Payments

OBL responds to the Chancellor’s announcement on the National Payments Vision

15 November 2024
news

OBL strongly welcomes the Government’s National Payments Vision, announced in Chancellor Rachel Reeves Mansion House speech, which sets out a clear plan to deliver further innovation and competition in the UK’s payments landscape. 

In particular, we are pleased with the recognition given to the key role that open banking can and must play in delivering this, providing benefits to consumers, businesses and the broader ecosystem.

This includes the referenced opportunities to make account-to-account payments a ubiquitous payment method, as well as the support for the continuing progress in variable recurring payments. 

Finally, we welcome the focus placed on driving even greater cooperation and collaboration across the sector through the newly formed Payments Vision Delivery Committee, and stand ready to support this, as well as continuing our close work with policy-makers and regulators to achieve the goals set out in the Vision.

The Government’s National Payments Vision is hugely welcome, and rightfully identifies the role that open banking payments play in driving innovation and fostering competition in payments. There are 11 million active users of open banking and the ecosystem is already worth more than £4 billion to the economy. But we can go further.

Marion King, OBL Chair and Trustee

She continued: “We must now seize the opportunities before us to move open banking to a sustainable, commercial model, and further solidify open banking’s position in our increasingly digitalised and diverse payments landscape. We look forward to working with Government and regulators to make this a reality, and stand ready to support the new Payments Vision Delivery Committee.”