Download Open Banking October Highlights (PDF) 84 regulated providers made up of 58 third party providers and 26 account providers, with 12 providers live with customers 98.55% of API calls were successful in September with API usage doubling from September to October. Commenting on October highlights for Open Banking, Trustee of the OBIE, Imran Gulamhuseinwala OBE said: “We continue to see some pleasing progress with increased momentum across all areas. Importantly, providers are working hard on implementing version 3 of the Standards, improving both conformance to the Standards and, ultimately, customer experience. Open Banking is moving ever closer to realising its potential to create a vibrant, dynamic ecosystem where customers and small businesses can move, manage and make more of their money.” Open Banking Key Milestones 23 October: Open Banking API performance report available We published the first in a new series of monthly updates on how the UK’s Open Banking system is performing at a technical level. 26 October: Updated Customer Experience Guidelines published This updated version offers additional implementation flexibility to further improve customer journeys. Powered by Open Banking Nationwide pledges £3 million into Open Banking for Good challenge, funding businesses to develop apps to help with debt advice, general money management and budgeting. The ID Co. launches NoMo Money personal finance app, aimed at helping people keep close tabs on their finances. iwoca becomes the first alternative lender to connect to a UK bank using Open Banking, offering businesses a fast and secure way to provide their bank transactions history. Coming soon 6-7 December: The FDATA 2nd Annual Global Open Banking Summit and their inaugural Open Banking Awards. Information correct as at 31 October 2018. Produced by Open Banking Implementation Entity (OBIE). – – – ENDS – – – 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.