Press Releases

Open Banking March Highlights

12 April 2019

Download Open Banking March Highlights (PDF)

  • 118 regulated providers made up of 78 third party providers and 40 account providers, with 23 regulated entities that have at least one proposition live with customers.

Commenting on the March highlights for Open Banking, Trustee of the OBIE, Imran Gulamhuseinwala OBE said:

“Significant changes took place in March in relation to Open Banking as we further supported participants on their journey to PSD2 compliance. At the same time, we saw a steady pipeline of businesses adopting our Standards and new, innovative technologies appearing from both third party providers and the more established industry players.”

Welcome to new Open Banking entrants

  • Creation Financial Services Limited, Investec Bank PLC, Trutify Limited, Tesco Personal Finance, C. Hoare & Co, A J Bell Management Limited, Streeva Ltd, Oval Money Limited, Currency UK Limited, Vanquis Bank Limited

Open Banking Key Milestones

Powered by Open Banking

  • Experian has targeted radically reducing the UK’s ‘Invisible’ population by harnessing the potential of new data sources, which can help organisations make more informed decisions.
  • CreditLadder and the world’s largest building society, Nationwide Building Society, have joined forces to help first-time buyers move on to the property ladder.
  • Circit brings Open Banking to the audit profession, connecting auditors with independent sources of audit evidence held by banks.

Information correct as at 31 March 2019. Produced by Open Banking Implementation Entity (OBIE).

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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.