in August. New products and partnerships have emerged, and established brands have increased their presence driving a considerable upsurge in user numbers. Many new propositions are helping citizens and small businesses build resilience, which is all the more important given the resurgence of COVID-19.”

Visit the OBIE App store

  • Finastra, OBE, Railsbank and Yolt have partnered to launch the first ‘appathon’, designed to propel open banking into the broader domain of Open Finance
  • Vanquis Bank adds NatWest open banking payments tool to Payit, to their mobile app
  • Blackhawk Network appoints Moneyhub to oversee compliance with Open Banking standards
  • VibePay has launched an open banking-powered Payments API to help SMEs

PoweroftheNetwork

  • Intuit QuickBooks backs small business recovery
  • Open Banking payments surge during lockdown according to TrueLayer
  • A survey from Open Up 2020 found that one in five people believe they will be unable to recover financially this year from the impact of Covid-19.

Key Highlights

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For further information, please contact: press@openbanking.org.uk

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