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Open Banking September highlights

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Download Open Banking September Highlights (PDF)

  • 77 Regulated providers made up of 52 third party providers and 25 account providers, with 6 providers live with customers
  • Over 4.2 million uses of API calls in August – up from 3.2 million in July

Commenting on September’s highlights for Open Banking, Trustee of the Open Banking Implementation Entity (OBIE), Imran Gulamhuseinwala OBE said:

“September marked a very productive month with significant progress in the use of our Standards, as well as continuing to welcome new entrants to the open banking ecosystem.  The publication of release 3.0 and our Customer Experience Guidelines will only accelerate progress – affording providers a PSD2 compliant solution, and in time, affording customers a greatly enhanced experience of managing, moving and making more of their money.  With version 2 now live amongst all of the CMA9, ensuring the Standards are implemented with a high degree of conformance and reliability remains a priority.”

Open Banking Key Milestones

Powered by Open Banking

  • Token becomes the first third party provider to make an Open Banking end-to-end payment with all CMA9 banks.
  • Barclays allows customers to bring their other current accounts into its Mobile Banking app.
  • Yolt announces successful API connections with all CMA9 banks.

Information correct as at 30 September 2018. 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.