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Open Banking Highlights – May 2020

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Open Banking May Highlights

  • 249 regulated providers made up of 175 third party providers and 74 account providers, with 77 regulated entities that have at least one proposition live with customers.

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

Despite the ongoing impact of the crisis, the number of regulated providers continues to steadily rise. This growth not only highlights the stability and resilience of the Open Banking ecosystem, but also demonstrates that the real winners of increased competition in the sector is an end user who is being presented with a far greater and more varied selection of products and services than ever before.” 

#PoweroftheNetwork

  • TrueLayer launches a free open banking charity donation platform Donate Direct.
  • Yapilypartners with FinTech firm Ordo to help small businesses.
  • ClearScore develops credit for key workers initiative.

Powered by Open Banking

  •  Freedom Finance launches Fusion Score to unlock better rates for those with established credit histories and for customers with low credit scores, via open banking, it can help to identify and secure a reasonably priced product  
  • Click2Check launches Credit Assess to help mortgage advisers pre-qualify clients.
  • GIG partners with Volt to offer faster payment solutions.  
  • Fiskl selects Salt Edge to boost financial management for SMEs.
  • Revolut integrates with Clear Books for SME accounting. 
  • New Kiko app hopes to save tenants time and money using open banking technology to reference-check potential tenants. 
  • Payoneer and ANNA partner on international payments.

Did you see?

  • 27 May 2020: Tink release new research that shows rise in open banking investments in Europe featuring a Q&A with Open Banking Implementation Trustee Imran Gulamhuseinwala OBE.  
  • 18-24 May 2020: Nesta Open Up 2020 Challenge in partnership with OBIE promotes apps that make managing finances easier.

Information correct as at 31st May 2020. Produced by Open Banking Implementation Entity (OBIE).

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For further information, please contact:

press@openbanking.org.uk

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.