Open Banking January Highlights


Download Open Banking January Highlights (PDF)

  • 104 regulated providers made up of 71 third party providers and 33 account providers, with 17 third party providers live with customers

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

“Steady but sure progress for Open Banking in January. Whilst we are pleased with the number of participants entering the ecosystem and continue to see innovative products and services emerging, there is still much to do in ensuring the best, frictionless customer experience along with even greater conformance with the implementation of the Open Banking Standard.”

Welcome to new Open Banking entrants

Open Banking Key Milestones

Powered by Open Banking

  • The ID Co. launches DirectID Insights, providing companies offering credit for Businesses survey with the ability to view and analyse a customer’s bank statement in real time.
  • TrueLayer launches a payments API giving business and consumers an alternative to card payments.
  • Experian leverages Open Banking to give gaming websites better oversight of their users’ gambling affordability.
  • In a Westminster debate on cashless transactions, Exchequer Secretary to the Treasury, Robert Jenrick MP, affirmed the importance of the UK “taking a lead in supporting the CMA’s open banking initiative, which aims to make it cheaper and easier for innovative new firms to provide financial products.”
  • OBIE hosted meeting with Small Business Commissioner and members of the Open Banking ecosystem to look at how Open Banking can help support SMEs, in particular with mitigating the risks of late payments.

Accenture Open Banking for Businesses survey

  • 77% of SMEs and large corporations are already using or plan to use Open Banking ecosystem platforms in 2019.
  • Over 80% of banks already significantly invest in Open Banking use cases for SMEs and corporates or plan to do so.
  • Nearly 90 percent are ready to build an ecosystem platform with third party services for their commercial customers.

Information correct as at 31 January 2019. 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 cashflow and receiving payments 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.