Open Banking Highlights – June 2020


Open Banking Highlights – June 2020

  • 260 regulated providers made up of 184 third party providers and 76 account providers, with 84 regulated entities that have at least one proposition live with customers.

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

“Promoting competition and innovation to create a level playing field, as well as providing individuals and businesses with the tools to make better financial decisions, are the core drivers of Open Banking. However, ease of access is just as important as greater choice, which is why we have launched the Open Banking app and product store. End users are now able to easily search for, and identify, the right solution for their needs. I look forward to seeing many more fintechs and financial institutions working together to develop pioneering Open Banking-powered products and services that will be featured in the listings over the coming months.”

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  • TransUnion launches Open Banking affordability solution for COVID-19,designed to assess income and expenditure, affordability and creditworthiness, helping customers weather the crisis caused by the pandemic.

Powered by Open Banking

  • The Crown Commercial Service, part of the UK’s Cabinet Office, has added a number of financial API providers (Truelayer, Nuapay, Worldpay, Global Payments, Token, Reflow, American Express and NatWest) to its Payment Acceptance Framework
  • Revolut launches new ‘financial super app’.
  • Experian joins FDATA.
  • Worldpay from FIS launches Open Banking Hub
  • FICO teams up with OpenWrks to deliver AI-driven affordability assessments
  • HyperJar has partnered with Salt Edge to develop new Open Banking capabilities
  • Cash Coach bid to gamify savings with new app launch
  • Moneyfarm has teamed-up with Yapily to provide Open Banking integration with UK and Italian banks

Did you see?

  • 9 June 2020: OBIE launches Open Banking App Store.
  • 18 June 2020: UK Finance publishes ‘Open Banking Futures’ report outlining recommendations for a proposed model to support the future provision of Open Banking Services following the completion of the Roadmap. OBIE provided input to both Accenture, who developed the report, and UK Finance.
  • 29 June 2020: Global Open Finance Centre of Excellence (GOFCoE) established to boost fintech and Open Banking  Scotland’s growing fintech sector was awarded £22.5 million in innovation funding to establish a Global Open Finance Centre of Excellence (GOFCoE) in Edinburgh.
  • 30 June 2020: Confirmation of Payee, a new way of giving customers (both personal and business) greater assurance that they are sending payments to the intended recipient, came into force. The new, mandatory system will help customers avoid making accidental, misdirected payments to the wrong account holder, as well as providing another layer of protection in the fight against fraud and scams.

Information correct as at 30th June 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.