open banking

Supporting the Industry-led Design of the Future Entity for UK Open Banking

08 May 2026

Open Banking is one of the UK’s strongest financial success stories. Over the past 8 years, the Open Banking industry – working in conjunction with regulators and Open Banking Limited (OBL) – has helped create a thriving ecosystem with more than 17 million user connections, over 2 billion monthly API calls, and more than 34 million monthly payments. 

Building on this success, the ecosystem now has an important opportunity to shape the next phase of open banking in the UK. 

OBL Recommended to Facilitate Industry-Led FE Design 

Following the KPMG assessment, and the support expressed by trade associations which sets out a clear and representative industry view on the way forward, we are now moving into the next phase of work to initiate the design of the Future Entity.

The Future Entity is expected to become the primary standard setting body for UK Open Banking, and this stage represents a key step in ensuring that its design includes perspectives from across the full breadth of industry.

The process will be industry-owned, with OBL providing neutral, transparent facilitation – while all decision-making authority sits with industry participants.

An Inclusive, Proportionate and Transparent Design Process

Under the recommended approach, the FE design programme will: 

  • give all parts of the ecosystem a fair and proportionate voice 
  • ensure neutrality, transparency and independent oversight 
  • deliver a clear, majority supported blueprint for the Future Entity 
  • align with the direction set by the FCA 

OBL will support the ecosystem by bringing insight, ideas and expertise while maintaining an equitable funding approach that keeps the design fully within industry’s remit. We would especially like to hear voices from smaller organisations who are not currently part of a trade association.

Funding contributions will start at:

  • £750 for small TPPs (less than £5m annual turnover) 
  • £1,500 for small ASPSPs (less than 4m PCA or BCA accounts in scope of PSD2)


Opportunity for Firms to Participate

We are inviting organisations from across the whole ecosystem to join the FE Design Working Group. We’d especially like to hear voices from smaller organisations who aren’t currently part of a trade association. 

Participation offers firms the opportunity to: 

  • contribute to and shape the design of the Future Entity 
  • discuss key areas such as governance, scope, funding and potential expansion into Open Finance 

Organisations who wish to take part are invited to reach out to futureentity@openbanking.org.uk for more information, or to sign and return a Letter of Commitment (LoC) to futureentity@openbanking.org.uk detailing a commitment to fund and participate in the FE Design Working Group. 

Organisations may join the FE Design Working Group at any point during the design phase, once LoCs are signed. However, those joining after the Working Group has commenced should note that some early decisions may already have been taken.

Open Webinar / Drop‑In Session 

To support firms in understanding this next phase, OBL will host an open webinar/drop‑in session on Thursday, 14 May at 10:00am. This session will walk through the design approach and provide an opportunity to ask questions. 👉 Please register to attend via the link.

Working Together on the Future of UK Open Banking 

We look forward to working with organisations across the ecosystem as we collectively progress the development of the Future Entity and continue building the UK’s Open Banking success story. 

If you would like to discuss the upcoming design work, please get in touch via the FE Design mailbox: futureentity@openbanking.org.uk.