Data highlights

Open Banking November Highlights

18 December 2019
news

Download Open Banking November Highlights (PDF)

  • 198 regulated providers made up of 130 third party providers and 68 account providers, with 61 regulated entities that have at least one proposition live with customers.

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

“This year has marked a momentous shift in the way innovative third-party providers and SMEs are using Open Banking technology. It is encouraging to see participants from so many different sectors – from savings to debt management, and payments to commercial banking – entering the Open Banking ecosystem and harnessing the potential of what is the newest frontier in financial technology. We are looking forward to the new decade, when we hope to see Open Banking in the context of Open Finance and even more participants joining the Open Banking ecosystem.”

New Open Banking entities live with customers:

  • Coconut Platform Ltd, SafeConnect Ltd and Yodlee Inc.UK Branch

Did you see?

Powered by Open Banking

  • Yapily is latest to benefit from Open Banking’s API providing a single API for third party firms to connect to bank developer and customer data portals
  • Secure API-driven fintech Yodlee shares its data with other financial apps and financial institutions to help the customer make smart money decisions about their finances

Information correct as at 30 November 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.