Open Banking Providers in 2019

0

regulated providers

0

account providers

0

third party providers

0

regulated entities

with at least one proposition live with customers

1.25bn

API calls within the ecosystem

demonstrating the vibrancy and frequency of customers using Open Banking

2019 Highlights

Two years since the legislation that underpins Open Banking, the second Payments System Directive (PSD2), came into effect, Open Banking in the UK has surpassed one million users for the first time. Open Banking technology allows consumers and small businesses to connect their bank accounts with authorised third parties in a safe and secure way.

Highlights Image

Growth of Providers

Graph Image
January 2019
  • MOGO, Access Systems, Pelican, Banked, Zeux, Truelayer and Experian joined the Open Banking ecosystem
  • 77% of SMEs and large corporations were already or were planning on using the Open Banking API
February 2019
  • M&S Bank announced they would speed up the mortgage process using Open Banking, reducing the application time for customers
  • Lloyds and Natwest used Open Banking aggregation in their online banking
  • Account Score (consents.online) and the Insolvency Panel announced the first-ever Open Banking powered solution for free-to-client debt advisors
March 2019
  • Experian targeted radically reducing the UK’s ‘invisible’ population by harnessing the potential of new data sources, which can help organisations make more informed decisions
  • Credit Ladder and the world’s largest building society, Nationwide Building Society, joined forces to help first-time buyers move on to the property ladder
  • Investec, Tesco and Vanquis Banks joined the Open Banking ecosystem
April 2019
  • UK start-up Tully (an Open Up 2020 Challenge Finalist) launched a promising Open Banking solution to help provide in-debt Britons with a clear picture of their finances along with a personalised, flexible repayment plan
  • Nationwide Building Society picked seven fintech start-ups to take part in its £3 million challenge to develop Open Banking-based apps and services that help financially vulnerable people
May 2019
  • Sainsburys Bank, MBNA and ICBC (London) joined Open Banking ecosystem
  • NatWest became the first UK bank to use Open Banking to provide customers with an alternative way to pay for online purchases – without having to use their debit or credit card
  • Then Chancellor Rt Hon Phillip Hammond discussed Open Banking at the Innovate Finance Global Summit
June 2019
  • Lloyds launched first Open Banking app for credit cards and savings
  • Newcastle Building Society launched Open Banking-enabled debt help service
  • TPP Token published ‘Open Banking’s First Year-End Dividend’

Six-Month Milestones

0

regulated providers

0

account providers

0

third party providers

0

regulated entities

with at least one propostion live with customers

July
  • American Express and Metro Bank joined the Open Banking ecosystem
  • Funding Options & iwoca joined forces to deliver SME loans in 30 seconds
  • Token brought Open Banking into the property sector
  • TrueLayer partnered with Revolut to bring new household budgeting features to Emma
August & September 2019
  • Currensea teamed up with Open Banking to launch a debit card linked to your bank account for holidaymakers to use abroad to save on fees
  • American Express tapped Open Banking for account-to-account payments
  • Salt Edge used Open Banking to launch partner program
October 2019
  • Tandem Bank and Xero joined the Open Banking ecosystem
  • Skipton Building Society used Experian Open Banking for mortgage applications
  • Accounting app Coconut tapped Open Banking APIs to automate bookkeeping
  • Revolut launched first Open Banking foray with a new partnership with Intuit QuickBooks accounting platform to improve integration
November 2019
  • 15 FinTechs secured funding from the Nesta Open Up 2020 Challenge run by Nesta Challenges and Open Banking to develop innovative solutions that use Open Banking to transform how people across the UK manage their finances

  • Payment initiation went variable: GoCardless made the first live Variable Recurring Payment (VRP) transaction

 

December 2019
  • HSBC signed a global partnership agreement with London-based fintech start-up Bud, a platform used by global banks to harness the power of Open Banking
  • New Open Banking entities with live customers included: Coconut, SAFECONNECT LTD and Yodlee Inc. UK Branch
Goals for 2020
  • Finish implementing the Open Banking framework and improve usability and functionality
  • Increase customer adoption of Open Banking and expand the third-party provider ecosystem
  • Work with industry and regulators to widen the scope of connected financial services

Upcoming events

Box image

FCA consultation on Open Finance

We welcome the Financial Conduct Authority’s call for input into widening the scope of connected financial services. By creating a secure and consistent way to help people manage their finances, Open Banking has shown how it can rebalance the market in favour of the consumer. We hope that regulators will look to the success of Open Banking to learn how best to establish a comprehensive, functional Open Finance ecosystem.

OBIE’s Trustee, Imran Gulamhuseinwala participates in the FCA’s Open Finance Advisory Group and we look forward to working with them to achieve this.