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Open Banking July Highlights

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Download Open Banking July Highlights (PDF)

  • 151 regulated providers made up of 95 third party providers and 56 account providers, with 38 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:

“The UK’s Open Banking ecosystem has seen continued growth in July. However, as set out in the recent Fingleton/ODI report, Open Banking has considerable potential and extensibility and we now need to look beyond PSD2 and further develop the Standards. The blueprint created for Open Banking, and progress evidenced to date, clearly sets Open Banking up well with the potential to become a cornerstone of the digital economy by contributing to other sectors and components of digital identity.”

Welcome to new Open Banking entrants

  •  American Express Services Europe Limited, Contis Financial Services Ltd, Currensea Limited (formerly Integralix), Isabel NV, KBC Bank Ireland, Kontomatik UAB, Royal Bank of Scotland International Limited, Thirdfort Ltd, Vibe Pay Limited

Did you see?

Powered by Open Banking

  • Funding Options & iwoca join forces to deliver SME loans in 30 seconds
  • Token.io brings Open Banking into the property sector
  • TrueLayer partners with Revolut to bring new features to Emma
  • CreditLadder partners with Starling Bank for rent recognition in credit scores

Information correct as at 31 July 2019. 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 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.