The OBIE Highlights – March 2021


Download open banking highlights – March 2021

  • 307 regulated providers made up of 223 third party providers and 84 account providers, with 109 regulated entities that have at least one proposition live with customers

Commenting on the March highlights, OBIE’s Implementation Trustee Imran Gulamhuseinwala OBE said:
“One year on since the UK went into lockdown, we are seeing how our relationship with money is being transformed by open banking-enabled products. We now have more than three million regular users of open banking, from money management tools to help consumers manage their personal finances better to accountancy products that are allowing small businesses to find cheaper loans and manage cashflow throughout the pandemic. March also marked the CMA’s consultation into the future governance of open banking in the UK. As the Government recently said, ‘open banking is taking the world by storm’ so it is important that all stakeholders share their views as we work collectively to ensure the continued success of open banking.”

New open banking entities with live customers:

  • Saturn Technologies Ltd

Visit the OBIE App store

  • Bopp
  • Fractal Labs

Powered by Open Banking

Experian highlights role of open banking in accelerating mortgage applications
The credit reporting company cited open banking as a critical part of accelerating the mortgage application process
during the pandemic. Open banking technology provides lenders with trusted bank account transaction data, which
allows them to quickly categorise applicants’ income and expenditure to determine the most affordable mortgage
for their particular circumstances.

Chile learns from UK implementation of open banking
The Lord Mayor of London, William Russell, global ambassador for the UK’s financial and professional services
industry, paid a virtual visit to Chile on the 9th and 10th of March. The Lord Mayor led discussions on the challenges
and opportunities in open banking regulation, as Chile is currently designing rules for this emerging sector. UK
experts from the OBIE presented the UK’s implementation strategy for open banking, how UK expertise can help
create a dynamic and safe ecosystem and spoke on the importance of good design.

UK government leverages open banking to better spot the financially vulnerable
The Crown Commercial Service (CCS) announced plans to create a commercial ‘Debt Resolution Services’ (DRS)
supplier roster that all UK public sector bodies can use to source specialist companies. Through the framework, the
CCS envisages greater use of emerging technologies such as open banking, to enable authorities to obtain a
‘real-time’ view on people’s individual financial circumstances. This, the CCS believes, will enable better spotting of
potential financial vulnerabilities.

Penfold collaborates with TrueLayer in self-employed pension push
Self-employed pension provider Penfold has teamed-up with Truelayer in a bid to use open banking to simplify and
modernise the way the self-employed can save for retirement. Government data points to less than a quarter of the
UK’s estimated five million self-employed people contributing to a pension. By integrating with TrueLayer’s financial
API, Penfold’s customers can now top up their pension pots wherever they like through open banking.

Key Highlights

Information correct as at 31st March 2021. Produced by the Open Banking Implementation Entity (OBIE).

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About Us

The Open Banking Implementation Entity (OBIE) is the entity set up by the CMA in 2016 to deliver open banking. Its trading name is Open Banking Limited.

The OBIE is governed by the CMA and funded by the CMA 9 (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, Natwest Group and Santander). Its works with the CMA 9, as well as challenger banks, financial technology companies, third party providers and consumer groups. The OBIE’s role is to:

  • Enforce the obligations on the CMA 9 under the CMA Order
  • Design the specifications for the Application Programme Interfaces (APIs) that banks and building societies use to securely provide open banking
  • Support regulated third party providers and banks and building societies to use the OBIE’s Open Banking Standards
  • Create security and messaging standards
  • Manage the OBIE’s open banking Directory which allows regulated participants like banks, building societies and third-party providers to enrol in open banking
  • Produce guidelines for participants in the open banking ecosystem
  • Set out the process for managing disputes and complaints